Washington - US authorities need broad new emergency powers to take over non-financial firms whose collapse could threaten the wider economy, the country's top economic officials warned Tuesday in the wake of the bail-out of insurance giant American International Group Inc.
Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke defended the bail-out of AIG, which began in September, as critical to the survival of the US financial system.
Washington - US President Barack Obama took his economic prescriptions to a global and domestic audience on Tuesday, calling for a broader and urgent global response to the world's worst economic crisis in a generation.
Writing in 31 newspapers around the globe, Obama warned that it was up to world leaders holding an emergency summit in London next week to come up with a comprehensive solution to the global recession.
Hanoi - The Vietnamese government Tuesday reported a record trade surplus, but local economists said they were more worried than pleased.
The state-run newspaper Vietnam News on Tuesday quoted Vietnam's General Statistics Office (GSO) as saying the country spent just 11.8 billion dollars on imports, down 45 per cent from the same period last year, while earning
13.5 billion dollars from exports, a slight increase of 2.4 per cent year-on-year.
Beijing - China's central bank on Tuesday said it supports moves towards a global currency reserve to replace the existing reliance on the US dollar to settle international payments.
Zhou Xiaochuan, the governor of the People's Bank of China, advocated a "gradual process" of reform of international currency reserves under the International Monetary Fund (IMF).
Hong Kong - Nearly one in five young people in Hong Kong is out of work as the city's jobless rate is driven higher by the economic crisis, according to official figures released Tuesday.
Eighteen per cent of the working population aged 15 to 19 were unemployed in the first quarter of 2009 compared to just 10.8 per cent in the same period in 2008, government statistics showed.
Washington - US authorities need broad new emergency powers to take over non-financial firms whose collapse could threaten the wider economy, the country's top economic officials warned Tuesday in the wake of the bail-out of insurance giant American International Group Inc.
Washington - US President Barack Obama took his economic prescriptions to a global and domestic audience on Tuesday, calling for a broader and urgent global response to the world's worst economic crisis in a generation.
Hanoi - The Vietnamese government Tuesday reported a record trade surplus, but local economists said they were more worried than pleased.
Beijing - China's central bank on Tuesday said it supports moves towards a global currency reserve to replace the existing reliance on the US dollar to settle international payments.
Hong Kong - Nearly one in five young people in Hong Kong is out of work as the city's jobless rate is driven higher by the economic crisis, according to official figures released Tuesday.
