Pakistan petroleum import bill up 88pc

" Pakistan’s import bill of petroleum products reached $2.532 billion during the first two months of the current fiscal year, which is up by over 88 per cent from last year’s figure of $1.344 billion, latest official data from the Federal Bureau of Statistics shows. ...

Security fears over Pakistan bankruptcy threat

Pakistan has witnessed rapid economic growth during Musharraf  regime. After seizing power in the coup in 1999 he appointed former Citibank executive Shaukat Aziz as the prime minister to oversee the fledging country's finances. But it...

MUFG buys 21 percent stake in Morgan Stanley

" NEW YORK (Reuters) - Mitsubishi UFJ Financial Group Inc (MUFG) said on Monday it bought a stake in beaten-down Morgan Stanley, though at more favorable terms, as the U.S. government reportedly offered to support the Japanese bank's investment. Mitsubishi UFJ, Japan's...

UK banks set to unveil bailout plans: source

" LONDON (Reuters) - Major British banks are likely to announce their plans to recapitalize early on Monday, a person familiar with the matter said, a move which could see the government take multi-billion pound stakes in several lenders. Banks were in crisis talks with...

Higher Volume Indicates Push Toward Turning Point

" Stronger volume in stock trading Friday could raise hopes that the eight-day blowout on Wall Street is pushing toward a capitulation bottom.   Over the past week the stock market has posted its biggest drop ever, tumbling some 18 percent and...

Canadian Afghanistan Mission Could Cost $18 Billion By 2010

A new report from the Canadian government's budget officer says the ongoing military efforts in Afghanistan could cost taxpayers up to $18 billion by 2011. That comes down to about $1,500 for every household in Canada, but the report warned of a huge lack of reporting of...

Asian governments move to halt stock market slide

Governments in Asia are pumping in big funds to fight off the credit crunch emerging out of global crisis. Governments are also cutting down cash reserve and interest rate to make more liquidity. Hong is cutting its key interest rate by 100 basis points effective Thursday....

Barclays, RBS in Talks on U.K. Government Funding

RBS and Barclays banks in the UK are thought to be the next to be in trouble, with shares in both banks plummeting today. It is thought that the UK government is going to take partial ownership in both banks."The U.K. government may invest at least 45 billion pounds ($79...

Fed Tries to Unclog Credit Markets With $900 Billion

" The Federal Reserve will provide as much as $900 billion in cash loans to squeezed banks in an urgent effort to break through a dangerous credit clog that threatens the economy and has unhinged financial markets around the globe. The Fed's action is aimed at spurring...