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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.
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.
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.
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.
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.
The debate goes on whether the United States will fall into recession, but on the ground the bad news is that the credit crisis is spreading to new areas, threatening more losses and a reduction in credit to consumers and companies.