China's economic growth slumped to 6.8 percent last quarter, dragging down the pace of expansion for all of 2008 to a seven-year low of 9.0 percent as the full force of the global financial crisis struck home. Fourth-quarter gross domestic product growth, measured from a year earlier, dropped from the 9.0 percent clip of the
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Sony Corp warned it would post a bigger-than-expected $2.9 billion operating loss this business year due to sliding demand, a stronger yen and costs to restructure its ailing electronics operations. The maker of Bravia LCD TVs and PlayStation game consoles said it would give further details of its restructuring plans at a briefing at 5.30
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U.S. President Barack Obama is expected to issue an order on Thursday to close Guantanamo prison after a busy first full day in office that saw him meet his economic advisers and war council and plunge into Israeli-Palestinian peace diplomacy. Obama's packed agenda signaled he was serious about meeting his promise to break sharply with
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An $825 billion economic stimulus package sought by Democrats cleared a key hurdle on Wednesday as a House of Representatives panel approved major portions of the spending initiatives in the plan that President Barack Obama wants enacted by mid-February. The House Appropriations Committee, by a partisan vote of 35-22, approved $358 billion in spending that
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Cypriot President Demetris Christofias stepped down as leader of the ruling Communist AKEL party on Wednesday after 20 years at the helm. Moderate Andros Kyprianou succeeded Christofias, who became Cyprus's first communist president in February 2008. Christofias, whose presidential term expires in 2013, said he would remain a party member. Christofias began peace talks with
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Moody's Investors Service said that the second government support package announced by the Danish government for the domestic financial sector is a positive development, but the rating agency does not expect it to lead to rating upgrades, with the credit outlook for the Danish banking system remaining ‘negative’. The package comprises the recapitalisation of the
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The fundamental credit outlook for the Israeli banking industry is negative, reflecting the expected slowdown in the domestic economy, as well as the impact of the ongoing global financial and economic crisis, Moody's Investors Service said in its new Banking System Outlook on Israel. "With some delay, Israel is now feeling the effects of the
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The fundamental credit outlook for Ukrainian financial institutions is negative, reflecting the likelihood that the banks' financial fundamentals will continue to be negatively affected by the uncertainty in domestic and international financial markets, funding pressures, the steep depreciation of the Ukrainian hryvnia and a slowdown in economic growth, Moody's Investors Service said in its new
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European governments provided further support to ailing banks but failed to reverse mounting gloom on Wednesday, with a UK politician calling for nationalisation of two top lenders and Barclays shares sinking. Belgium is planning a second round of help for banks, but the plan failed to restore confidence and shares in KBC tumbled as much
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Russian billionaire Alexander Lebedev is buying a majority interest in London's Evening Standard newspaper for a nominal sum, current owner Daily Mail & General Trust said. Lebedev — who owns stakes in Russian banks, insurers and airline Aeroflot as well as the country's main opposition newspaper — said last week he was interested in influential
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