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Subprime Crisis

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Article
/ 30 September 2008

Markets reel after US bailout failure

Panicky investors dumped shares on Tuesday after United States lawmakers unexpectedly shot down a Wall Street bailout plan.

By Staff Reporter
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Article
/ 30 September 2008

Panic grips world’s markets

The US government’s -billion bailout of the banking industry collapsed on Monday as Congress defied the White House by voting down the plan.

By Staff Reporter
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Article
/ 29 September 2008

SA markets battered by risk aversion

SA markets took a pounding on Monday, hit by a global stocks fall and a flight from risk, with investors worried about US and European banks.

By Staff Reporter
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Article
/ 29 September 2008

European banks get bailouts

United States regional bank Wachovia succumbed to the worldwide credit crisis as authorities rescued a slew of European banks.

By Eddie Evans
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Article
/ 29 September 2008

Britain nationalises Bradford & Bingley

UK nationalised Bradford & Bingley on Monday, making the mortgage lender the second bank to be taken into public ownership this year.

By Steve Slater and Sumeet Desai
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Article
/ 28 September 2008

‘Great progress’ on US financial plan

US Treasury Secretary Henry Paulson and leading lawmakers early on Sunday reported "great progress toward" reaching a Wall Street bail-out plan.

By Staff Reporter
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Article
/ 27 September 2008

US waits on financial rescue package

The biggest bank failure in US history added pressure on the US Congress to agree this weekend to a -billion financial industry rescue.

By Mark Egan
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Article
/ 26 September 2008

Pressure mounts on US over rescue package

Pressure mounted on lawmakers to agree on a -billion financial rescue plan after talks at the White House broke down in acrimony.

By Marc Jones and Jason Szep
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Article
/ 25 September 2008

Financial crisis revives memories of Great Depression

When Wall Street crashed in 1929, retiree Helen Haas remembers lining up with her mother at a Chicago bank to withdraw her in savings.

By Tim Gaynor
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Article
/ 24 September 2008

FBI probes finance giants for fraud

The FBI has confirmed it is probing allegations of fraud by 24 Wall Street firms, without naming investment giants believed to be under investigation.

By Staff Reporter
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Article
/ 24 September 2008

WTO: Financial crisis no cause for protectionism

The financial crisis should not undermine efforts to open up the global economy, the head of the World Trade Organisation said on Wednesday.

By Staff Reporter
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Article
/ 24 September 2008

World stocks stabilise on bailout plan

World stocks steadied on Wednesday and safe-haven government bonds rose after Warren Buffett’s investment in Goldman Sachs failed to calm anxiety.

By Natsuko Waki
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Article
/ 21 September 2008

US Congress examines $700bn market bailout plan

The Bush administration asked Congress on Saturday for -billion to bail out firms burdened with bad mortgage debt.

By Kevin Drawbaugh and Richard Cowan
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Article
/ 21 September 2008

What price confidence? — hundreds of billions of dollars

Confidence is an elusive thing but as the roller coaster ride in the markets makes clear, without it, the financial system risks turning to dust.

By Staff Reporter
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Article
/ 20 September 2008

The Great Depression of 2008? Not quite

There’s something about hundreds of billions of dollars vanishing overnight that begs a comparison to the 1929 market crash and the Great Depression.

By Robert MacMillan
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Article
/ 20 September 2008

US launches all-out attack on credit crisis

The United States surged into action on Friday to launch an all-out attack against the worst financial crisis since the Great Depression.

By Patrick Rucker and Kevin Drawbaugh
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Article
/ 19 September 2008

Debt rescue efforts spark rally on global markets

A US government promise to rescue Wall Street from its debt crisis and global central bank intervention spurred a mass market rally on Friday.

By Staff Reporter
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Article
/ 19 September 2008

US announces plan to ease financial crisis

The US said on Thursday it was putting together a rescue plan to clear away the bad debt that has caused the worst financial crisis in decades.

By Staff Reporter
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Article
/ 18 September 2008

SA banks weathering the global storm

South African banks have little direct exposure to the United States mortgage-backed securities market, says Reserve Bank Governor Tito Mboweni.

By Staff Reporter
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Article
/ 16 September 2008

Barclays mulls purchase of Lehman assets

Barclays said on Tuesday it was in discussions with Lehman Brothers about buying certain assets of the stricken United States investment bank.

By Staff Reporter
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Article
/ 15 September 2008

IMF: Fallout from financial crisis not over

Fallout from the global financial crisis is not over and more consolidation could occur in the financial sector, the IMF said on Monday.

By Alaa Shahine and Alastair Sharp
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Article
/ 15 September 2008

Lehman files for bankruptcy, plans to sell units

Lehman Brothers has filed for bankruptcy protection, after trying to finance too many risky assets with too little capital.

By Dan Wilchins
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Article
/ 15 September 2008

Fannie, Freddie CEOs denied exit bonuses

US regulators will not allow mortgage giants Fannie Mae and Freddie Mac to pay their chief executives multimillion-dollar severance packages.

By Staff Reporter
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Article
/ 10 September 2008

Lehman Brothers sees $3,9bn loss, no fresh capital

Ailing investment bank Lehman Brothers announced on Wednesday an estimated $3,9-billion loss in its fiscal third quarter.

By Staff Reporter
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Article
/ 10 September 2008

Lehman to announce initiatives, KDB talks uncertain

Lehman Brothers is set to announce its ”strategic initiatives” on Wednesday that could include plans to sell British real estate assets to BlackRock.

By Staff Reporter
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Article
/ 9 September 2008

IMF: World growth to slow before recovery

World economic growth is set to continue to slow in the second half of 2008 before a gradual recovery in 2009, the IMF said on Tuesday.

By Staff Reporter
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Article
/ 14 August 2008

US feels effects of property market crash

House prices in the US are plunging at their fastest rate for 12 years, leaving millions of people struggling to meet home loans.

By Staff Reporter
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Article
/ 15 July 2008

Bank shares tumble on Fannie, Freddie worries

Shares in Asian and European banks tumbled on Tuesday as investors dumped stocks on concerns about exposure to troubled US mortgage lenders.

By Kevin Plumberg
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Article
/ 12 July 2008

Markets plunge in fresh US housing crisis

United States worries grew on Friday night when federal officials took over California mortgage lender IndyMac after a run on the bank by depositors.

By Phillip Inman
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Article
/ 8 July 2008

SA banks largely unaffected by global woes

South Africa has a well-regulated and capitalised banking system which has been largely unaffected by the United States subprime market crisis.

By Staff Reporter
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Article
/ 8 July 2008

Reserve Bank: SA largely unaffected by subprime crisis

SA has a well-regulated and capitalised banking system that has been largely unaffected by the US subprime crisis, the Reserve Bank said on Tuesday.

By Staff Reporter
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