N Korea 'preparing missile launch': North Korea has begun assembling a version of its longest-range missile in preparation for a test-firing possibly as by the end of this month, a South Korean news report has said.
G7 sets sights on new world economic order: The world's richest nations called Saturday for urgent reform of global finance to save the world from the economic devastation that is dragging more and more countries into recession
Britain’s bankers plumb new depths: Jon Moulton, the private equity chief, warned a City lunch this week that he feared serious civil unrest. There was, he said, a 25 per cent chance of one of the 15 member countries of the eurozone pulling out of the currency club. That, he said, would be a catastrophic shock leading to a “far greater financial crisis” than the current one.
Bank Failures May Reach 1,000 on Bad Loans, RBC Says : As many as 1,000 U.S. banks may fail in the next three to five years, almost double the one-year tally at the height of the saving-and-loan collapse, as losses mount on commercial real-estate loans, RBC Capital Markets analysts said
European banks' toxic debts risk overwhelming EU governments: The toxic debts of European banks risk overwhelming a number of EU governments and may pose a “systemic” danger to the broader EU banking system, according a confidential memo prepared by the European Commission.
Latin America Faces Asia Slump, Morgan Stanley Says: Asia’s shrinking demand for raw materials amid a “collapse” in its own exports will show up in Latin America in February and March, Morgan Stanley economists Daniel Volberg and Gray Newman wrote in a report today.
GM considering Chapter 11 filing, new company: report: General Motors Corp, nearing a Tuesday deadline to present a viability plan to the U.S. government, is considering as one option a Chapter 11 bankruptcy filing that would create a new company, the Wall Street Journal said in its Saturday edition.
US foreclosure image is 2008 World Press Photo: A picture of an armed sheriff moving through an American home after an eviction due to a mortgage foreclosure was named World Press Photo of 2008 on Friday.
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