Category: Misc

A court in France has fined National Bank of Pakistan 200,000 euros for money laundering. It has also given suspended sentences to two officials of the bank for their involvement in the case. The officials who have been sentenced have been fined 20,000 euros as well.

A large number of officials of the bank were questioned for their invlovement in the money laundering scheme. NBP must take steps to ensure that such cases do not occur in future. Any case of money laundering invloving Pakistan has the potential to create problems for the country.

Bank of America, considered as one of the healthier banks of United States has announced that it would cut more than 30,000 jobs in the next three years. The reason given for this huge cut in jobs is the deteriorating economic environment in the country. Earlier Citibank had also announced that it would slash more than 50,000 jobs worldwide.

It is said that in the current spate of layoffs people in United States have lost more than half a million jobs in the month of November alone and it is believed that this number will continue to increase. Analysts believe that the number announced by Bank of America may increase.

The Central Bank of Sri Lanka has allowed its currency to fall at a rapid pace on the demands of exporters. There is a demand from the exporters for depreciation of Sri Lankan rupee because their exports were affected by higher value of rupee. The depreciation of rupee would help exporters earn more in local currency if exports continue to increase.

Depreciating currency is not a good option because it would increase debt burden and increase import bill. The depreciation should be consistent with the exports.

Leander is a small city in Texas. It was established on railroad to Austin in 1882 in honor of a railroad official. It has a population of nearly seven thousand and five hundred according to the census conducted in 2000. It is located 24 miles northwest of Austin. Leander would appeal to those who want to live in a peaceful atmosphere with their families far away from the din of the busy city life.

If you are the one looking to buy a house in Leander I would recommend you to visit Leander texas real estate website by homecity. This is regarded as the best Austin real estate website. The website allows you to make a search according to ZIP code as well as any other particular location such as hospital, schools etc.

The biggest takeover in the history of Canada has collapsed as the worldwide financial crisis deepens and top banks struggle for their survival. A group which was being lead by Ontario Teachers Pension Plan Board had agreed to buy BCE that owns Bell Canada. The takeover was worth US $ 27.8bn but the deal collapsed as the banks that had agreed to provide the funds are no longer able to do so.

Citigroup, Royal Bank of Scotland and Deutsche Bank had agreed to provide the largest share of funding. Lets us wait and see how the events unfold. The Royal Bank of Scotland was rescued by the UK government that pumped nearly 20bn pounds in it to ensure its survival. US government has to make sizeable investment in Citigroup to keep it intact. There are already newsreports that the present economic situation may continue till 2010 and it will worsen in the coming days.

The United House of Representatives has approved a bail out package of $14bn for the ailing auto industry of the country. The auto industry has sought government intervention in order to stave off a financial disaster. The White House wants to enact a bill for saving the auto industry which can cause severe damage to the already suffering economy.

The package has been approved for three big auto manufacturers General Motors Corp. and Chrysler LLC. Ford Motor Co. The bill has been passed by the House and it is expected that the Senate will also give its consent soon. Surprisingly the bill is being opposed by the Republicans who want to force these companies into bankruptcy or they want them to accept tough conditions before qualifying for federal aid.

I believe that the economy which fell into recession in December would see more difficult times in coming days. The Bush administration has failed miserably on the economic front. In fact it appears that they do not have any policy at all for revival of the economy of the country. How much money can they possibly pump in to save the system from collapsing?

JP Morgan chase has  decided to cut more than 9200 jobs in Washington Mutual. WaMu was the largest US banks to fail and regulators had sold it. I was reading in a news item today that President Bush was sorry at the prevailing financial situation in the country. He said that he was remorseful that that jobs were being cut. The other day I heared President-elect Barack Obama who was worried about the financial situation. He said that he was not sure if a large number of people would be able to pay their mortgage and loan on time.

I wonder how long this situation is going to persist? If people continue to lose their jobs, I fear that this situation will aggravate in the coming days. I am sure that the new administration will give top priority and do its utmost to improve the financial situation. I also believe that the new administration will think about common people as well instead of big financial institutions on the Wall Street.

President George Bush has expressed his remorse that the financial crisis has resulted in loss of jobs and harmed retirement accounts. He said that he was sorry that it was happening. The US economy has fallen into a recession and this has in turn made worldwide impact.

The problem which initially started with the collapse of two leading US mortgage firms has become a full blown financial crisis which has made its impact all over the world as economies are finding it difficult to survive. It is believed that the current downturn will continue without stopping until middle of 2009 and the situation may become even worse then the recession of 1981-82.

I think that this president will be long remembered for his failures. George Bush started the war on terror and invaded Afghanistan and Iraq. The invasion on Iraq was made on the wrong intelligence reports that Iraq was preparing weapons of mass destruction. This was later proved false. It was conclusively proved that the intelligence reports regarding weapons of mass destruction in Iraq were deliberately fed to the world in order to find a justifiable cause for attacking Iraq.

Now that he has only a few days left in the White House, he is sounding remorseful and sorry for his actions which has only created problems.

The Saudi King has said that the price of oil should be $75 a barrel. He said this in an interview to a Kuwaiti newspaper.

We believe the fair price for oil is $75 a barrel

I wonder why the king note made a similar statement when oil was being traded at $147 a barrel in mid July. Why did the king not say that $147 is too high a price? The king should realize that unfair price of oil has devastated the economy of developing countries.

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