Financial Crisis

  • Nurses face financial crisis after returning from Iraq July 7, 2014

    Thiruvananthapuram: After the relief of escaping Iraq's conflict zone, the Kerala nurses abducted by the Islamic State of Iraq and Levant militants, now face a grim financial reality. Having been forced to return to India without receiving their salaries, they are now looking to the government for support. Smitha Surendran,...
  • Delhi: Son dead, wife, daughter in ICU as man tries to kill them, self January 21, 2014

    New Delhi: An eight-year-old boy died while his sister and mother were battling for their lives after their father allegedly tried to poison his entire family over financial worries, police said. The 35-year-old man, too, has been hospitalised as he slit his throat and wrist. The case was reported in the...
  • Debt-fueled growth: Can the west avoid a Japanese future? December 23, 2013

    Scientists study distant galaxies to gain a better understanding of our own planet. In the same way, Japan's experience provides important insights into current global economic problems. Unfortunately, the lessons from Japan are largely being ignored. As John Kenneth Galbraith wryly observed: "There can be few fields of human endeavour...
  • RBI Governor Raghuram Rajan may raise policy rates yet again September 23, 2013

    Reserve Bank of India Governor Raghuram Rajan may raise policy rates again after shocking markets by increasing them in only his first meeting, signalling he is willing to risk prolonging what is already the lowest economic growth in years in order to quash persistent inflation. Raising the repo rate by 25...
  • In sign of downturn, Indian retail landlords finally capitulate on price September 19, 2013

    In a capitulation that speaks to the depth of the slump in India's economy, usually tight-fisted retail landlords have become uncharacteristically flexible on rents, as Lacoste India CEO Rajesh Jain knows well. The French brand name has been offered space at a mall in Jalandhar in Punjab. But rather than seeking...
  • Financial challenges hit Formula One August 8, 2013

    Dubai: With the European economic crisis still rattling Formula One, it was not surprising that the cash-strapped smaller teams were in trouble at the start of the season. But when Swiss-based Sauber appeared on the brink of bankruptcy, the sport took notice. The team was eventually bailed out by investors closely...
  • Germany approves bank reform to protect taxpayers May 19, 2013

    Berlin: Germany has approved new measures to rein in high-risk financial business of banks and to decouple them from retail banking as part of a comprehensive reform to prevent a repeat of the financial crisis five years ago and to minimise the costs for taxpayers if banks were to be...
  • Stimulus packages lead to fiscal deficit and inflation: FM April 20, 2013

    Washington: Finance Minister P Chidambaram on Friday said the three stimulus packages India had provided to the economy in the wake of the global financial crisis post 2008-09 lead to a higher fiscal deficit, inflation and slowdown in growth. He said the government is going to take more steps on...
  • Cyprus details heavy losses for major bank customers March 31, 2013

    Nicosia: Major depositors in Cyprus's biggest bank will lose around 60 per cent of savings over 100,000 euros, its central bank confirmed on Saturday, sharpening the terms of a bailout that has shaken European banks but saved the island from bankruptcy. Initial signs that big depositors in Bank of Cyprus would...
  • Cyprus girds for run on banks after sealing bailout March 26, 2013

    Nicosia: The president of Cyprus assured his people a bailout deal he struck with the European Union was in their best interests and would end anxiety, but he also announced "very temporary" capital controls to stem a run on the island's banks. Returning on Monday from fraught overnight negotiations in Brussels,...
  • Cyprus faces last ditch chance to save economy March 25, 2013

    Nicosia: Cypriot President Nicos Anastasiades embarked on last-minute crisis talks with international lenders on Sunday in an attempt to save the Mediterranean island from financial meltdown. With Cyprus facing a Monday deadline to avert a collapse of its banking system and potential exit from the euro, late night negotiations in Nicosia...
  • Cyprus bailout bid goes down to the wire March 24, 2013

    Nicosia: Cyprus's bid to avert financial collapse will go down to the wire after the island said it would hold a crucial sitting of parliament only after finance ministers of the 17-nation euro zone meet on Sunday. Cyprus faces a Monday deadline to clinch a 10 billion euro bailout from the...
  • Cyprus closes in on EU bailout, U-turn on levy March 23, 2013

    Nicosia: Cyprus is expected to make a dramatic U-turn on Saturday to avert the imminent threat of financial meltdown, having signalled it is willing to tax big savers in its stricken banks to clinch a bailout from the European Union. The island's partners in the 17-nation euro zone scheduled a meeting...
  • RBI expresses concerns over Cyprus banks facing meltdown March 23, 2013

    Bangalore: Reserve Bank Governor D Subbarao on Friday expressed concerns over Cyprus banks facing meltdown, saying it has implications on the banking sector everywhere. The Cyprus banks' is "such a big issue" as the island nation is inter-connected with the world and what happens there has implications on the banking...
  • Cyprus options narrow as no deal on Russia funding March 22, 2013

    Moscow: Talks in Moscow on a possible funding lifeline from Russia to Cyprus ended without result, further cutting the island's options for raising the billions of euros it needs to find by Monday to avert a financial meltdown. Russian Finance Minister Anton Siluanov said on Friday the two days of talks...
  • Kingfisher Airlines employees to decide future action March 21, 2013

