financial crisis - updates

Rappler's latest stories on financial crisis


Venezuela senior citizens block streets demanding pension checks

Jul 19, 2018 - 8:45 AM

Some 200 seniors block traffic near the presidential palace demanding payment in full of their monthly retirement pension

A man counts 1000-Bolivar-bills to buy groceries at the municipal market of Coche, a neighbourhood of Caracas, on June 20, 2018. Venezuelan President Nicolas Maduro ordered the military to take control of popular markets in different states across the country, in the midst of an hyperinflationary spiral and severe shortage of staple foods.  Federico PARRA / AFP

[OPINION] China’s economic time bomb

Jun 30, 2018 - 11:00 AM

There are 3 troubling signs that China is a prime candidate to be the site of the next financial crisis

10 years ago: A harbinger of 2008 financial crisis

Aug 15, 2017 - 1:30 PM

The first signs of the 2008 financial crisis showed up in August 2007

IN THE RED. In this file photo, an investor reacts as he monitors the share index at a private stock market gallery in Kuala Lumpur on September 18, 2008. AFP file

Duterte's pivot: Are we ready for China's imminent debt crisis?

Oct 22, 2016 - 4:14 PM

Before we embark on ever deeper ties with China it’s imperative that our leaders – starting with the President himself – have a good idea of who we’re dealing with and what exactly we’re signing up for

China flag from Wikimedia Commons

Suzuki blames global financial crisis for testing troubles

Jun 01, 2016 - 12:15 AM

The Japanese firm claims it had to scale back resources earmarked for testing during the global financial crisis in 2008

epa05010197 The Suzuki Motor logo at the 44th Tokyo Motor Show 2015 in Tokyo, Japan, 04 November 2015. Suzuki Motor revised up its profit forecast for the current financial year by around 13 percent amid robust sales in India. For the July-to-September period, Suzuki said its net profit nearly tripled from the same period last year to 391 million USD, while posting an operating profit up 16 percent from a year earlier. EPA/FRANCK ROBICHON

'Untarnished image,' Obama’s Cuba trip, Russia's Mars plan | 6PM wRap

Feb 19, 2016 - 7:26 PM

Watch the Rappler’s 6PM newscast with Maria Ressa

World could face new economic crisis – Chinese diplomat

Jan 14, 2016 - 4:05 PM

Chinese State Councilor Yang Jiechi says the challenges confronting countries are unprecedented

APEC: An organization whose time has passed

Nov 19, 2015 - 1:11 PM

What we are witnessing in Manila is a time warp the enactment of the diplomatic rituals that mask the fact that APEC now simply lurches from one summit to the next with no clear direction

Asia-Pacific to grow at slowest rate in 2015

Nov 17, 2015 - 1:00 PM

The Pacific Economic Cooperation Council urges APEC leaders to focus their discussions on ways to ensure that more people are part of the region s growth

REGIONAL GROWTH. Pacific Economic Cooperation Council officials (from left): Amb. Don Campbell, Eduardo Pedrosa, and Amb. Tang Guoquiang share the rather bleak results for regional growth, as showed in the State of the Region report released Monday, November 16, 2015.

APEC 2015: A sense of déjà vu

Nov 12, 2015 - 7:00 PM

The current and former NEDA chiefs compare the Philippine economy on the eve of the country s hosting of the APEC summit in 1996 and in 2015 Then and now the global community saw the country as poised to reach great economic heights

No asset bubble in PH, BSP says

Oct 21, 2015 - 7:16 PM

UPDATED The increase in property prices and the growth in the sector has essentially been demand driven BSP Governor Amando Tetangco Jr says

NO BUBBLE. “Right now, we believe that there is no asset bubble in the property sector," BSP Governor Amando Tetangco Jr. tells participants of the 2015 Public Governance Forum (which concluded Wednesday, October 21). File image from Shutterstock

G20 vows to boost fragile growth, nudges China on currency

Sep 05, 2015 - 9:49 PM

UPDATED The group vows to carefully calibrate and clearly communicate our actions to minimize negative spillovers mitigate uncertainty and promote transparency as key global economies search for robust growth

