Word: sectoral
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...FTSE 100 racked up its biggest fall in 21 years. Last month the government was forced to nationalize the mortgage lender Bradford & Bingley, and earlier this year it took over another debt-ridden bank, Northern Rock, guaranteeing the deposits of retail customers. Britain's protection scheme for private-sector banks guarantees deposits only up to $87,500, causing some jittery savers to look on enviously as some European Union countries announced full protection for all retail accounts...
...most banks. The Hong Kong Monetary Authority, Hong Kong's de facto central bank, also reduced the interest rate at which it lends to banks by a full percentage point in an attempt to ease credit markets. In India, policymakers promised to continue to act to keep the financial sector functioning. "If need be, we will take further measures to infuse liquidity in the market," India's Finance Minister, Palaniappan Chidambaram, told reporters...
...preference shares in the institutions or encouraging commercial sources to invest. Together with an extension of the Bank of England's special liquidity scheme, which will now make $350 billion available to banks in short-term loans, the package is intended to stabilize the banking system and foster the sector's recovery. It can be implemented without any new legislation or parliamentary votes...
Responding to turmoil in the global financial sector, Asian art collectors also proceeded with caution this week, sending the hot market for contemporary Chinese art towards an apparent cool down. At a Sotheby's sale of 20th century Chinese artwork on Oct. 5, two-thirds of the 110 lots failed to sell, and many of the pieces that did find buyers went for below their estimated prices. By the close of the biannual sales of the world's largest publicly traded art auction house, Sotheby's took in about half what it had expected, at just over $140.7 million...
...That was one reason so many Americans regarded Hank Paulson's bailout plan with skepticism. And it's why Britain's Prime Minister Gordon Brown and his Chancellor, Alistair Darling, did not want to dwell Wednesday morning on how Britain's banking sector had got into such a parlous state that the government was compelled to spend up to $88 billion in taxpayers' money to secure it. Their emergency rescue plan was hatched over weeks but finalized in such a hurry that bleary officials labored overnight to finish it before the skittish markets opened. At a morning press conference, both...