Fed delivers 50-point rate cut
The 50 basis point reduction in the Federal Funds rate came hot on the heels of last week’s emergency 75 basis point cut. The combined 125 basis point reduction represents the most abrupt easing of monetary policy by the US central bank since the early 1980s.
China snow leaves millions in cold and dark
Millions of Chinese faced a humanitarian crisis on Friday, as petrol and food reserves dwindled and yet more bad weather was forecast for a country paralysed by record-breaking cold and snow.
FBI opens subprime inquiry
The FBI said it was looking into possible accounting fraud, insider trading or other violations in connection with loans made to borrowers with weak, or subprime, credit.
Russia warns US, EU over Kosovo independence
Russia's Kosovo negotiator, Alexander Botsan-Kharchenko, declined to give any details about the steps, but said a recognition of Kosovo's independence by the West would lead to a humanitarian catastrophe in the province.
Ships did not cause Internet cable damage
Two cables were damaged earlier this week in the Mediterranean sea and another off the coast of Dubai, causing widespread disruption to Internet and international telephone services in Egypt, Gulf Arab states and South Asia.
A fourth cable linking Qatar to the United Arab Emirates was damaged on Sunday causing yet more disruptions, telecommunication provider Qtel said.
[Map of countries severely affected by cable damage]
Poor Haitians Resort to Eating Dirt
ACCC to investigate fertiliser prices
Two years ago, it cost $400 a tonne, but now costs $1,000 a tonne.
The Trillion Dollar Secret
Biggs's Tips for Rich: Expect War, Study Blitz, Mind Markets
Barton Biggs has some offbeat advice for the rich: Insure yourself against war and disaster by buying a remote farm or ranch and stocking it with ``seed, fertilizer, canned food, wine, medicine, clothes, etc.''...
Biggs is no paranoid survivalist. He was chief global strategist at Morgan Stanley before leaving in 2003 to form hedge fund Traxis Partners.
U.S. slump spreading around the globe, IMF warns
Financial turbulence is carrying the U.S. slump to the rest of the world, and now the global economy is in the midst of a serious slowdown, the International Monetary Fund said yesterday.
Greenback's days in Iran numbered
The Oil Bourse will serve as a place to trade oil products and crude oil.
The Ministry of Economy will be setting up the petrochemicals section by February 19.
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