Saturday, January 17, 2015
The financial shockwaves from the Swiss franc's staggering ascent, one of the most acute moves in decades by a major currency, have hit firms around the world, with at least two brokerages going out of business.
Two problems stemming from the 2008 financial crisis — heavy government borrowing and high unemployment — still pose challenges to the global economy and require bold action, the head of the International Monetary Fund said.
France on Friday lauded Singapore for entering into a new pact that tightens measures against foreign tax cheats seeking to hide their assets in the Asian financial hub.
Global markets were lower Friday after a surprise move by the Swiss National Bank to abandon its efforts to keep its currency artificially cheap shocked the market.
The euro struggled on Friday in Asia after plunging in reaction to Switzerland's surprise decision to remove its currency peg against the unit, sending investors fleeing for safer currencies.
Oil prices rebounded in Asia Friday after plunging in the previous session in reaction to news that OPEC had overproduced in December, while it also cut its global demand outlook.
A U.S. judge said Thursday energy giant BP faces a maximum fine of US$13.7 billion for the 2010 Gulf of Mexico oil spill, a sum reduced by several billion dollars.
Friday, January 16, 2015
U.S. wholesale prices fell in December by the largest amount in more than three years, reflecting the biggest monthly decline in the cost of gasoline in six years.
Global stock markets swung higher Thursday, led by a surge in Chinese shares, extending a volatile pattern of sharp sell-offs and rousing gains as investors second guess uncertain prospects for the world economy.
The yen dipped in Asian trade Thursday, with a recent rally running out of steam as a surprise uptick in oil prices boosted sentiment.