There are positives and negatives to the AI revolution, but African states first need reliable power and connectivity to reap the benefits
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/ 2 December 2011
Citigroup faces a day of reckoning in court over its selling of financial instruments in the run-up to the subprime mortgage crisis.
Where is all the money coming from to build dirty coal-powered energy plants?
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/ 8 September 2011
US stocks rallied for the first time in three days after a German court backed the country’s role in bailing out other European countries.
Warren Buffett has thrown a lifeline to the Bank of America, nnouncing he would invest $5-billion in the beleaguered United States banking giant.
Bank of America said it will no longer process transactions for the website WikiLeaks.
Merrill Lynch has discovered an ”irregularity” in its London trading positions amid reports that a trader had been suspended over a -million loss.
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/ 16 January 2009
Bank of America was rescued by the US government on Friday through a -billion bailout.
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/ 15 January 2009
Citigroup and Bank of America faced new doubts over their ability to fund their massive losses as their shares sank on Wednesday.
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/ 13 December 2008
The Bush administration said on Friday it could be willing to provide emergency aid to the teetering US car industry
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/ 15 September 2008
United States stocks were in a dramatic sell-off on Monday morning amid a widening credit crisis.
The United States Supreme Court said on Monday that it cannot intervene in an important dispute over the rights of apartheid victims to sue US corporations in US courts because four of the nine justices had to sit out the case over apparent conflicts. The result is that a lawsuit accusing some prominent companies of violating international law will go forward.
The credit crunch sent Bank of America’s quarterly profits plunging 77% after weak trading on Wall Street and in retail banking, it was announced on Monday. Bank of America, which has the largest branch network in the United States, wrote off more than -billion in trading losses and provisions against bad debts.
The global credit crunch claimed its biggest victim yet on Friday when the United States Federal Reserve orchestrated an emergency bail-out for Bear Stearns after a cash crisis prompted a run on the US’s fifth-biggest investment bank. President George Bush sought to calm fears of a deep recession in the world’s biggest economy.
An affiliate of United States-based buyout firm Carlyle Group has defaulted on about ,6-billion of debt and expects its lenders to seize remaining assets as the global credit crunch tightens around leveraged investors. A ”successful refinancing is not possible,” Carlyle Capital said.
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/ 7 February 2008
The rand is back to being one of the world’s worst-performing currencies in 2008 after a brief respite last year, and there appears nothing, for now, to halt its slide. A chronic energy crisis that is likely to slice into economic growth, political uncertainty and a gaping current-account deficit paint a gloomy picture for a currency prone to volatility.
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/ 22 January 2008
Wall Street was expected to plunge at the opening of trading on Tuesday, extending its huge losses from last week and taking more cues from heavy selling that has spread throughout the world. Indicators showed the Dow Jones industrial average was set to fall by about 500 points when trading begins.
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/ 25 October 2007
China’s biggest lender ICBC is to buy 20% of South Africa’s Standard Bank for R36,67-billion (,6-billion) in cash, in the biggest foreign investment yet in Africa. The move announced on Thursday comes as Beijing encourages major state firms to expand abroad, particularly in developing countries.
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/ 24 October 2007
Africa’s biggest banking group by assets, Standard Bank, said on Tuesday it was in talks which if successfully concluded might affect its shares, sending the company’s stock higher. Standard Bank said in a statement that it expected to make an announcement soon.