Economy

2ND ROUNDUP: US seeks broad new powers to take over troubled firms

US seeks broad new powers to take over troubled firmsWashington  - US authorities need broad new emergency powers to take over financial firms whose collapse could threaten the wider economy, the country's top economic officials warned Tuesday in the wake of the controversial bail-out of insurance giant American International Group Inc (AIG).

Facing a groundswell of public anger over Wall Street and AIG's role in the financial crisis, Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke defended their rescue of AIG before lawmakers as critical to the stability of the US economy.

Nobel laureate Yunus urges Bangladesh unity in face of recession

Nobel laureate Yunus urges Bangladesh unity in face of recession Dhaka - Bangladesh Nobel laureate Muhammad Yunus Tuesday called for national unity to fight the global meltdown, which has started affecting the country's impoverished economy.

"It needs great courage and national unity to face the problem nationally," said the micro-credit guru, who won the Nobel peace prize with his Grameen Bank in 2006.

Speaking after a meeting of a national task force, he said food, energy, power, port and agriculture should have priority when it comes to dealing with the crisis.

US seeks powers to take over non-financial firms in wake of AIG

US seeks powers to take over non-financial firms in wake of AIG Washington  - US authorities need broad new emergency powers to take over non-financial firms whose collapse could threaten the wider economy, the country's top economic officials warned Tuesday in the wake of the bail-out of insurance giant American International Group Inc.

Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke defended the bail-out of AIG, which began in September, as critical to the survival of the US financial system.

Zimbabwe turns the corner on inflation; prices falling since January

Zimbabwe turns the corner on inflation; prices falling since January

Obama launches media blitz ahead of G20, at home and abroad

Obama launches media blitz ahead of G20, at home and abroad Washington - US President Barack Obama took his economic prescriptions to a global and domestic audience on Tuesday, calling for a broader and urgent global response to the world's worst economic crisis in a generation.

Writing in 31 newspapers around the globe, Obama warned that it was up to world leaders holding an emergency summit in London next week to come up with a comprehensive solution to the global recession.

Vietnam trade surplus no cause for celebration, economists say

Vietnam trade surplus no cause for celebration, economists say Hanoi - The Vietnamese government Tuesday reported a record trade surplus, but local economists said they were more worried than pleased.

The state-run newspaper Vietnam News on Tuesday quoted Vietnam's General Statistics Office (GSO) as saying the country spent just 11.8 billion dollars on imports, down 45 per cent from the same period last year, while earning
13.5 billion dollars from exports, a slight increase of 2.4 per cent year-on-year.

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