Global Economy

AFP - Britain's finance minister warned Wednesday the EU's new financial overseer against meddling with London's banking hub, saying mis-calculated reforms could drive financial services out of Europe. Chancellor of the Exchequer Alistair Darling said although financial reform was imperative in the wake of the global credit crisis, "nothing could be more self-defeating" than getting it wrong. ...

Dubai World state fund that found itself on a brink of default nearly caused a new world crisis. Due to the information about a possible collapse of the international logistics center, Russian stock market lost approximately $26 billion within a few minutes, experts say. The pa nic did not last long, and the Russian ruble only lost 20 kopeks. Yet, the experts believe that the Russian ruble may los ...

TEHRAN, November 30 (Itar-Tass) -- Russia’s largest petrochemical holding SIBUR is negotiating with the Iranian National Petrochemical Company the construction of major petrochemical plants in the country, Russian Energy Minister Sergei Shmatko told reporters after the bilateral meetings under the Russian-Iranian intergovernmental commission here on Sunday.
“It is possible to develop major comple ...

The market system that has been credited for the economic opulence of the global economy especially the Western world in recent decades is now on trial. People are losing their faith and have started questioning the fair operation of this system since the advent of current economic crisis. Free enterprise system has been placed under stringent scrutiny by thousands of inquisitive observers who wan ...

BAGHDAD — More than six and a half years after the United States-led invasion here that many believed was about oil, the major oil companies are finally gaining access to Iraq’s petroleum reserves. But they are doing so at far less advantageous terms than they once envisioned.
The companies seem to have calculated that it is worth their while to accept deals with limited profit opportunities now, ...