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Business

Northern Rock deposits ‘backed’ by central bank

Chancellor of the Exchequer Alistair Darling said deposits at Northern Rock Plc are 'backed by the Bank of England'' as customers queued outside branches of the UK mortgage lender to withdraw their savings.

Business

Citigroup, ABN Amro and CIMB trade first ringgit default swaps

Citigroup Inc, ABN Amro Holding NV and CIMB Group said they made the first credit-default swap trades between banks that are tied to bonds denominated in ringgit.

Business

Qantas buyout group may relaunch bid after flop

The buyout group bidding for Australia's Qantas Airways Ltd may relaunch its offer after its original A$11bil bid collapsed at the weekend.

Business

OSK’s Dubai joint venture ops to start by Q1 next year

OSK Holdings Bhd expects its joint-venture company in Dubai to start operations by the first quarter of next year, said group managing director and chief executive officer Ong Leong Huat.

Business

OSK Holdings' joint venture in Dubai to start operation next year

OSK Holdings Bhd expects its joint venture company in Dubai to start operation by the first quarter of next year, said group managing director and chief executive officer Ong Leong Huat.

Business

Banks over-exposed to single company risks, says S&P

Corporate blow-ups like Enron and Parmalat have done little to persuade some European banks to mend their ways in risk management, with many 'exceedingly' exposed to single companies, Standard Poor's (SP) said.