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NEWS
July 9, 1999
THROUGHOUT history, gold has been treasured -- and hoarded. Now, the world is trying to reduce gold's remaining role as currency -- a sensible course but one that may have to be slowed given the fragility of the global economy.The sale Tuesday by the Bank of England of 25 tons provoked the failure of a shaky South African gold mine, idling 5,000 miners. Today, the International Monetary Fund meets on a plan to sell some of its gold to forgive debts of the world's poorest countries.South Africa's government has led the charge to dissuade the IMF. Its allies include Republicans in the U.S. Congress representing Western mining states.
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BUSINESS
By Cox News Service | September 22, 2007
LONDON -- Mortgage market turmoil. A painful housing slump. Economic concerns don't get any worse than they are these days in America, right? Wrong. Try coming to Britain. After a decade of unprecedented economic growth, this nation of perhaps the world's most overextended borrowers might finally be forced to pay the piper. High debt "really snuck up on me without me realizing how bad things were getting," said Erire Obano, 40, a songwriter who had to sell her London home this month after she remortgaged her property - twice - to pay her rising debts.
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NEWS
By Richard O'Mara and Richard O'Mara,London Bureau of The Sun | July 24, 1991
LONDON -- It rolled out of nowhere, a financial storm of monstrous proportions. It left thousands of investors in Britain and elsewhere in the world bereft of their savings, the funds to run their businesses, and now for the first time since it broke in early July, it threatens to billow into a major political scandal here.Yesterday, the governor of the Bank of England, Robin Leigh-Pemberton, told the Treasury committee in the House of Commons that his institution knew that terrorists kept accounts at the now-closed Bank of Commerce and Credit International.
NEWS
July 9, 1999
THROUGHOUT history, gold has been treasured -- and hoarded. Now, the world is trying to reduce gold's remaining role as currency -- a sensible course but one that may have to be slowed given the fragility of the global economy.The sale Tuesday by the Bank of England of 25 tons provoked the failure of a shaky South African gold mine, idling 5,000 miners. Today, the International Monetary Fund meets on a plan to sell some of its gold to forgive debts of the world's poorest countries.South Africa's government has led the charge to dissuade the IMF. Its allies include Republicans in the U.S. Congress representing Western mining states.
NEWS
By Robert Reno | August 19, 1993
IF, back in the 1980s, a bunch of smooth foreigners had come to me and asked me to be a partner in a deal involving the takeover of a Washington bank, a deal in which I would be showered with fees and stock profits, I wonder what I would have done.Well, one thing I would have done was to go to some of the shrewdest lawyers I could find, guys with big connections. And I would have asked them to assure me that I wasn't getting into something that would bring me a lot of grief and embarrassment, that I wasn't about to make a Neil Bush of myself.
NEWS
March 1, 1995
The failure of Barings merchant bank through losses of more than $1 billion by a trader in its Singapore office betting on Japanese futures, is a City of London counterpart to the Orange County, Calif., bankruptcy.Both failed on speculation in the derivatives market. Both involved investment supervisors who didn't understand these new techniques, and traders without wisdom about markets. Both raise questions about regulation catching up with practice -- in the U.S., London and in Asian markets.
BUSINESS
By New York Times News Service | March 1, 1995
LONDON -- Optimism ran high within Barings PLC yesterday that the failed firm could be sold within days, probably in pieces, despite the $1 billion loss sitting on its books.Two days after Barings was brought down by a single trader's enormous losing bet on the direction of Japanese stocks and interest rates, Barings executives said representatives of banks and investment houses from around the world were discussing possible deals with a court-appointed administrator.The rumored suitors were a veritable roll call of the financial services industry.
NEWS
July 31, 1991
The most scandalous revelation about the Bank of Credit and Commerce International (BCCI) was the enormous world demand for its services. Space does not allow a listing of all the terrorists, drug lords, dictators, greedy rulers, arms traffickers, smugglers and spy agencies reportedly lined up for its confidential attention.The floating world bank scandal, broken open in Luxembourg and Britain, came to rest in the United States with the indictment of the bank and its founders by a New York grand jury for defrauding depositors of $5 billion and other irregularities.
NEWS
By JONATHAN POWER | October 9, 1992
London. -- After Amnesty International, why not Honesty International, a group of citizens like you and me, to monitor those who are corrupt, whom they, in turn, corrupt, and the banks which hide the proceeds?Corruption has probably never been so rife in so many places. The voters and parliamentarians of Brazil have just unseated their president, Fernando Collor de Mello, because his own brother, not for the best of motives, blew the whistle on how the president took bribes from businessmen seeking government contracts.
