Shares slid Wednesday on fears of recession but there were also signs that the international bailout of the financial sector was working.
Britain's unemployment rate rose sharply to 5.7 percent in the last quarter, the government reported Wednesday, as the economic slowdown walloped the job market.
With the price of a tanker load of jet fuel falling, major airlines are reducing some of the fuel surcharges that they tack on flights between the United States and Europe, according to carriers and experts who track air fares.
Oil prices have slid further on concerns that a massive bank bailout by the U.S. and Europe won't keep the global economy from slipping into a severe slowdown.
This time they really do need to march in step. The first time a clutch of EU leaders got together as the world slipped into economic meltdown there was no unity. Soon the world was asking if an EU with 15 members inside the Eurozone and the other dozen using their own currencies was even capable of making a useful contribution.
The credit crisis has transformed the global financial landscape, bankrupting established names and prompting unprecedented interventions by governments and central banks to save others from collapse as they buckle under the weight of "toxic debts." This timeline charts the key moments in that process.
Crisis-stricken Iceland's central bank said Tuesday it has drawn more than a half-billion dollars from a swap facility set up with fellow Nordic nations to give it access to euros as it restarted trade on its buffeted stock exchange after a three-day halt.
U.S. Treasury Secretary Henry Paulson said golden parachute payments would be banned and the salary deals of bankers "clawed back" as part of the government's $250 billion bailout of the financial sector.
Japan's current account surplus in August shrank 52.5 percent from a year earlier as the country's spending on oil imports soared, the Finance Ministry said Wednesday.
The world's central banks are doing everything they can to pump cash into the global financial system and thaw frozen lending, Jean-Claude Trichet, the president of the European Central Bank, said Tuesday.
Shares slid Wednesday on fears of recession but there were also signs that the international bailout of the financial sector was working.
Britain's unemployment rate rose sharply to 5.7 percent in the last quarter, the government reported Wednesday, as the economic slowdown walloped the job market.
With the price of a tanker load of jet fuel falling, major airlines are reducing some of the fuel surcharges that they tack on flights between the United States and Europe, according to carriers and experts who track air fares.
Oil prices have slid further on concerns that a massive bank bailout by the U.S. and Europe won't keep the global economy from slipping into a severe slowdown.
This time they really do need to march in step. The first time a clutch of EU leaders got together as the world slipped into economic meltdown there was no unity. Soon the world was asking if an EU with 15 members inside the Eurozone and the other dozen using their own currencies was even capable of making a useful contribution.
The credit crisis has transformed the global financial landscape, bankrupting established names and prompting unprecedented interventions by governments and central banks to save others from collapse as they buckle under the weight of "toxic debts." This timeline charts the key moments in that process.
Crisis-stricken Iceland's central bank said Tuesday it has drawn more than a half-billion dollars from a swap facility set up with fellow Nordic nations to give it access to euros as it restarted trade on its buffeted stock exchange after a three-day halt.
U.S. Treasury Secretary Henry Paulson said golden parachute payments would be banned and the salary deals of bankers "clawed back" as part of the government's $250 billion bailout of the financial sector.
Japan's current account surplus in August shrank 52.5 percent from a year earlier as the country's spending on oil imports soared, the Finance Ministry said Wednesday.
The world's central banks are doing everything they can to pump cash into the global financial system and thaw frozen lending, Jean-Claude Trichet, the president of the European Central Bank, said Tuesday.
Russia's business elite is ripe for a dramatic reshuffle as the country's worst stock market crash in a decade wiped tens of billions off their fortunes in a matter of weeks.
It's perhaps fair to say that at the current moment, the general reputation of top business executives, especially those running publicly listed companies, has rarely been lower.
Stock markets across the Asia-Pacific region surged higher Tuesday on the heels of a massive global rally a day earlier and in anticipation of more government investment in ailing banks.
Oil prices clawed back above $80 a barrel Monday, rebounding from a 13-month low as a stepped up global effort to rescue world financial markets lured investors back into equity and commodities markets.
The British government on Monday said it would make a multi-billion investment in three of the country's major banks to help them through the "first financial crisis of the global age."
