World Economy

Amsterdam's Financial Mile facing credit crisis

Amsterdam's Financial Mile facing credit crisisAmsterdam - It's a beautiful Autumn day in Buitenveldert, one of Amsterdam's most popular neighbourhoods set against a backdrop of high-rises including the headquarters of Dutch ABN Amro and ING Bank.

Children bike around safely here on the broad bicycle paths, separated by trees from the roads.

During office hours, elderly people are strolling around in one of the many parks or chatting on benches at the upscale Gelderland plein shopping centre.

But despite appearances of such a peaceful urban setting, times have changed for Buitenveldert.

Desperate Egyptians commit suicide after financial loss

Cairo - Crowds of private investors in Egypt's stock market, rallying angrily outside the bourse in downtown Cairo, demanding a halt in trading or at least the resignation of the exchange's head, have become a common sight in recent weeks.

Egypt's capital market, which for five years has been one of the best performing in the world, is now in the doldrums. The benchmark CASE 30 index has fallen by more than half since last May.

As a result, Egypt's many small retail investors, who had bet their family's savings on the seemingly inexorable rise of the CASE, are increasingly caught by the financial, social and psychological fallout of the global credit crunch.

Ordinary Egyptian families are now feeling the pain, some in desperate ways.

Japan parliament appoints Bank of Japan deputy governor

Japan parliament appoints Bank of Japan deputy governor Tokyo - Japanese parliament on Friday approved a government nominee to fill a vacancy at the central bank's deputy governorship.

Hirohide Yamaguchi, 57, who currently serves as the Bank of Japan's executive director, was appointed as the bank's deputy governor after the opposition-controlled upper house supported the government's choice.

Lula advocates "urgent" reform of global financial institutions

Lula advocates "urgent" reform of global financial institutionsBrasilia - Brazilian President Luiz Inacio Lula da Silva on Thursday called for "urgent" reform in international financial institutions as the ongoing credit crisis has put developing countries at risk.

"The progress that our countries have made is at risk. The global financial crisis can affect developing countries in an unfair and particularly harsh way," he said.

Mexico sells more than 1 billion dollars to boost peso

Mexico sells more than 1 billion dollars to boost peso Mexico City - Mexico's central bank sold 1.096 billion dollars of its foreign exchange reserves Thursday to boost the peso.

The Bank of Mexico sold 1 billion dollars as markets opened and the remainder later in the day.

The value of the dollar went as high as 14.30 pesos before the bank's intervention, although it closed at 13.79 pesos.

Mexico's central bank has sold more than 13 billion dollars since October 8, but the price of the dollar continues to rise. It was worth about 11.2 pesos on October 1.

Pakistan seeks help from IMF

Pakistan seeks help from IMF

Pages