LONDON - Top managers of a failed bank would be replaced immediately and creditors told within two days the losses they will bear, the Bank of England said on Thursday in its blueprint for avoiding taxpayer bailouts in future financial crises. This is the first time the British central bank has set out the steps it would take over an initial 48-hour period to deal with a collapsing bank. The lender's top executive management would be fired on the spot and the bank's liabilities u
JAKARTA - Indonesia's Joko Widodo took over as president of the world's third-largest democracy on Monday with supporters' hopes high, but pressing economic problems and sceptical rivals set to test the former furniture salesman. | Video
JAKARTA - Indonesia's Joko Widodo will on Monday take over as president of the world's third-largest democracy with supporters' hopes high but pressing economic problems and sceptical rivals set to test the former furniture businessman.
LONDON - Evaporating inflation and slowing growth have put financial markets into such a spin that they could inflict further damage on the world economy.
LONDON - Three London-based currency traders have left JP Morgan and HSBC , sources said on Tuesday, as investigations by banks and regulators into alleged collusion and manipulation in the $5.3 trillion-a-day market draw closer to a settlement.
LONDON - Ireland's plan to close a "Double Irish" tax loophole could cost U.S. companies including Apple and Google billions of dollars, although a new break and pressure to tackle tax avoidance elsewhere means they are unlikely to decamp.
LONDON - Global regulators are making it more expensive for hedge funds and insurance companies to raise money from loaning shares in a bid to curb hitherto unregulated risks in "shadow banking".
SYDNEY - Australian Prime Minister Tony Abbott said on Monday that he would use an upcoming G20 leaders summit to confront Russian President Vladimir Putin over the downing of Malaysia Airlines Flight MH17 and the "murder" of Australian citizens.
BEIJING - China's labour market is performing better than expected and the economy is likely to grow around 7.5 percent this year, Central Bank Governor Zhou Xiaochuan said on Monday.
LONDON - The $700 trillion (435 trillion pounds) financial derivatives industry has agreed to a fundamental rule change from January to help regulators to wind down failed banks without destabilising markets.