Financial Briefs

Breaking financial news from Wall Street to Main Street

Archive for the ‘Asia’ Category

HK police arrest 11 for spreading rumors about AIG

Posted by financialbriefs on September 26, 2008

Rival insurer MassMutual Asia Ltd. acknowledged that the suspects were its agents and managers and staff hired by them. However, it denied in a statement that the company was involved in the case and said it would cooperate in the police investigation.

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Asian Stocks Decline, Led by Banks, on Tighter Lending Rates

Posted by financialbriefs on September 25, 2008

 Asian stocks dropped for a third day after credit markets tightened as U.S. lawmakers raised opposition to the government’s plan to bail out banks.

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China, Jordan sign power plant deal

Posted by financialbriefs on September 24, 2008

China and Jordan on Tuesday inked a deal on a power station expansion project, the first of its kind implemented by Chinese firms in Jordan’s power generation sector and hailed by the Chinese ambassador in Jordan Gong Xiaosheng as a result of bilateral cooperation.

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Rumors trigger bank run in Hong Kong

Posted by financialbriefs on September 24, 2008

Thousands of panicked depositors queued outside Bank of East Asia’s branches across Hong Kong on Wednesday to withdraw their life-savings on rumours that the lender was in financial trouble.

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India gold firm as demand recedes, dips eyed

Posted by financialbriefs on September 24, 2008

India’s gold prices stayed firm on Wednesday as overseas markets recovered from early losses in volatile trade and dealers said buyers continued to wait for dips to buy for the festivals.

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Back from the dead, Tokyo banks buy into Wall Street

Posted by financialbriefs on September 24, 2008

Just a few years ago, Japan’s big banks teetered on the brink of collapse and came to symbolize the moribund state of the world’s No.2 economy.

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Gold: Why Asia was spot on

Posted by financialbriefs on September 23, 2008

Just as people who study oil prices look too much at the New York and London spot price, those who study gold prices look too much at the New York spot price and the twice-daily London fixes. Wednesday’s phenomenal rise in the price of gold in New York was presaged in Asia. The day before, the spot price rose US$20 in Asian markets as investors dumping stocks began to shift to gold as a safe haven.

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Singapore sovereign fund warns on lower returns

Posted by financialbriefs on September 23, 2008

The Government of Singapore Investment Corporation (GIC), the veteran state asset manager and model for sovereign wealth funds around the world, has warned that the global investment scene may never be the same again.

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CEO murdered by mob of sacked Indian workers

Posted by financialbriefs on September 23, 2008

Corporate India is in shock after a mob of sacked workers bludgeoned to death the chief executive who had dismissed them from a factory in a suburb of Delhi.

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Japanese Save Lehmans’ Jobs In UK

Posted by financialbriefs on September 23, 2008

Around 4,500 UK staff were left facing a bleak future over a week ago when Lehmans – shattered by the credit crunch – filed for bankruptcy protection.

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