Category: News Desk

Bank Of England Admits Failure To Warn Of Financial Crisis Risks


Bank of England Governor Sir Mervyn King has conceded for the first time that U.K.’s central bank should have properly identified and warned about the risks facing banks in the run-up to the 2008 financial crisis, and has vowed to take unpopular measures in the future to prevent banking excesses.

“We did preach sermons about the risks. But we didn’t imagine the scale of the disaster that would occur when the risks crystallised,” King said.

Singaporean & Canadian Banks Dominate List Of World’s Strongest Banks


Singapore’s Oversea-Chinese Banking Group (OCBC) has once again been named as the world’s strongest bank by Bloomberg Markets magazine, with two other Singaporean banks included in the top ten, while six Canadian banks made the list.

Bloomberg compiled the information through compiling a list of 78 banks that had total assets of more than $100 billion as of mid-March this year.

S&P Lifts Greece’s Credit Rating Out Of Default


International credit rating agency Standard & Poor’s has upgraded Greece’s credit rating from SD (Selective Default) to CCC, said the Wall Street Journal on Wednesday, with the rating agency declaring the country’s long-term rating outlook to be stable.

Wal-Mart Ordered To Compensate Thousands Of Employees For Unpaid Overtime


Wal-Mart Stores Inc, the world’s largest private employer, has been ordered to pay $4.8 million in back wages and damages to more than 4,500 of their employees across the United States, after the U.S. Labour Department found the company guilty of violating federal regulations requiring overtime pay from 2004 to 2007.

South Sudan Chief Negotiator Questions China’s Commitments


China should take a more proactive role to resolve the Sudan-South Sudan crisis, said South Sudan’s chief negotiator Pagan Amum on Tuesday, who criticised the Chinese government for being “too cautious” in balancing its diplomatic relations with both countries.

Airline Buys Oil Refinery To Make Own Jet Fuel


U.S. carrier Delta Air Lines will pay $150 million for their very own oil refinery in Pennsylvania, after claiming that the move could save the company around $300 million annually in jet fuel costs.

According to an Associated Press report, the Atlanta-based airline will spend a further $100 million to upgrade the facility, which had previously belonged to oil giant ConocoPhillips.

Italy Cuts $5.6 Billion From Budget To Avoid Sales Tax Hike


The Italian government will cut 4.2 billion euros ($5.6 billion) from the budgets of numerous ministries and public services over the next six months, said Prime Minister Mario Monti, in the hopes of avoiding a sales tax hike that would have harmed consumer confidence even further.

Monti was speaking to journalists after a five-hour-long Cabinet meeting late on Monday, where the government sought to discuss ways on how to eliminate wasteful spending, implement better purchasing policies, and sell unused government properties.

Infographic: Credit Unions vs. Big Banks – How Do They Stack Up?


Credit unions have long been touted as an alternative to banks, though only recently have more and more customers made the switch over to the financial cooperative.

Unlike banks, credit unions are not-for-profit financial institutions that are owned by the same people who belong to the union. Since every member of a credit union is an equal owner, customer satisfaction tends to be higher as well. According to Bankrate.com, “Credit unions have topped the consumer satisfaction ratings in American Banker’s annual survey for 12 years in a row.”

Coca-Cola Forced To Shut Down Chinese Plant


Chinese food safety regulators have shut down production at a Coca-Cola beverage plant in Shanxi province after discovering small amounts of chlorine in some of the products following a routine maintenance check.

According to the Wall Street Journal, the contaminated products were made between February 4-8 this year, and were just below the national standard of purified water in China of 0.005 milligrams per litre.

Billionaire To Build Titanic II In China


Australian mining billionaire Clive Palmer will spend close to $500 million in order to build a 21st century replica of the Titanic in a Chinese shipyard, reported Bloomberg on Monday, and has plans to sail it from England to New York by the end of 2016.