News Tag: world
November 13, 2009
Business leaders of 21 member economies from Asia and the Pacific Rim have gathered together for their annual forum and their primary focus this year was about the global economic downturn.
The region’s leaders said that Asia is ‘leading the world out of the recession’. The Asia-Pacific Economic Co-operation’s (Apec) positive comments reflect those from the International Monetary Fund, which last ...
Asia ‘leading world out of economic downturn’
by Kay Murchie
October 7, 2009
Stephen Green, chairman of Europe’s largest bank HSBC, said the banking industry "owes the real world an apology" for the financial crisis.
In an interview with the BBC, Mr Green who is also a Church of England priest, said: “I think the change in the public perception of the industry is entirely understandable. The banking industry has not covered itself in ...
HSBC chairman: Banking industry “owes an apology”
by Kay Murchie
April 2, 2009
The G20 has reached a decision in dealing with the financial turmoil, as British Prime Minister Gordon Brown has announced leaders are working on a $1 trillion deal as a global solution to a worldwide problem.
It has created a direction that world leaders can focus on and officials are hoping that the International Monetary Fund (IMF) will ...
G20 leaders thrashing out $1tn deal to tackle world recession
by Peter Charalambous
March 26, 2009
DeAnne Julius, chairman of think tank Chatham House, has warned that the world could face five years of economic slowdown and a 10% decline in output.
Addressing a G20 breakfast seminar organised by BBC News, Mrs Julius, who was previously a Monetary Policy Committee member of the Bank of England, said there was a 40% chance of such a ...
Leading economist delivers pessimistic outlook for global growth
by Kay Murchie
January 29, 2009
President Barack Obama's $819 billion (£572 billion) economic stimulus package has been approved by the US House of Representatives.
The President hopes to sign the package into law in February and said the package includes $275 billion in tax cuts, including a credit worth $500 dollars for each worker and $1,000 for couples.
However, the majority of the package focuses on road ...
Obama’s $825bn stimulus package approved
by Kay Murchie
January 28, 2009
The International Monetary Fund (IMF) has revised its forecast for world growth this year to 0.5% - the lowest since World War II.
Its previous forecast, back in November, was for 2.2% growth but the organisation said the "scale and scope of the current financial crisis have taken the global economy into uncharted waters".
While the news is grim for economies ...
World faces biggest downturn in 60 years
by Kay Murchie
January 1, 2009
With the global financial crisis and countries entering recession, it’s no wonder world stock markets have suffered their worst year on record.
In London, the FTSE closed yesterday at 4,434 points, at the same point in 2007, it closed at 6,457. The annual decline was the worst since the FTSE was established in 1984.
In particular, banks have suffered badly with HBOS ...
World stock markets suffer worst ever year
by Kay Murchie
December 1, 2008
According to the United Nations, the world economy faces its worst downturn since the 1930s.
The UN expects world economic output to contract by 0.4% in 2009, as a result of a slump among developed countries, such as Europe and the USA.
Should the forecast be correct, it would signify the global economy's first year of contraction since the 1930s.
However, in ...
World economy in worst downturn since Great Depression
by Kay Murchie
August 22, 2008
As the US housing slump continues and unemployment rises, America’s slowdown will deepen in the latter half of 2008, according to a measure that predicts the economy's direction.
The US Conference Board’s index of 'leading indicators' fell 0.7% last month - this was triple the fall forecasted by analysts on Wall Street.
The figures come as Goldman Sachs ...
Goldman Sachs: 20% chance of a full blown world recession
by Kay Murchie
August 21, 2008
Industrial & Commercial Bank of China (ICBC) has become the world’s most profitable bank after it reported a 57% rise in half-year profits.
The bank, which is the largest in China, made 64.5 billion yuan (£5.01 billion, US$9.4 billion) in the six months to the end of June and easily outperformed its rivals worldwide, particularly in the US and Europe, ...
Bank of China reports 57% rise in profits
by Kay Murchie
