SUBPRIME CRISIS

  • After Vikram Pandit, Citigroup is 'going to get a lot smaller' October 17, 2012

    New York: The incredible shrinking bank may have to shrink more. In the hours after surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's thirdlargest bank. Pandit left after a series of embarrassments and missteps that apparently...
  • 6 Wall Street firms face criminal probe: source May 14, 2010

    Washington/New York: US prosecutors are conducting a broad criminal investigation of six major Wall Street banks, including JPMorgan Chase & Co and Citigroup Inc, to determine if they misled investors, a person familiar with the matter said on Thursday. The others are Deutsche Bank AG, UBS AG, Morgan Stanley and Goldman...
  • Citigroup clocks profit, on road to recovery October 16, 2009

    Washington: Citigroup, led by its Indian American CEO Vikram Pandit, has reported a slim profit of just $101 million in the third quarter, indicating its road to recovery may be a little longer. With credit problems, particularly within its consumerrelated businesses, weighing down its thirdquarter results and after taking into account...
  • Risk of another Lehman Brothers looms: Moody's September 21, 2009

    New Delhi: Moody's on Monday said there is always a risk of another major event sending shock waves in financial markets, even as Asian stocks may have rebounded from the lows post the collapse of Lehman Brothers last year. Moody's Economy.com, a research arm of Moody's, also said any tightening...
  • Steelmaker ArcelorMittal to cut up to 9,000 jobs November 28, 2008

    Brussels: ArcelorMittal, the world's largest steelmaker, unveiled plans on Thursday to slash up to 9,000 more jobs, saving $1 billion a year in response to a deepening global economic downturn. The company said it would launch a voluntary redundancy scheme for largely white collar staff to make the cuts, which...
  • Europe gearing up for a dark Christmas November 19, 2008

    New Delhi: With Christmas round the bend, shoppers are planning how to slash bills and not how to splurge. With bankruptcy staring them in the eye, its obviously difficult for Europeans to think of the usual Christmas gift shopping. And in these troubled times, Europeans seem to be heading for a dark...
  • British Telecom to cut 10,000 jobs, India untouched November 13, 2008

    London: UKbased telecom major British Telecom Group (BTG) on Thursday announced plans to cut 10,000 jobs at home and overseas, but said this would not affect the Indian operations of the company. "The Indian operations would not see any retrenchment. The majority of the job cuts are UK based. It...
  • G20 meets to discuss global financial crisis November 9, 2008

    Sao Paulo (Brazil): Finance ministers and central bank governors from the Group of 20 (G20) began their annual meeting in Sao Paulo on Saturday to seek ways to deal with the global financial crisis. The G20 is an informal arena to facilitate dialogue between major industrial and emergingmarket countries, began...
  • Too broke for all else, Americans save up for movies October 23, 2008

    Washington: Many people in the United States of America have now begun to rethink their spending because of the economic slowdown. Some are cutting down on luxuries like eating out. But one activity seems to be holding up rather well. That is their one retreat from the economic gloom. 22yearold Gibran...
  • G8 leaders call for global summit on financial crisis October 16, 2008

    Brussels: The leaders of the world's seven richest countries and Russia called for a global summit to address the current financial crisis and a revival of world trade talks on Wednesday. "While our focus now is on the immediate task of stabilizing markets and restoring confidence, changes to the regulatory...
  • US treasury to pump $250 bn into banks, buy shares October 14, 2008

    New Delhi: The US Treasury will pump $250 billion into banks in return for preference shares. Thats step three of the bailout being executed, as promised by the US government. The money will be put into nine of the biggest banks in the US. As initial reports say,...
  • Market crashes, people see hope in gold investment October 14, 2008

    The global economic uncertainty is driving many investors to one of the most traditional forms of wealth, gold. And in goldproducing countries like South Africa, they are more than happy to try to meet the demand. ...
  • Expert panel on financial crisis to meet today October 13, 2008

    New Delhi: An expert panel under Finance Secretary Arun Ramanathan will meet in New Delhi on Monday to find solutions to help India weather the global financial turmoil, which has led stocks to crash and industrial growth trip to its lowest in a decade. The panel, which has to submit a...
  • Credit crunch: Britons tighten their spending belts October 11, 2008

    London: Over in Britain, people are cutting back on their expenses in light of a period that will see less cash and jobs. Vacations, dining out, home improvements are just some of the things to go in these times. ...
  • Rumours hammer ICICI Bank stocks, customers panic October 11, 2008

