New York - Struggling US insurer American International Group (AIG) Monday got another lift from the US government in the form of a 40-billion-dollar investment in preferred stock, once again underlining the key position held by the firm in the world economy.
AIG has already received loans totalling 143 billion dollars.
The White House said the new lifeline will allow AIG to restructure the current loans "in a way that will not hurt the overall economy."
Washington - The world's largest banking lobby Monday called for additional government intervention to help avoid a global recession, but warned that any state takeovers of the private sector must be temporary.
In an open letter to US President George W Bush, who will host a summit of the world's 20 leading economies in Washington on Saturday, the Institute of International Finance called on world leaders to better coordinate their efforts to stabilize the financial system.
Riga - A government bailout of Latvia's largest indigenous bank, Parex Banka, was set to be finalized Monday after the European Commission (EC) signalled it would not block the deal.
Latvian Finance Ministry spokesperson Diana Berzina told Deutsche Presse-Agentur dpa that an "unofficial okay" had been received from the EC along with their comments on the deal.
She added that final confirmation from the EC was likely one or two days after the legal document was due to be signed in a closed meeting on Monday night.
Stockholm - Stockholm-based Carnegie Investment Bank AB lost its operating license Monday and has been taken over by the Swedish National Debt Office.
The Swedish Financial Supervisory Authority (FSA) on Monday said Carnegie during a long period of time had taken "exceptional risks" by giving large loans to a single client.
Carnegie has been under review by the financial watchdog since it recently disclosed a writedown of 1 billion kronor (126 million dollars) over "an individual credit commitment" in its third-quarter report.
New York - Struggling US insurer American International Group (AIG) Monday got another lift from the US government in the form of a 40-billion-dollar investment in preferred stock, once again underlining the key position held by the firm in the world economy.
Washington - The world's largest banking lobby Monday called for additional government intervention to help avoid a global recession, but warned that any state takeovers of the private sector must be temporary.
Riga - A government bailout of Latvia's largest indigenous bank, Parex Banka, was set to be finalized Monday after the European Commission (EC) signalled it would not block the deal.
Washington
Stockholm - Stockholm-based Carnegie Investment Bank AB lost its operating license Monday and has been taken over by the Swedish National Debt Office.
