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Business

US Treasury Secretary: Confidence has returned to markets

WASHINGTON: Citing emerging financial sector stability, Treasury Secretary Timothy Geithner said Thursday that a number of government rescue efforts in place since the Wall Street crisis are no longer needed and that banks will repay US$50 billion in rescue funds over the next 18 months.

Business

Is private pension scheme a solution?

THE government's move to set up private pension funds by the middle of next year is laudable judging by the fact that there are about two million people now without any formal pension scheme.

Business

Bernanke's tough task: Withdrawing emergency aid

WASHINGTON: When the financial system was teetering, Federal Reserve Chairman Ben Bernanke flooded it with trillions of dollars to save the banks and free up credit for consumers and businesses.

Business

Layoffs spike as recession rips through US

Layoffs are spiking as the recession rips through the U.S., with retailers, banks, factories and others cutting costs ever deeper this week. It is inflicting a painful toll on workers, and there is little relief in sight.

Business

US Fed cuts key interest rate - how low can it go?(updated)

Just how far will the Federal Reserve go in lowering interest rates to save the country from a long and painful recession?

Business

'Mother of all bailouts', it may cost US$1 trillion(updated)

The Bush administration insisted Sunday that Congress must move quickly to approve what one lawmaker called the mother of all bailouts'' - a US$700 billion proposal to buy a mountain of bad mortgage debt in an effort to unfreeze the nation's credit markets.

Business

Paulson urges quick action on US$700 billion bailout

The Bush administration insisted Sunday that Congress must move quickly to approve what one lawmaker called the mother of all bailouts'' _ a $700 billion proposal to buy a mountain of bad mortgage debt in an effort to unfreeze the nation's credit markets.

World

Prostitution link tarnishes Spitzer's "clean" image

NEW YORK (Reuters) - New York Gov. Eliot Spitzer promised voters he would clean up the state's corrupt political ethics, but a report on Monday that he is linked to a prostitution ring is threatening to derail the career of a man once considered a political star.

Business

China mutual fund industry booming

China's mutual fund industry is blossoming amid bullish equity markets that have climbed to new heights. But more importantly, the country's city dwellers are more willing than before to invest their hard-earned money.

Business

BCHB funds set for regional growth

With a potential fund size of RM14.4bil arising from its proposed merger with Southern Bank Bhd (SBB), Bumiputra-Commerce Holdings Bhd (BCHB) is set to regionalise the asset management (AM) business, given the tremendous potential in markets such as Jakarta and Singapore.