Britain will inject billions of pounds into state-owned Northern Rock to try to unlock lending and help the economy emerge from recession.
The world’s financial markets remain at the eye of a perfect economic storm. The architects of this almighty financial sell-off? The banks themselves.
Larry Elliott takes a look at the bail-out which is a nationalisation designed to avert the worst market collapse since the 1930s.
Germany’s Finance Minister, Peer Steinbrück, blamed the Bank of England on Friday for the collapse of Northern Rock and the loss of 2 000 jobs, savaging the central bank for not…
Central banks on both sides of the Atlantic are in talks about the feasibility of mass purchases of mortgage-backed securities in a bid to solve the global credit crisis, the…
JP Morgan Chase set a deal to buy stricken rival Bear Stearns for a rock-bottom price, while the United States Federal Reserve expanded lending to securities firms for the first…
The global credit crunch claimed its biggest victim yet on Friday when the United States Federal Reserve orchestrated an emergency bail-out for Bear Stearns after a cash crisis…
A secretive Swiss bank landed an apparently novel censorship blow against the internet this week. Anyone who tried to call up Wikileaks.org, a global website devoted to…
The bank and resources indices kept the JSE in positive territory on Tuesday, lifting the bourse 0,7% higher by midday. Banks advanced 2,14% and financials collected 1,14%. The…
Britain set a two-week deadline for a private-sector rescue of Northern Rock on Monday, as it confirmed plans to convert its billions of pounds of loans to the stricken bank into…
British Prime Minister Gordon Brown faces a grilling in Parliament on Wednesday over the funding row that has engulfed the Labour party. Despite pledging to return the donations,…
Britain has asked the European Commission to approve the aid it has provided to struggling mortage lender Northern Rock, a Commission spokesperson said on Tuesday. ”Last night…
A consortium led by Richard Branson’s Virgin Group has been picked as the preferred bidder to rescue Northern Rock and plans to repay £11-billion (,6-billion) quickly to the Bank…
Shareholders in ailing British bank Northern Rock could be left with nothing and the Bank of England could still be funding the lender in three years. A briefing memorandum sent…
The head of the Wall Street investment bank Merrill Lynch was on Monday night negotiating a severance package tipped to be as high as -million after a risky strategy of betting…
Britain’s Northern Rock on Friday announced the resignation of chairperson Matt Ridley following a turbulent period at the crisis-hit bank. He will be succeeded by Bryan…
Northern Rock’s bosses face their toughest grilling since the British bank was engulfed in a funding crisis a month ago when lawmakers quiz them on Tuesday on their strategy and…
Outside Paris’s Frog and Rosbif English pub on Sunday morning, hoarse men and women in rugby shirts were still downing pints of beer with their bacon breakfasts and trying to…
Foreign students visiting Britain are to be educated in the etiquette of queuing for buses, after local users complained about them not observing the conventions of standing in…
The Bank of England announced on Wednesday that it will inject £10-billion into longer-term money markets next week amid the ongoing global credit squeeze. Until now, the British…
