Baidu Inc, China's largest search engine, said on Monday it has signed an agreement with BMW to provide its search services in some of the German automaker's vehicles.
The United States and Europe must summon the political courage to defuse their debt woes or global economic recovery will be threatened, Chinese official media said on Monday, reflecting the pressures on Beijing with its big stash of dollar assets.
The European Central Bank waved its big fire hose at blazing bond markets, then turned on a puny sprinkler.
U.S. insurance giant American International Group
is planning to sue Bank of America to recover more than $10 billion in losses on $28 billion of investment in mortgage-backed securities, the New York Times said citing three people with knowledge of the complaint.A new global financial crisis would hit Asia harder than the last one, especially nations heavily exposed to offshore markets or still repairing budgets from the 2008-2009 crisis, credit ratings agency Standard and Poor's said on Monday.
The U.S. securities regulator has sent subpoenas to high-frequency trading firms in relation to last year's flash crash probe, the Wall Street Journal reported, citing people familiar with the matter.
U.S. assets fell sharply in early electronic trading on Sunday in response to a downgrade of the U.S. credit rating by Standard & Poor's, while the euro rose on expectations of further bond purchases by the European Central Bank to deal with the euro zone's debt crisis.
A downgrade of United States' top-tier credit rating has Wall Street scrambling to figure out the knock-on effects for the financial system, from mortgages to banks to markets that rely on U.S. Treasuries for collateral.
Hollywood studios are set to break into China's massive Internet market as domestic video sites scramble to screen U.S. movies and dramas on their digital platforms, a move which could also curb rampant piracy.
Japanese Finance Minister Yoshihiko Noda said on Monday that market trust in the dollar and U.S. Treasuries has not wavered in the wake of a U.S. credit downgrade, indicating Tokyo's readiness to maintain its massive holdings of U.S. government bonds.
A pledge of coordinated action by the world's industrial powers wedded to hopes of aggressive bond buying from Europe's central bank helped limit the fallout from the historic downgrade of the United States' debt rating in Asia on Monday.
The Group of Seven nations is committed to taking coordinated action to ensure liquidity and to support financial market functioning, financial stability and economic growth, G7 finance ministers and central bank governors said in a statement.
The United States and Europe must summon the political courage to overcome their debt crises or global economic recovery will be threatened, Chinese official media said on Monday, warning Washington against letting the dollar weaken.
Finance chiefs from the world's industrial powers pledged on Sunday to take whatever actions were needed to steady financial markets, spooked by the political wrangling in Europe and the United States over slashing their huge budget deficits.
Political and financial leaders gave their first sign of readiness to battle a debt crisis gone global when the European Central Bank signaled on Sunday it would start buying Italian and Spanish debt, a critical move to quell a bond rout that has rocked financial markets.
The European Central Bank said on Sunday it would actively implement its controversial bond-buying programme to fight the euro zone's debt crisis, signaling it will buy Spanish and Italian government bonds to halt financial market contagion.
A downgrade of United States' top-tier credit rating has Wall Street scrambling to figure out the knock-on effects for the financial system, from mortgages to banks to markets that rely on U.S. Treasuries for collateral.
A unit of Warren Buffett's Berkshire Hathaway Inc made a $3.24 billion buyout offer for Transatlantic Holdings Inc, topping two existing rival bids for the reinsurer.
Germany and France on Sunday reiterated their commitment to implementing the decisions of last month's emergency EU summit, in an effort to restore confidence in turbulent financial markets.
The European Central Bank will intervene decisively on markets to protect Italy and Spain from an accelerating debt crisis, a monetary source said on Sunday, indicating it would buy government bonds of the euro zone's third and fourth biggest economies.
The U.S. Chamber of Commerce, a powerful business lobby group, said on Sunday it disagreed with ratings agency Standard & Poor's decision to downgrade the U.S. credit rating but hoped it would spur Washington to act.
The Euro system of central banks has decided to intervene decisively on markets to respond to the escalating debt crisis, a euro zone monetary source said after a European Central Bank conference call on Sunday.
Federal Reserve Chairman Ben Bernanke, an expert on the Great Depression, once promised that the central bank would never repeat its 1937 mistake of rushing to tighten monetary policy too soon and prolonging an economic slump.
Wall Street hit the panic button last week and survived. But the shocks have left investors stranded.
Financial markets look set for another bout of turbulence, with Italy under fire and the United States' debt downgraded, after $2.5 trillion was wiped off the value of world shares last week.
The European Central Bank faced a decision on Sunday whether to buy Italian bonds to try to prevent the euro zone debt crisis from widening, while global policymakers conferred on the twin financial crises in Europe and the United States.
Former Federal Reserve Chairman Alan Greenspan on Sunday downplayed the risk of a double-dip recession in the United States, saying its domestic economy was in better shape compared to its European peers.
Standard & Poor's managing director John Chambers said on Sunday there is a one in three chance of a further U.S. credit rating downgrade over the next six months to two years.
A unit of Warren Buffett's Berkshire Hathaway Inc jumped into the bidding war over Transatlantic Holdings Inc, offering to buy the reinsurer for $3.24 billion.
The head of Standard & Poor's sovereign ratings, David Beers told Fox News Sunday he did not expect that much impact when global markets open on Monday due to what he called a mild deterioration in the U.S. credit standing to AA-plus from top-tier AAA.