NEWS
By Gilbert A. Lewthwaite and Gilbert A. Lewthwaite,SUN FOREIGN STAFF | July 5, 1999
JOHANNESBURG, South Africa -- This city was literally built on gold, atop a 300-mile-long vein discovered more than a century ago that still makes this country the world's leading producer of the precious metal.The high veld surrounding Johannesburg is dotted with hills of the yellow waste produced by decades of mining, and the main highway south is bordered with the skeletal towers of mine shafts that run as deep as 3 miles in search of the rich ore.Little wonder, then, that when some of the world's canniest money men -- the central bankers -- decide that gold is not the best investment to keep in their vaults, there is dismay in this land.
NEWS
By Gilbert A. Lewthwaite and Gilbert A. Lewthwaite,SUN FOREIGN STAFF | July 5, 1999
JOHANNESBURG, South Africa -- This city was literally built on gold, atop a 300-mile-long vein discovered more than a century ago that still makes this country the world's leading producer of the precious metal.The high veld surrounding Johannesburg is dotted with hills of the yellow waste produced by decades of mining, and the main highway south is bordered with the skeletal towers of mine shafts that run as deep as 3 miles in search of the rich ore.Little wonder, then, that when some of the world's canniest money men -- the central bankers -- decide that gold is not the best investment to keep in their vaults, there is dismay in this land.
BUSINESS
By Robert Nusgart and Robert Nusgart,SUN REAL ESTATE EDITOR | March 22, 1998
It is a homebuyer's worst nightmare.Contracts are signed. A deposit is made. Excitement abounds. Dreams begin to turn to reality with the sound of hammers and the scent of freshly sawed wood.But then -- seemingly in an instant -- it all comes to a mysterious halt. Workers are nowhere to be found. Phone calls to the builder go unanswered. Subcontractors return, but only to swoop in like a SWAT team to pillage unfinished homes, taking out shelving, mirrors, even address numbers.Rumors start moving from one family to the next that the builder has gone under.
NEWS
By JAMES D. DILTS | March 2, 1995
How a 28-year-old trader in Singapore playing the Japanese futures market could single-handedly level what its biographer called ''perhaps the greatest of all banking dynasties'' is a mystery that may never receive a rational explanation. In the meantime, what was the nature of the colossus that fell, Baring Brothers & Co., Ltd.?I was probably one of the few outsiders of modest means who ever got a peek into the command center at Baring Brothers, purveyors of financial services to the Queen.
BUSINESS
By New York Times News Service | March 1, 1995
LONDON -- Optimism ran high within Barings PLC yesterday that the failed firm could be sold within days, probably in pieces, despite the $1 billion loss sitting on its books.Two days after Barings was brought down by a single trader's enormous losing bet on the direction of Japanese stocks and interest rates, Barings executives said representatives of banks and investment houses from around the world were discussing possible deals with a court-appointed administrator.The rumored suitors were a veritable roll call of the financial services industry.
NEWS
By New York Times News Service | February 27, 1995
The crisis at Barings is in keeping with its history. More than most firms, it has shown a willingness to invest abroad, often in markets that its competitors had deemed far too risky.It was Barings that arranged the financing for the United States' purchase of the Louisiana Territory from France in 1803. It was a transaction that seemed far too dangerous to some."We all tremble about the magnitude" of the loan, a Barings executive wrote that year.In recent years, Barings has staked out a position as a leader in research and trading in emerging markets, providing comprehensive evaluations of Latin American and Asian markets as those markets have zoomed and crashed.
NEWS
By Robert Reno | August 19, 1993
IF, back in the 1980s, a bunch of smooth foreigners had come to me and asked me to be a partner in a deal involving the takeover of a Washington bank, a deal in which I would be showered with fees and stock profits, I wonder what I would have done.Well, one thing I would have done was to go to some of the shrewdest lawyers I could find, guys with big connections. And I would have asked them to assure me that I wasn't getting into something that would bring me a lot of grief and embarrassment, that I wasn't about to make a Neil Bush of myself.
NEWS
By New York Times News Service | February 27, 1995
The crisis at Barings is in keeping with its history. More than most firms, it has shown a willingness to invest abroad, often in markets that its competitors had deemed far too risky.It was Barings that arranged the financing for the United States' purchase of the Louisiana Territory from France in 1803. It was a transaction that seemed far too dangerous to some."We all tremble about the magnitude" of the loan, a Barings executive wrote that year.In recent years, Barings has staked out a position as a leader in research and trading in emerging markets, providing comprehensive evaluations of Latin American and Asian markets as those markets have zoomed and crashed.
NEWS
By BRENDAN MURPHY | August 15, 1993
New York. -- Central bankers once did, but their influence today is rivaled by the high-volume, speed-of-light electronic markets and investors like George Soros, a brilliant Hungarian-born financial speculator.Evidence of this is provided by the European currency crisis which has jumped from financial pages to front pages as the Leviathan world currency market compels adjustments by central banks.Soros is not a household name, but it is one to reckon with in the global foreign exchange market where some $1 trillion in U.S. dollars, German marks and other monies changes hands every business day.Ask the Bank of England.
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