SUB PRIME CRISIS

  • US economy is recession, most severe slump: NBER December 2, 2008

    New Delhi: The National Bureau of Economic Research (NBER) has officially declared that the US economy is indeed getting into recession. The bureau says that the economic slump in fact started somewhere in December 2007. According to the NBER, in January 2008 personal income in the US fell. This happened at a...
  • Moody's gives thumbs up to ICICI | Fighting unitedly October 13, 2008

    New Delhi: Global rating agency Moody's has given ICICI UK thumbs up. ICICI UK which has been under the scanner for being a weak performer has now been given a clean chit by global rating agencies Moodys and S&P. It has declared that ICICI Bank in UK has a robust asset...
  • Banks safe, economy strong: RBI | Rupee tanks | CRR cut October 11, 2008

    Washington: The Indian economy and banking system are sound, the Reserve Bank of India (RBI) chief assured the world financial community on Friday, as a global credit crunch intensified and world stock markets tumbled. "What we are witnessing today in the Indian markets is an indirect, knockon effect of the global...
  • UK subsidiary not into subprime loans: ICICI September 29, 2008

    Mumbai: ICICI Bank on Monday said its subsidiary ICICI Bank UK has no investments in US subprime loans, whether directly or through credit derivatives. In a clarification, the bank said 18 per cent of the UK subsidiary's noninvestment Book was exposed to the US with 98 per cent of the UK...
  • Desperate, Bush appeals to Americans for bailout September 25, 2008

    Washington: Expressing concern that the country faced economic ruin if the Congress did not act fast, President George W Bush took his case on the financial bailout packet to the American people. "The market is not functioning properly. There has been a widespread loss of confidence, and major sectors of...