    New Delhi: ICICI Bank stock has also been hit hard with the market rife with rumours about the bank being in trouble. Worried customers began withdrawing their savings from the bank even after assurances from the Reserve Bank of India (RBI) and the bank management. As the Sensex bled on Friday, ICICI...
  • 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...
  • Credit crunch: Stock investors wary about future October 10, 2008

    London: The lack of credit in the money markets is keeping stock investors in a state of deep anxiety. In Europe, stock markets tumbled again. However, a big sigh of financial relief came as markets finally began to stabilize. At London's FTSE, banking stocks were the big gainers. HBOS rose nearly...
  • Airlines industry takes a hit by global market meldown October 9, 2008

    London: These are tough times for the airline industry in general and the market meltdown is just making it worse. Richard Quest sat down with the heads of three budget airlines to ask them what they're doing to stay on a steady course. ...
  • Now, a UK bailout package | Indians on board October 8, 2008

    London: The UK government has announced details of a rescue package for the banking system worth at least 50bn. It will make extra capital available to eight of the UK's largest banks and building societies. In return for the funding, the government will receive preference shares in those institutions. A further 200bn will...
  • Crisis deepens, EU finance mins meet to plan rescue October 6, 2008

    New Delhi: It is destination Luxembourg for the finance ministers of European economies. After the US bailout late last week of its battered banking sector, it's Europe's turn to look for a solution to the global financial crisis. The fiministers will meet for two days to thrash out plans to bailout...
  • Wall Street effect: Bollywood tightens its purse strings October 5, 2008

    Mumbai: As the world reels under the weight of the worst financial crisis in the US since the Great Depression, the ripple effect is being felt in some unexpected quarters the glitzy, starry world of Bollywood. With banks becoming weary of giving out credit and lending to each other,...
  • European powers meet to tackle global credit crunch October 5, 2008

    Paris: The European powers come together to find a solution to the global financial crisis. The UK, France, Germany and Italy have asked the European Union for greater freedom to tackle the emergency. Heads of the four countries attended a summit in Paris, and vowed to support their countries...
  • EU minisummit looks at ways to fight economic demons October 5, 2008

    New Delhi: Following the financial crisis at Wall Street, the European Union leaders on Saturday, pledged to work together to ease financial worries. Each country has decide to save its banks from being singed on the tumbles in the global markets, by working under the EU cover, in a coordinated...
  • President Bush signs bailout Bill into law October 4, 2008

    New Delhi: The $ 700 billion US financial bailout plan is now a law. On Friday, the US House of Representatives passed the Bill and President Bush lost no time signing it into a law. The Bill allows the US treasury department to buy up hundreds of billions of dollars of...
  • US Congress passes revised $700 billion bailout plan October 3, 2008

    Washington: The US House of Representatives has passed the revised version of $700 billion bank bailout plan intended to bolster the ailing US financial system. Wall Street traders have been watching developments in Washington closely. The House had rejected the original bill on Monday, sending stocks tumbling around the world. But lawmakers...
  • US bailout: Employment rates on the decline October 3, 2008

    Washington: US Senate has approved the modified $700 bn bailout package raising hopes for the troubled American financial institutions, reeling under the acute credit crunch. The Senate passed the bill, which incorporated limits on executive pay of aided companies, tax cuts and a higher insurance limit for bank deposits, by a...
  • US Senate passes $700 bn bailout plan October 2, 2008

    Washington: The US Senate approved on Wednesday a historic $700 billion bailout of the US financial industry, which the White House and lawmakers said would help avert global economic chaos that could cost American businesses and jobs. The Senate voted 7425 for the bill, which also includes a package of...
  • Subprime casualty: Swiss Bank UBS to axe 1,900 jobs October 1, 2008

    New Delhi: The biggest bank in Switzerland, UBS, is expected to announce a further round of job cuts on Thursday, axing about 1,900 in its various departments like investment banking, equities and fixed income units. The UBS has suffered the biggest losses from the credit crisis among all the European...
  • Is the American dream coming to an end? October 1, 2008

    New York: The average American is already feeling the pinch of the economic crisis fuelled by housing slump and subprime lending and the the American dream is taking a beating. The perception is clearly negative and Americans are anxious about their economic prospects and their prospects for their children at levels...
  • Wall St perks up over talks of reviving bailout plan October 1, 2008

    New Delhi: The picture is getting prettier on Wall Street. Stocks roared back as the Bush administration and lawmakers talked about reviving the bailout plan. The Republicans and the Democrats have decided to continue bipartisan negotiations and bring another bill to the floor for a vote. At the same time, the European...