Beijing - Two major US financial firms are considering selling some of their shares in China's biggest commercial bank, the Industrial and Commercial Bank of China (ICBC), according to reports seen on Thursday.
A joint agreement on Wednesday leaves Goldman Sachs free to sell up to 20 per cent of its stake in ICBC, the Chinese bank said in a statement.
Goldman Sachs holds 4.93 per cent of ICBC's shares, with an estimated value of 7.5 billion dollars.
Oslo - The Norwegian central bank on Wednesday lowered its lead rate a further 0.50 percentage points to 2.00 per cent, as part of attempts to reduce the impact of the weakened global economy on Norway.
The new cut takes effect Thursday, the central bank said.
Norges Bank deputy governor Jan F Qvigstad said in a statement that "the outlook for the global economy has deteriorated."
Amsterdam - Dutch ING Bank has asked its top 1,200 managers not to accept their bonuses for the year 2008.
Quoted in Dutch daily newspaper Volkskrant on Monday, ING's Jan Hommen, who will formally be appointed as chief executive officer in April, said many managers are prepared not to accept their bonus.
Hommen, who spoke about a "moral appeal" to ING's managers, said the Dutch bank would only pay bonuses during 2009 "after a new reward system has been established."
The Reserve Bank of India may again revise key interest rates by around 50 basis points in next couple of days at a time when inflation rate reduced to 0.44 per cent and country is moving toward deflation.
The significant decline in inflation gives enough room to Apex bank for interest rate revision in order to stimulate demand in the economy, facing the heat of global slowdown. However, the central bank is unlikely to revise cash reserve ratio and statutory liquid ration according to the officials of finance ministry.
Washington - Federal Reserve chief Ben Bernanke Friday was optimistic about the market's responses to a series of crisis measures undertaken by the central bank to stem the financial crisis.
"So far, we have generally been encouraged by the market responses, including the decline in mortgage interest rates," Bernanke said in speech to community bankers in Phoenix, Arizona.
New York - Financier Bernard Madoff will have to sit in jail while waiting for his sentencing after pleading guilty to a massive scam that bilked billions of dollars from thousands of investors, US media reported.
An appellate court in New York upheld a judge's previous ruling that Madoff should not be released pending his June 16 sentencing because he has the financial means to flee, MSNBC reported.
Beijing - Two major US financial firms are considering selling some of their shares in China's biggest commercial bank, the Industrial and Commercial Bank of China (ICBC), according to reports seen on Thursday.
Oslo - The Norwegian central bank on Wednesday lowered its lead rate a further 0.50 percentage points to 2.00 per cent, as part of attempts to reduce the impact of the weakened global economy on Norway.
Amsterdam - Dutch ING Bank has asked its top 1,200 managers not to accept their bonuses for the year 2008.
The Reserve Bank of India may again revise key interest rates by around 50 basis points in next couple of days at a time when inflation rate reduced to 0.44 per cent and country is moving toward deflation.
Washington - Federal Reserve chief Ben Bernanke Friday was optimistic about the market's responses to a series of crisis measures undertaken by the central bank to stem the financial crisis.
New York - Financier Bernard Madoff will have to sit in jail while waiting for his sentencing after pleading guilty to a massive scam that bilked billions of dollars from thousands of investors, US media reported.
