Japan’s Nikkei average hit its lowest close in four months Tuesday as banking stocks were dumped and Japan Airlines plunged to record lows. Domestic concerns drove the sell-off, with investors remaining uncertain about new government policies.
French securities regulator AMF begins hearings over alleged insider trading at the European aerospace giant EADS Monday. The company is accused of misleading investors by concealing information of delays in its A380 project.
Former Vivendi Universal head Jean-Marie Messier appeared before a New York court Friday for his alleged role in deceiving about one million shareholders about the state of the company’s finances between 2000 and 2002.
The US Securities and Exchange Commission has arrested Raj Rajaratnam, founder of the Galleon hedge fund, for his alleged part in a $20 million insider trading scheme. Former and present executives from IBM, McKinsey and Intel have also been charged.
French Finance Minister Christine Lagarde (photo) is leading a governmental drive to attract investment from Muslim countries, in a bid to turn Paris into the European capital of Islamic finance and help France battle the credit crisis.
Former Japanese Finance Minister Shoichi Nakagawa, who was forced to resign after appearing drunk at a G7 news conference earlier this year, was found dead in his Tokyo home. The cause of his death has not yet been determined.
As the G20 summit opens in the US city of Pittsburgh, Pennsylvania, world leaders face significant hurdles on their way to a consensus on how to fix the global economy and ensure it can weather the financial storms of the future.
Germany's central bank will lend 15 billion euros to the International Monetary Fund, beefing-up the Washington-based institution's capacity to assist poor countries in the current global economic crisis.