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World Financial, Bad Economic News Timeline Tuesday, August 26     Author
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Citigroup sees second giant loss

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$100 billion banknotes introduced
Fannie Mae unveils loss of $2.3bn
Aug. 8   USA
  Problems in the US housing market have pushed mortgage finance company into the red
Jul.19   Zimbabwe
  Troubled central bank introduced new $100 billion banknotes in a desperate bid to ease the recurrent cash shortages plaguing the economy
Apr.18   USA
  The biggest US bank has suffered a second massive loss and is cutting 9,000 jobs as the credit crisis continues to take its toll
Jan.24   Paris Rogue trader to cost SocGen $7bn
  Bank Societe Generale as uncovered 'massive' fraud by a trader which resulted in a loss of 4.9bn euros

year 2007 Top ^

Dec.24   Zimbabwe Hours-long lines to get scarce currency  Thousands of Zimbabweans waited for hours to get currency from the banks so they could buy food and board buses for Christmas trips Dec.12   Washington Central banks act on credit fears
  The Federal Reserve, European Central Bank and central banks from the UK, Canada and Switzerland are to jointly help banks
Bulk buy ban amid frenzy

year 2006 Top ^

Feb.19   West Bank   Abbas warns of financial crisis  Palestinian leader has said the Palestinian Authority is facing a 'real financial crisis'

year 2005 Top ^

May.17   Washington Tensions rise over China currency  The U.S. Treasury Department is saying China could be deemed a 'manipulative trade partner' if it does not revaluate

year 2004 Top ^

Dec.23   USA Battered dollar hits another low  The greenback hit $1.3516 in the trade after data fuelled fresh concerns about the US economy

year 2002 Top ^

Jun.28   New York Accounting panic hits Xerox  Shares in Xerox have plunged after a newspaper suggested the firm inflated its profits by $6bn WorldCom in accounting trouble, cut jobs Apr.19   Argentina Bank freeze ordered  All banking operations and foreign currency transactions suspended indefinitely amid fears of a financial collapse

year 2001 Top ^

Sep.12   New York Insurers face claims up to $15bn  Owners of the World Trade Center had insured only one of the 2 towers Feb.21   Turkey Money market crisis  Banks rushed to buy billions of dollars, shares on the main index have lost 29%

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