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The US government will buy an ownership stake in a broad array of American banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said late on Friday, announcing the historic step after stock markets jolted still lower around the world despite all efforts to slow the selling stampede.
Separately, the US and […]

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“The G7 agrees today that the current situation calls for urgent and exceptional action,” a statement released by the US Treasury said yesterday.
“We commit to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth.”
The plan states that the G7 would “take decisive action and use all […]

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“We are not too sure about the full magnitude of the problem (the global financial crisis). Despite some incipient signs of cooling, inflationary pressures arising out of elevated food and fuel prices have not fully subsided.
“The recessionary trend is slowly becoming a reality with the twin threats of the financial markets crisis and consumer anxiety,” […]

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“Overall, we see the Indian economy continuing to perform well,” said Oliver Blanchard, Economic Counselor and Director of International Monetary Fund (IMF) Research Department here recently.
Pointing out that there will be some impact of the tighter global liquidity conditions on India, he said, “We don’t see major drag from this impact on the country.”

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Reserve Bank of India Governor D Subbarao has said that the Indian banks have some exposure to the distressed financial instruments, but this is very small compared with the overall size of the business.
“…Indian banks do not have any direct exposure to sub-prime mortgages. The banking sector, through its overseas branches, has some exposure to […]

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Overseas Indians should take advantage of favourable exchange rates arising out of the current global financial crisis and invest in India, says M Venugopal, CEO and managing director of India’s Federal Bank.
“I will ask NRIs (non-resident Indians) to take advantage of the current situation of high exchange rates and interest rates,” Venugopalan said in Qatar.

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In the week to October 11, the Bombay Stock Exchange 30-share barometer ended 1,998.47 points or 15.95 per cent lower at 10,239.78, the biggest-ever weekly fall.
Similarly, the broader 50-share Nifty of the National Stock Exchange also registered largest-ever point-wise fall of 538.35 points or 14.10 per cent to end the week at 3,279.95.
Investors looked helpless […]

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Taking swift action to inject about Rs 60,000 crore into the cash-strapped system, the Reserve Bank on Friday announced additional one per cent cut in mandatory requirements for banks to keep cash with the central bank over and above 0.50 per cent reduction announced earlier.

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In the midst of an onslaught of bad news, the government on Friday received some good news as inflation fell to 11.80 per cent, a development that could help the authorities ease liquidity and interest rate.
Beating expectations, the rate of price rise, measured by the wholesale price index, declined by 0.19 per cent for the […]

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President Bush said on Friday that the government’s financial rescue plan was aggressive enough and big enough to work, but would take time to fully kick in.“We are a prosperous nation with immense resources and a wide range of tools at our disposal … We can solve this crisis and we will,” Bush said in […]

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