Global banking regulators will press ahead with the first worldwide effort to force banks to hold more liquid assets and cut back the industry's reliance on short-term funding, despite complaints that the rule changes could damage the broader economy, the new chairman of the Basel Committee on Banking Supervision has warned.
The last time - in late 2008 - that economic peril was stalking the US and Europe, China marshalled the might of its state-directed economy and engineered a muscular rebound that led the subsequent global recovery.
The Bank of England acted more swiftly and more decisively on Thursday than most economists had expected to inject a further round of stimulus into the economy, as its governor warned that the nation may be facing its "most serious financial crisis ever."
Apple’s mystery men line up to fill the void left by Jobs
The people now in charge of Apple are still enigmas to most outside the technology industry, and it is difficult to imagine any of them taking on the mythic proportions of Steve Jobs, the co-founder who died on Wednesday.
Europe's central banks have escalated dramatically their use of unconventional policy weapons in a bid to calm nervous financial markets and prevent the continent's economies from sliding into recession.
IFC Loan Creates Job Opportunities in Georgia, Boosts Agriculture and Exports
Tbilisi, Georgia, October 4, 2011-IFC, a member of the World Bank Group, signed a $1.5 million loan agreement with Georgian wine producer and exporter Tbilvino, creating employment opportunities in rural areas and benefitting small farmers.