Word: banking
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...downturn might not be entirely a bad thing in the country that's become the world's second growth engine: China. Most economists believe inflation remains China's biggest risk going forward, and a slow down in the export sector - now unavoidable - could actually do the People's Bank of China's work for it: cool the economy a bit without the need for another rise in interest rates. (The PBOC raised rates six times...
...news may not be over on Wall Street. On Tuesday, Bank of America announced that its fourth-quarter profit tumbled 95%, largely due to a $5.44 billion trading loss driven by write-downs of collateralized debt obligations, the often mortgage-related securities creating havoc on banks' balance sheets worldwide. Rumors circulated that the Bank of China would be the next to report big losses...
...affected by what happened in their most important export market [the U.S.] was always rubbish," says Stein, so long as domestic consumption can't make up for any shortfall. And neither is Asia resistant to fallout from the subprime snafu either. Analysts speculated Monday that Chinese banks could soon cough up to huge losses linked to exposure to the U.S. mortgage market. The Bank of China, for one, with almost $8 billion in subprime-related assets, is expected to shortly announce losses...
...downside risks to growth," the Board said in a statement. It was the first time since the markets reopened after Sept. 11, 2001, that the Fed had changed the federal funds rate between scheduled meetings. The move buoyed stocks in Europe, and added to speculation that the European Central Bank and the Bank of England would also cut rates in an attempt to stave off a slowdown. In morning trading in Europe, though, stocks fell. Britain's FTSE 100 dropped 1.25%, Germany's DAX index slid 2.16%, and France's CAC-40 fell 2.10%. Markets in Asia rebounded however, with...
...ones, is part of Zapatero's bid to sustain the momentum of his government's efforts at reform. Made up of 14 world-renowned experts - including Nobel Prize-winning American economist Joseph Stiglitz; Australian anti-nuclear expert and Nobel Laureate Helen Caldicott; ex-Senior Vice-President of the World Bank, Nicolas Stern; and Maria Joao Rodrigues, an architect of the E.U.'s Lisbon Agenda - the council offered a slate of ideas that, if put into action, would position Spain on the cutting edge of international, environmental, economic and social justice policy...