Berlin - German Finance Minister Peer Steinbrueck has warned that financial markets face a long crisis, and some German politicians stepped up calls Saturday for pump priming to avert an economic slump.
In remarks to appear Sunday in the newspaper Bild am Sonntag, Steinbrueck said, "The danger of a collapse is still not gone. Any all-clear signal would be wrong."
Singapore - East Asia should be able to achieve an annual economic growth of 3 per cent to 5 per cent considering the current global financial crisis, Singapore's Minister Mentor Lee Kuan Yew said, in press reports Saturday.
Giving the assessment, Lee was upbeat about Asian economic growth supported by China and India.
"I would say the rest of Asia might make 3, 4, 5 per cent, which isn't bad for this condition," said Lee, the first prime minister and architect of modern Singapore.
Washington - US sales of existing homes climbed 5.5 per cent in September to the highest level in a year as ongoing price declines have apparently begun peaking the interest of buyers, according to new data released Friday.
The National Association of Realtors (NAR) said home resales stood at 5.18 million in September, up from 4.91 million in August and 5.11 million a year earlier. The average price of homes dropped 9 per cent from September 2007.
Reykjavik/Washington - Iceland has reached an agreement with the International Monetary Fund (IMF) for a 2.1-billion-dollar emergency loan to help stabilize the country's economy, the two sides announced Friday.
An IMF team agreed to the loan during a visit to Iceland. The Washington-based crisis lender's executive board still has to approve the deal and could do so in early November, the IMF said. If approved, Reykjavik could immediately draw on 833 million dollars under the two-year arrangement.
New York - The international finance crisis claimed another US bank on Friday, as regional bank National City was taken over by rival PNC Financial Services, in a merger that will create the nation
Berlin - German Finance Minister Peer Steinbrueck has warned that financial markets face a long crisis, and some German politicians stepped up calls Saturday for pump priming to avert an economic slump.
Singapore - East Asia should be able to achieve an annual economic growth of 3 per cent to 5 per cent considering the current global financial crisis, Singapore's Minister Mentor Lee Kuan Yew said, in press reports Saturday.
Washington - US sales of existing homes climbed 5.5 per cent in September to the highest level in a year as ongoing price declines have apparently begun peaking the interest of buyers, according to new data released Friday.
Reykjavik/Washington - Iceland has reached an agreement with the International Monetary Fund (IMF) for a 2.1-billion-dollar emergency loan to help stabilize the country's economy, the two sides announced Friday.
