World coffee body mulls forum to finance producersOctober 8th, 2009 BANGALORE - The International Coffee Organisation (ICO) is planning a forum to arrange institutional finance to producers facing credit crunch, a top official said here Thursday. "We plan to set up a forum next year to facilitate institutional credit to producing countries for retaining stocks and meet their capital requirements due to fund crunch," ICO executive director Nestor Osorio said at an international coffee conference here.
Nigeria banks to get $2.5B rescue in first for the continent; bank chief fires 5 top execsAugust 14th, 2009 Nigeria banks to get $2.5B bailout; 5 execs firedLAGOS, Nigeria — Nigeria will inject US$2.55 billion into five troubled banks, the country's banking chief announced Friday, in Africa's first major bank rescue program since the global credit crunch began. Central bank chief Sanusi Lamido Sanusi also guaranteed creditors and depositors, but fired top executives at five of the country's 24 banks because of poor decisions that had led one of the five into "technical insolvency" and to undercapitalization in the other four.
White House proposes crackdown on credit-rating agenciesJuly 22nd, 2009 WASHINGTON - US President Barack Obama has proposed a crackdown on credit-rating agencies, among the key players blamed in a financial crisis that has devastated the global economy. The proposed legislation sent to Congress is designed to remove conflicts of interest between the private agencies and the banks and lenders that they are rating.
Nabard slashes refinance rates from WednesdayJuly 14th, 2009 KOLKATA - Agricultural credit lender National Bank for Agriculture and Rural Development (Nabard) cut refinance rates Tuesday with effect from Wednesday, a top official said here. "We are cutting the rates for both commercial banks and co-operative and regional rural banks by 50 basis points," said Nabard chairman Umesh Chandra Sarangi.
Japan's Shinsei and Aozora Banks agree to mergeJuly 1st, 2009 Japan's Shinsei and Aozora Banks agree to mergeTOKYO — Japan's Shinsei Bank Ltd. and Aozora Bank Ltd.
Banks should provide credit to industry: Pranab MukherjeeJune 10th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee on Wednesday asked banks to cut interest rates and provide affordable credit to industry to spur economic activity. Addressing chief executives of public sector banks here, Mukherjee said, "As a financial intermediary the banks have to stand by to provide credit at reasonable rates."
"The reduction in key rates by the Reserve Bank is not adequately reflected in the reduction of Benchmark Prime Lending Rates (BPLR) of banks," he added.
US dollar 3-month interbank lending rate edges higher as markets begin to price in Fed hikesJune 8th, 2009 Dollar 3-month interbank lending rate edges higherLONDON — The cost of three-month dollar loans between banks rose from record lows Monday amid growing expectations that the worst of the U.S. recession is over and that the U.S Federal Reserve may start to lift borrowing costs sooner rather than later.
Debt collectors seize calves as credit crunch takes holdMay 19th, 2009 KEMEROVO - Officials here seized three five-month-old calves from the owner who had failed to repay his mounting debts. Many Russians who took credit during the economic boom in the country are struggling to repay their loans amid rising unemployment, as the financial crisis continues.
Dollar 3-month interbank lending rate falls again low as markets await stress test detailsApril 28th, 2009 Dollar 3-month interbank lending rate falls againLONDON — The cost of three-month dollar loans between banks fell modestly Tuesday as the markets awaited the verdict of the U.S. government's stress tests of the country's 19 major financial institutions.
Recession-hit Elton John loses a quarter of his wealthApril 24th, 2009 LONDON - Even Elton John could not fight the ill effects of recession. He has lost a quarter of his hard earned wealth in the last year.
Uttarakhand farmers get credit cardsApril 21st, 2009 KURIYA VILLAGE - Farmers in Uttarakhand can now avail loans from banks through 'Kisan' credit cards. The Government equips the farmers of Kuriya village with credit cards to help them to take loans for seeds, manure, fertilizers and other necessities.
How to cope with recession, by Simon CowellMarch 29th, 2009 LONDON - Music mogul Simon Cowell has in an exclusive interview revealed how 20 years ago he lost his home, cash and Porsche due to over-borrowing, and how he managed to regain his lost fortune. Cowell, 49, who now has a 100million pounds fortune, dished out advice on how to cope with the credit crunch.
Citibank to make $36.5 bn available for lendingFebruary 2nd, 2009 NEW YORK - Citigroup Inc. has plans to use $36.5 billion - part of a $45-billion government bail-out - for consumer and corporate loans and new US mortgages, Bloomberg reported Tuesday.
Britain is in recession, Brown denies IMF bailout claimJanuary 22nd, 2009 LONDON - After months of speculation, Britain was officially declared to be in state of recession Friday, but Prime Minister Gordon Brown dismissed opposition claims that his government may need to be rescued by the International Monetary Fund (IMF). The Office for National Statistics (ONS) showed the British economy shrank by 1.5 percent in the final three months of last year, following a 0.6 percent fall in the third quarter of 2008.
Britain urged to relax visa rules for skilled migrantsJanuary 22nd, 2009 LONDON - The British government should relax visa regulations for highly skilled workers from India and other countries outside Europe, who face joblessness or cuts in salaries because of the credit crunch, a lobby group said Friday. The Highly Skilled Migrants Programme (HSMP) Forum said in a statement that visa extension rules that require evidence of high salaries or incomes from doctors, engineers and other professionals were unrealistic in the current economic climate.
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