Wells Fargo's multi-billion-dollar acquisition of Wachovia Corp. was approved by the Federal Reserve Board on Sunday.
The leaders of 15 European nations agreed on Sunday to shore up troubled banks as part of a broad plan to ease the global financial crisis.
World leaders, warning of a global economic downturn, pledged Saturday to work together to find solutions to what is unfolding as the worst financial crisis since the Great Depression.
All around the world, businesses are taking a long, hard look at their future plans, particularly any ambitious schemes to expand or restructure. Stock markets are in turmoil, banks in crisis and credit increasingly tight.
U.S. President Bush Saturday tried again to ease global economic fears as he met with world financial leaders to coordinate ways to stabilize markets after a disastrous week saw trillions wiped off the value of shares.
The Dow Jones bounced Friday after plunging nearly 700 points on the back of world markets which have seen trillions wiped off their value as the financial crisis continues to rock confidence.
Oil prices plunged in another violent sell-off Friday, briefly tumbling below $78 a barrel as investors grow more pessimistic about the prospects for resolving a mushrooming global economic crisis.
Britain is sending a delegation of officials to Iceland to resolve a dispute over British savings in Icelandic banks, spokesmen in both countries said Friday.
U.S. Treasury Secretary Henry Paulson may get an earful Saturday in a meeting with developing country officials whose economies have been harmed by the global credit crisis, analysts said.
Yamato Life Insurance Co. filed for bankruptcy on Friday, the company's president said.
Japan's Nikkei fell more than 10 percent on Friday, as Asia and Pacific stocks responded to the U.S. stock market's lowest closing in five years.
The governments of France, Belgium and Luxembourg announced Thursday they will give struggling lender Dexia SA a yearlong guarantee on its new loans and deposits, sending the company's shares soaring.
Iceland's government took control of the country's largest bank Thursday as it struggled to prevent an all-out collapse in its overweight banking system.
Hong Kong's de facto central bank cut its benchmark interest rate for a second day Thursday in a bid to boost investor confidence, matching an overnight rate cut by the U.S. Federal Reserve.
Europe's financial markets suffered more heavy losses Wednesday despite the world's leading economies slashing interest rates to tackle the global financial crisis.
Why has the UK government decided to inject nearly $90 billion of taxpayers' money into banks and lend them a further $350 billion?
Britain on Wednesday announced an $87.4 billion rescue package for its troubled banking sector.
The carcasses of hundreds of abandoned planes scattered across the arid lands of southwest United States are a stark sign of how much the global airline industry is hurting.
Swedish carmaker Volvo said Wednesday it was cutting 3,300 jobs, about 12 percent of its workforce.
A Saudi official says the oil-rich kingdom is facing no liquidity problem and is ruling out negative effects on its economy from the global credit crisis.
Asian stocks dropped sharply in Wednesday trading, after the Dow on Wall Street lost 500 points, closing at its lowest point in five years.
Brazil's president says he is confident his country's state oil company will stay in Ecuador despite a brewing battle with that nation's government.
A federal appeals court in New York has rejected Chevron Corp.'s latest attempt to force Ecuador to help pay for any court-ordered cleanup of the Ecuadoran rainforest.
Oil prices rebounded slightly Tuesday, hovering near $89 a barrel after some stability returned to the shaky financial system and encouraged investors to cautiously re-enter the market.
All around the world, businesses are taking a long, hard look at their future plans, particularly any ambitious schemes to expand or restructure. Stock markets are in turmoil, banks in crisis and credit increasingly tight.
European finance ministers agreed Tuesday to raise the minimum guarantee of bank deposits to 50,000 euros ($68,600) across all EU member states and to work together on measures to address the credit crisis.
It's perhaps fair to say that at the current moment, the general reputation of top business executives, especially those running publicly listed companies, has rarely been lower.
There are, as covered before on Executive Education, a plethora of lists purporting to rank business schools in order of excellence, which are useful but can sometimes be slightly blunt instruments.
Iceland nationalized its second-largest bank Tuesday under emergency legislation and said it was negotiating a 4 billion-euro ($5.4 billion) loan from Russia to shore up the nation's finances amid a full-blown financial crisis.
