SHANGHAI, China - Chinese stocks soared Monday after the government announced over the weekend a $586 billion stimulus package aimed at countering the impact of the global economic slowdown. The benchmark Shanghai Composite Index surged…
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Gordon Brown will use a keynote foreign policy speech later to argue the global financial crisis has given world leaders a major opportunity for change. The PM, in his annual speech at the Lord Mayor’s Banquet in London, is expected to call for the rebuilding of the international financial system. He will urge countries to forge a new way of working together that is “hard headed and progressive”. His speech will also be watched for any suggestions of possible UK tax cuts. ‘Seize the…
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RALEIGH, N.C. — Jubilation, pride and relief permeated pews and pulpits at predominantly black churches across the country on the first Sunday after Barack Obama’s election, with congregants blowing horns, waving American flags and raising their hands to the heavens. “God has vindicated the black folk,” the Rev. Shirley Caesar-Williams said as a member of her Raleigh, Va., congregation, Mount Calvary Word of Faith Church, brandished a flag and another marched among the pews blowing a ram’s horn. “Too long we’ve…
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10 Nov 2008, 0736 hrs IST,AP NEW YORK: Wall Street heads into another turbulent week with investors set to pore over a government report on retail sales and earnings from Wal-Mart Stores Inc. to get a better reading on the consumer. There are growing signs that the deepening economic slowdown has caused Americans to tighten their purse strings. There was fresh evidence of this past week when retailers posted the worst October same-store sales in 35 years - and analysts believe the upcoming holiday shopping season could be among the slowest in decades. With consumer spending driving more than two-thirds of the US economy, investors will be paying…
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Digital sleuths are coming closer to uncovering the mystery surrounding North Korea’s secretive leader, Kim Jong-il, who has dropped from public view and is widely rumoured to be gravely ill or worse. Pyongyang has released several “recent” photos of Kim, 66, in an effort to prove his good health, but digital analysis by keen-eyed online investigators has fingered them as being either dated or doctored using tools such as Photoshop. It comes after US and South Korean officials reported…
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Ali Larijani (file photo) Iran’s parliament speaker has criticized U.S. President-elect Barack Obama for saying Tehran’s pursuit of nuclear weapons is unacceptable. Iranian…
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In his first televised interviews since being named the chief of staff for President-elect Barack Obama, Rahm Emanuel on Sunday called for swifter action to lift the struggling auto industry and suggested Obama and President George W. Bush might clash over a stimulus package. On the first weekend since Obama was elected president, several of his aides said his administration would attempt to roll back a number of Bush administration policies, including tight restrictions on stem cell research and a push for oil and gas drilling in Utah. The statements indicated that the first few months of an Obama administration could bring about stark reversals on controversial policies. But…
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(Updates with Nikkei climb above 5 pct) TOKYO, Nov 10 (Reuters) - Japan’s Nikkei average climbed 5.7 percent on Monday, with Honda Motor Co and other exporters rising as the yen fell back slightly amid a wave of short-covering in the wake of a Wall Street rebound. Shares of Panasonic Corp jumped 6.7 percent to 1,630 yen after the firm said it aims to make Sanyo Electric Co Ltd a subsidiary and has agreed to start talks with the smaller rival for that purpose in a move that would create…
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Zimbabwean opposition supporters call for President Robert Mugabe to step down at a SADC extraordinary summit in Johannesburg yesterday. Photo / AP JOHANNESBURG, South Africa - African leaders said Zimbabwe’s rival political factions should share control of the police ministry in an effort to form a unity government, then devote their time to solving the nation’s economic crisis. Zimbabwean President Robert Mugabe and his main rivals signed a power-sharing agreement in September, but the deal has stalled over how to allocate Cabinet posts, including the ministries that control police and finance. The…
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Text: Kathryn A Matthews, CIO - Asia Pacific, Fidelity International, was in India recently. In a tête-à-tête, she shared her views on the current global financial crisis and expressed optimism about the fast recovery and growth prospects of the Asian subcontinent. Here are excerpts from the interview. Given the financial crisis that has gripped the entire world, is the Asia-Pacific region decoupled from the West in any respect? While both the East and West have been pulled into this financial mayhem, the backdrop for both regions falling into this trap is very different. Their economies are structured very…
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