The Bank of England has opened a formal investigation into the possible manipulation of money-market auctions held at the start of the financial crisis and whether its officials were involved, the Financial Times reported on Saturday.
The months-old probe is being conducted by the lawyer who led the Bank's investigation into the rigging of forex markets, Anthony Grabiner, and he has so far interviewed about ten Bank staff, the business daily said.Full Story
Egypt will offer a slew of projects to domestic and foreign investors at a conference in March aimed at kick-starting an economy battered by years of political unrest, the prime minister said Saturday.
Falling tourist revenues and slowing investments have left Egypt's economy in ruins after nearly four years of turmoil that saw two presidents ousted following mass street protests.Full Story
International demand for quinoa continues to boom, and that's fueling an increasingly bitter commercial feud between Bolivia and Peru, the two main producers of the Andean "superfood."
The fight pits hardscrabble, traditional organic growers mostly in Bolivia's semi-arid highlands against upstart Peruvian agribusinesses concentrated on the Pacific coast that include heavy pesticide users. Peru is about to overtake Bolivia as the top exporter, worrying Bolivians about their ability to compete.Full Story
Hackers left a small Mexican town penniless after breaking into its bank accounts and stealing more than $500,000, officials said Friday.
The theft took place on November 11, when 33 transfers were made from six accounts that the eastern town of Ursulo Galvan had in the Mexican branch of Spain's Banco Santander, the town treasurer said.Full Story
As traders finished the last full week of business before Thanksgiving, Wall Street was feeling grateful for a week of fresh records, central bank stimulus and big corporate mergers.
The Dow Jones Industrial Average rose 175.32 points (0.99 percent) to 17,810.06, while the S&P 500 gained 23.68 (1.16 percent) to 2,063.50. Both indices closed the week at all-time highs.Full Story
Turkey is planning to build a bridge across the famed Dardanelles strait to help ease traffic congestion in Istanbul, a minister said, revealing the latest in a string of mega projects under President Recep Tayyip Erdogan.
The straights, which separate Europe and Asia, were last bridged by Xerxes the Great, the Persian "king of kings" in 480 BC on his way to defeat the Greeks at Thermopylae.Full Story
Chinese e-commerce giant Alibaba on Thursday raised $8 billion in a bond offering, the Wall Street Journal said.
The company announced one week ago that it planned to make the sale, with the intention to repay an $8 billion loan owed to banks. Maturities ranged from three to 20 years in the six-part deal, the Journal reported.Full Story
A bare 0.004 percent of the world's adult population controls nearly $30 trillion in assets, 13 percent of the world's total wealth, according to a new study released Thursday.
And perhaps unsurprisingly, the study by the Swiss bank UBS and luxury industry consultant Wealth-X said the concentration of money in the hands of the ultra-rich is growing.Full Story
Shares in Skymark Airlines soared 25.6 percent Friday on a report that the troubled Japanese carrier was in tie-up talks with Japan Airlines (JAL).
The Tokyo-listed stock skyrocketed 50 yen to at 245 yen ($2) after the leading Nikkei business daily's online edition said the firm was negotiating code-sharing with JAL on some routes.Full Story
European aerospace giant Airbus is poised to sign a deal to deliver 50 long-haul carriers to U.S. Delta Airlines in a contract worth $14 billion (11 billion euros) at catalogue prices, sources told Agence France Presse on Thursday.
Under the terms of the deal, Airbus will deliver 25 A350-900s, the company's new long-haul carrier that this month received certification from the U.S. Federal Aviation Authority, a source close to the negotiations said on condition of anonymity.Full Story