Imagine this hypothetical situation: You're a hard-nosed business trader and I'm a contact who's just passed on a great tip on some undervalued shares. Do you take me up on the advice? Well, to imagine some more, it depends on whether or not you argued with your spouse that morning.
So the credit crunch means this year's six-figure bonus has been put on hold, but you still need to keep up appearances at the country club -- what to do? Why not join the growing number of people who are choosing to rent, rather than buy, life's little luxuries?
The head of Japan's central bank said Tuesday while global financial turmoil is intensifying, each country should manage monetary policy independently, seeming to counter speculation for coordinated rate cuts by major economies.
The Federal Reserve has granted approval for Japan's largest bank to purchase a stake in U.S. investment giant Morgan Stanley.
Australia's central bank has cut its official interest rate by a bigger-than-expected 1 percentage point in response to global financial turmoil.
Japan's Nikkei dropped more than 5 percent, falling below the 10,000 mark in early trading Tuesday, as Asian and Pacific markets responded to Wall Street's drop below the same mark on Monday.
Oil prices plunged below $90 a barrel Monday as a widening financial maelstrom spreads and crimps global demand for energy.
Iceland halted trading in the shares of six of its major banks and put 100 percent guarantees on savers' deposits Monday as the world financial crisis engulfed the tiny island nation.
The Icelandic Stock Exchange halted trading in shares in six major financial institutions on Monday as the government said it was drafting a plan to deal with the financial crisis engulfing the Nordic country.
EasyJet, Europe's second largest discount airline, says it carried 22 percent more passengers this September than it did in the same month last year, after buying GB Airways.
Paramount Pictures and DreamWorks say they are formally separating following DreamWorks' deal to partner with Reliance Entertainment of India.
Ping An Insurance Co., one of China's biggest insurers, said Monday it will record a $2.3 billion loss on its stake in troubled European bank Fortis NV.
Germany on Sunday guaranteed all private bank accounts and negotiated a 50 billion euros ($69 billion) bailout deal for Hypo Real Estate AG as Europe's second largest economy sought to ward off financial crisis.
Europe's four major powers called for the EU to give them a freer hand to tackle the global financial crisis, and they vowed to support their countries' banks.
Europe must show that it can respond like the United States in the "trial by fire" of the global financial crisis, International Monetary Fund head Dominique Strauss-Kahn says.
European leaders are meeting in the French capital to discuss their approach to global financial crisis.
Embattled insurer American International Group says it will sell three of its Japanese life insurance businesses.
Google has agreed to delay the start of a Web advertising partnership with rival Yahoo Inc., giving U.S. antitrust regulators more time to review the deal.
The U.S. House of Representatives has passed the revised version of $700 billion bank bailout plan intended to bolster the ailing U.S. financial system.
The Belgian government says the Dutch state will take control of troubled bank Fortis' Dutch operations -- including its recent purchase of ABN Amro.
France has entered a recession, with negative growth expected in the third and fourth quarters of 2008, the country's national statistics agency said Friday.
Swiss investment bank UBS announced 2,000 further job cuts Friday as part of a company restructuring in response to the credit crisis.
Asian and Pacific stock markets followed Wall Street lower Friday as nervous investors sought safer investments ahead of a vote by the U.S. House of Representatives on a revised $700 billion bank rescue plan intended to bolster the ailing financial system.
France on Thursday formally called an exceptional weekend summit to hash out a common European Union response to the spreading U.S. financial crisis, amid divisions among European officials about how closely to coordinate their action.
Oil prices closed at their lowest level in two weeks Thursday, tumbling below $94 a barrel on doubts that a revamped financial bailout plan will be enough to avoid a protracted economic slump and revive dwindling U.S. energy demand.
Germany has won European Union approval for a €35 billion ($51.2 billion) bailout of Hypo Real Estate Holding AG.
In these difficult economic days, spending in excess of $100,000 brushing up on your business skills might sound like a bit of an indulgence.
The U.S. Senate voted Wednesday by 74 votes to 25 to approve a $700 billion economic bailout plan. The proposals would allow Treasury Secretary Henry Paulson to buy "toxic debts" from banking institutions to allow them to resume borrowing normally. But the plan still requires approval in the House of Representatives, which rejected a previous version of the bill on Monday.
