The turmoil, which some say was inevitable given aggressive hiking cycles, exposes the dependency of advanced economies on cheap credit
No Credit Suisse executives have faced criminal prosecution, despite the company admitting liability
Armando Guebuza gave evidence in a corruption trial that has transfixed the nation
Kassym-Jomart Tokayev has sought to distance himself from his predecessor, but his family has its own secrets: Moscow apartments, Swiss bank accounts — and a money trail that goes far offshore
During the War on Terror, international strategy relied on intelligence officials from regimes accused of corruption and torture. Several of these spies and their families held large sums at Credit Suisse.
The Swiss Secrets leak reveals Credit Suisse’s role in a controversial platinum mine sale that helped to finance a wave of violence around Zimbabwe’s 2008 election
Despite pledges by Credit Suisse to crack down on illegitimate funds, leaked data shows the bank catered to dozens of criminals, dictators, sanctioned parties and political actors with outsized wealth
Mozambique grows impatient for SA justice minister to rule whether former finance minister will be extradited to Mozambique or US to face corruption charges
Chang has been held in South Africa since December at the request of US authorities over alleged involvement in fraudulent loans to Mozambique SOEs
Former Mozambican finance minister Manuel Chang’s arrest at has triggered a political crisis ahead of the country’s elections later this year
Credit Suisse’s Global Wealth Report makes for interesting reading for those who suspect quantitative easing is more about propping up asset prices.
Research by Credit Suisse shows that the world’s poor and middle classes have been squeezed to create more wealth for 1% of the population.
New regulations will require investors to bear the risk of South African bank failures.
Swiss banks have "allegedly" begun providing information to Washington on accounts held by United States citizens.
Europe’s top banks are due to meet to share insights on whether the latest sovereign debt crisis squall could yet turn into a financial market storm.
China posted a sharp fall in 2008 car sales growth on Monday as makers worldwide grapple with slowing demand.
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.
Central banks on both sides of the Atlantic are in talks about the feasibility of mass purchases of mortgage-backed securities in a bid to solve the global credit crisis, the Financial Times said on Saturday. The newspaper, without citing sources, said the talks were at an early stage and part of a broader exchange on how to battle the turmoil in financial markets,
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.
World stocks and the dollar rose on Monday as talk of a rescue plan for a United States bond insurer and comments that Qatar is interested in investing in European banks eased concerns about the banking industry. Energy and commodity prices remained firm, with geopolitical concerns in Iran and Turkey lifting oil prices above a barrel.
Société Générale launched a discounted â,¬5,5-billion capital increase on Monday to prop up its finances and heal scars from the world’s biggest rogue trading scandal. The one-for-four rights issue at â,¬47,50 per share gives its existing shareholders a bigger-than-expected discount of 38,9% to Friday’s price.
Gold is on course to close 2007 at least $100 higher, setting the yellow metal up for its seventh consecutive year of gains in 2008. An ounce of gold cost $629,80 at the start of 2007 and was trading close to $800 an ounce by mid-December after touching $841,10 in November â€“- its highest level since 1980.
Oil fell below a barrel on Wednesday, pinching some of Asia’s top resource stocks, while nagging fears that a credit market squeeze will sap global growth weighed on the dollar and the region’s exporters. News that top United States bank, Citigroup, got a ,5-billion capital injection from Abu Dhabi’s investment arm on Tuesday buoyed US stocks.
UBS AG, the world’s largest wealth manager, unveiled $3,4-billion in losses, has swept out senior managers and slashed jobs in one of the biggest casualties yet of the worldwide credit crunch. UBS said on Monday it will write down a net four billion Swiss francs ($3,42-billion) in its fixed-income portfolio and elsewhere.
European stocks fell by midday on Monday in a choppy session as gains in commodity stocks were overshadowed by mounting concern that the United States economy could be headed for recession after Friday’s dismal jobs report. Oil and gas shares were the top performers on the broader European market in spite of a fall in crude oil futures.