    New Delhi: Facing acute financial crisis due to non-payment of salaries for the past 10 months, employees of Kingfisher Airlines are meeting here on Wednesday to protest their "total neglect and ignorance" by the company as well as the government and to decide their future course of action. "We have...
  • The aspirations of a billion people of India will ensure prosperity: Mukesh Ambani February 11, 2013

    In an exclusive interview to CNN, Reliance Industries Limited Chairman Mukesh Ambani said that he was bullish on India and that he was more than thrilled with the India growth story. Speaking to Fareed Zakaria, Mukesh Ambani added that the aspirations of the Indian people will translate into prosperity. Below is an...
  • Dell closer to buyout as price talks narrow: Source February 5, 2013

    New York: Dell Inc moved closer to a nearly $24 billion buyout deal, with price negotiations narrowing to $13.50 to $13.75 a share in what would be the biggest leveraged buyout since the financial crisis. Talks between Dell, the world's No 3 computer maker, and a consortium led by its founder...
  • Centre responsible for West Bengal debts: Mamata December 27, 2012

    New Delhi: In a shrill attack on the Centre, Chief Minister Mamata Banerjee on December 27 accused it of an "unholy nexus" with the erstwhile Left Front government of West Bengal, leaving the state in a "disastrous" financial situation with a debt burden of Rs 2 lakh crore, and warned...
  • Will probably not contest elections, says Italy PM Monti December 23, 2012

    Rome: Italian caretaker Prime Minister Mario Monti indicated in a newspaper interview published on Sunday that he would probably not stand in a February election but would try to convince the winner to complete the reforms his government has begun. Monti, who is expected to end weeks of speculation about...
  • Kingfisher staff protests outside Mumbai airport October 8, 2012

    Mumbai: Nearly 70 staffers of the beleaguered Kingfisher Airlines began protesting outside the Mumbai airport on Monday morning demanding payment of salaries. Their protest march will end at Kingfisher House which is adjacent to the airport. The protesting staff members said that the management had communicated with them so far...
  • Spain, Greece announce harsh budget cuts September 28, 2012

    Madrid: Spain and Greece outlined plans on Thursday to cut spending and raise taxes to convince international lenders and financial markets they are on the right track to cut their deficits. The measures outlined on Thursday highlight how Europe's struggling countries are battling public anger and flat-lining economies to push for...
  • Citigroup settles shareholder lawsuit for $ 590 mn August 30, 2012

    New York: Citigroup Inc agreed to pay $590 million to settle a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets, one of the largest settlements stemming from the global financial crisis. The agreement resolves claims that shareholders ended up with massive losses after the...
  • Rising gold prices hamper jewellery sales: Report August 12, 2012

    Mumbai: The beginning of festivals has hardly been encouraging for the jewellery business, as retailers blame the lack of demand on rising gold prices, which is ruling over Rs 30,000 per 10 grams. "Even as the festival season has begun the demand for jewellery is hardly there. The sudden spurt in...
  • Sensex closes in green ahead of F&O expiry June 27, 2012

    Mumbai: The 50-share NSE Nifty remained in a consolidation phase for the second consecutive session on Wednesday, especially ahead of F&O expiry on Thursday. European markets too were marginally higher amid volatility as investors seem cautious ahead of major event - European Union summit scheduled for June 28-29 in Brussels. The...
  • India frustrations send some foreign firms packing June 9, 2012

    New Delhi/Mumbai: Frustrated by a lack of opportunities in India, Germany's Fraport, the world's No 2 airport operator, is shutting its development office in the country, the latest in a growing list of companies exiting Asia's third-largest economy. Regulatory uncertainty and policy gridlock have battered foreign corporate sentiment towards India, adding...
  • PM gives Mamata no committment on bailout May 4, 2012

    New Delhi: In an another veiled warning to the Centre, West Bengal Chief Minister Mamata Banerjee on Friday said that she will wait and watch for her demand of a three-year moratorium on loan repayment to be accepted after which she will decide her future course of action. Sources say...
  • WB in financial mess, Centre not helping: Mamata May 4, 2012

    New Delhi: West Bengal Chief Minister Mamata Banerjee said on Friday that her state was facing acute financial crisis due to the Left Front which had been in power for 34 years till it was routed in the 2011 Assembly elections. Claiming that West Bengal's financial position cannot be compared...
  • 'Puducherry govt responsible for financial crisis' April 29, 2012

    Puducherry: Rejecting Puducherry Chief Minister N Rangasamy's charge that he was blocking central funds to the Union Territory, Union Minister and senior Congress leader V Narayanasamy on Sunday blamed AINRC government for the deepening financial crisis. "The whole government machinery has come to a standstill with financial crisis deepening fast as...
  • S&P ends over 1,400 for the first time since 2008 crisis March 16, 2012

    New York: The S&P 500 closed above 1,400 for the first time since the 2008 financial crisis on Thursday as stocks resumed the upward climb that has produced a steady stream of gains this year. The benchmark index is up for six of the past seven sessions and is on target...