Banks and other lenders in Britain plan further cuts in lending to households and businesses over the next three months, the Bank of England said Thursday.
Asian and Pacific stock markets dropped Thursday despite the U.S. Senate's approval of a modified $700 billion bank rescue plan intended to bolster the ailing financial system.
Europe needs to "inject credibility" into its efforts to tackle the current financial crisis, the head of the European Union's Commission said Wednesday, as a major U.S. banking bailout hangs in the balance.
This month, CNN Business Traveller takes an in-depth look at how the aviation industry is faring as global fuel prices continue to rise.
Australia's competition watchdog says it will not oppose global mining giant BHP Billiton Ltd.'s proposed hostile takeover of rival Rio Tinto Ltd., saying the merger was unlikely to lessen competition.
Confidence at major Japanese manufacturers worsened for the fourth straight quarter in September as businesses grew pessimistic amid an ongoing global slowdown, a central bank survey said Wednesday.
The Bush administration and key lawmakers vowed Tuesday to push ahead with a proposed $700 billion financial bailout plan that was rejected Monday.
From its humble beginnings as a laboratory tool in the early 1970s, e-mail has become a vital tool of business. It's the first thing most executives check in the morning, and the last thing they do at night.
Russian stock exchanges suspended trading for several hours Tuesday after shares plummeted soon after markets opened.
Dexia became the second Belgian bank this week to get a government and shareholder bailout Tuesday when Belgium, France and Luxembourg said they would inject almost €6.4 billion ($9.2 billion) to keep it afloat.
Asian and Pacific stock markets sank in early trade on Tuesday after the U.S. House of Representatives failed to adopt a financial bailout plan, which triggered the largest point drop in U.S. market history.
Household spending in Japan slumped sharply and unemployment climbed in August, the government said Tuesday, adding to growing evidence that an already fragile economy is faltering amid a global slowdown.
Plans to revive Italy's ailing national airline took a significant step forward Monday, when a union of flight attendants signed a deal meant to keep the airplanes flying.
World stock markets fell Monday amid a flurry of government bank rescues in Europe and investor skepticism about the effectiveness of a tentative deal in Washington on a $700 billion bank bailout to stabilize the financial system.
Fortis said Monday it will become a smaller but financially stable bank after three European governments agreed on an €11.2 billion ($16.4 billion) bailout package.
Mortgage lender Bradford & Bingley confirmed Monday it is to become the second bank nationalized by the British government since the financial crisis began.
Oil prices fell Monday in Asia to below $106 a barrel on concern that economic growth will slow across the globe despite a tentative agreement in Washington on a $700 billion bailout package to stabilize the U.S. financial system.
Spanish banking giant Santander is expected to take over the retail deposit and branch network of troubled mortgage lender Bradford & Bingley, which is being nationalized and sold off in parts, British media reported Monday.
Asian stocks were mixed Monday after a $700 billion rescue plan of the financial industry -- the biggest U.S. government bailout in history -- appeared to get the go-ahead from Congressional leaders in Washington.
Dutch-Belgian bank and insurance giant Fortis NV was given a 11.2 billion euro($16.4 billion) lifeline to avert insolvency as part of a wider bailout plan agreed to by Belgium, the Netherlands and Luxembourg, officials said Sunday.
At least two major banks were reportedly in talks Sunday to buy Wachovia Corp., the latest U.S. bank to be the focus of investor anxiety over mounting losses tied to toxic assets.
The troubled mortgage lender Bradford & Bingley is to be nationalized and sold off in parts, British media reported Sunday.
Hong Kong police have arrested a man for allegedly spreading rumors on the Internet about a bank run amid anxiety in the Chinese territory about the U.S. financial crisis, police said Sunday.
From its humble beginnings as a laboratory tool in the early 1970s, e-mail has become a vital tool of business. It's the first thing most executives check in the morning, and the last thing they do at night.
While many of the world's best business brains are exercising themselves over the current global banking and equities crisis, there is another issue which has the potential to dominate our lives far more in the longer term -- energy.
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