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/ 24 January 2008

French bank hit by €4,9-billion fraud

French bank Société Générale (SocGen) disclosed one of the biggest alleged frauds in financial history on Thursday, adding to a wave of gloom surrounding world markets battered by credit market losses. SocGen, France’s second-biggest listed bank, said it had uncovered an ”exceptional fraud” by one of its traders. It said this would cost the group â,¬4,9-billion.

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/ 20 November 2007

State workers join rail strike in France

Pressure from the street against French President Nicolas Sarkozy’s programme of reforms intensified on Tuesday as hundreds of thousands of state employees went on strike, joining a week-long stoppage by rail workers. Teachers, postal staff, nurses, air-traffic controllers, tax officials and other civil servants staged a one-day protest.

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/ 11 November 2007

Nigeria minister sees $100 oil shortlived

There is no fundamental justification for oil at a barrel and Organisation of the Petroleum Exporting Countries (Opec) member Nigeria is assuming that prices will not last at this level, Oil Minister Odein Ajumogobia said on Saturday. He said that no one in Opec would be surprised if the price fell to in the next few weeks.

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/ 5 November 2007

Wall Street cringes as Citigroup revives fears

Fear and mistrust gripped Wall Street on Monday after Citigroup’s CEO quit in the wake of mounting credit losses and an influential money manager called the subprime mortgage market a ”-trillion problem”. US stocks followed European shares lower, while safe-haven bonds rallied and even the downtrodden dollar ticked up.