Turkey's Prime Minister Ahmet Davutoglu (first row 3rd L), International Monetary Fund (IMF) Managing Director Christine Lagarde (first row 2nd R), European Economic and Financial Affairs Commissioner Pierre Moscovici (first row R), finance ministers and central bank governors gather for a group photo during the second day of a 2-day G20 meeting of finance ministers and central bank governors in Ankara on September 5, 2015.  AFP PHOTO / ADEM ALTAN

When the ghosts start haunting us

Aug 31, 2015 - 4:30 PM

There is no correlation between the ghost month and the rise or fall of the stock market It was the meltdown of China triggering the massive sell offs

BLOODY RED. August 24, 2015 was bloody. The local equity market had its third largest one-day decline in the past decade

Unlike '97, Asian economies expected to bend, not break

Aug 25, 2015 - 7:00 AM

Painful lessons learned 18 years ago have left Asian economies far more able to withstand severe shocks economists say

Greek PM calls party congress on bailout in September

Jul 30, 2015 - 11:36 PM

Tsipras is under pressure from a sizeable minority of Syriza members who say the agreement signed with international creditors goes against the government s anti austerity promises

Greece prepares to reopen Athens stock market

Jul 29, 2015 - 2:31 AM

The aim was to protect the banking sector which is seen huge withdrawals over the past six months

GREEK ECONOMY. A boy holds a Greek national flag as people celebrate in front of the parliament on July 5, 2015 in Athens. AFP file photo

Greece creditors due in Athens 'in coming days'

Jul 25, 2015 - 12:18 AM

The officials from the European Commission European Central Bank and International Monetary Fund are due in Athens after Prime Minister Alexis Tsipras agreed to start talks on a new bailout for Greece

This photo taken in Athens on July 11, 2015 the map of Europe represented on a euro coin and banknotes. Photo by Aris Messinis/AFP

Greek bank shutdown cost economy 3 billion euros – report

Jul 18, 2015 - 7:38 PM

The retail trade alone suffers losses up to 600 million euros

SHUTDOWN. Pensioners stand outside a closed branch of the Greek National Bank in Thessaloniki on June 29 as Greece ordered its banks to shut for one week and imposed capital controls. File photo by Sakis Mitrolidis/AFP

EU approves emergency loan to Greece

Jul 17, 2015 - 10:55 PM

The EU approves a short term loan of 7 16 billion euros to Greece allowing it to meet a huge payment to the ECB and repay the IMF while a new bailout is still being ratified

WAITING. A pensioner leans against the gate of the National Bank of Greece as he waits to withdraw money, with a maximum of 120 euros, in Athens July 7, 2015. Photo by Angelos Tzortzinis / AFP

ECB, Eurogroup give Greece breathing space after Athens vote

Jul 17, 2015 - 12:29 AM

Athens fails to make a key debt repayment to the International Monetary Fund and its next debt deadline is a 4 2 billion euro payment to the ECB on July 20

epa04573327 A picture taken with a wiping effect shows the 'Euro' sign shines bright in Frankfurt, Germany, 20 January 2015. Financial experts are eagerly expecting the announcement of the European Central Bank (ECB) to acquire state bonds on a large scale after an†ECB meeting to be held on 22 January. EPA/BORIS†ROESSLER

Greece to vote on bailout with ruling party revolt brewing

Jul 16, 2015 - 12:56 AM

The European Central Bank has been keeping Greek banks afloat with emergency liquidity but it could be forced to cut off that aid if Greece misses a huge debt repayment due on Monday

'THE END' Anti-establishment protesters stand in front of a banner that reads, 'The End' during a demonstration against European Union's austerity in front of the Greek parliament in central Athens, on July 12, 2015. Andreas Solaro/AFP

S&P cuts 2015, 2016 PH GDP forecast

Jul 09, 2015 - 4:24 PM

Standard Poor s lowers its forecast for the country to 6 this year and the next citing a phase of ‘steady state of slower growth’ in the Asia Pacific region

Why Philip Stein is an ‘affordable, luxury technology brand’

May 31, 2015 - 1:30 PM

Co founder and president Will Stein shares how the brand is growing its unique selling proposition continuous belief in the growing Philippine market and an upcoming ‘treat’ for Filipino customers

Photo by Alecs Ongcal/Rappler

PAL pilot tests paperless scheme starting March 16

Mar 16, 2015 - 11:26 AM

Passengers would have to present to airport security an image of their e ticket on their personal electronic devices such as smart phones tablets or laptops

Greece PM seeks EU talks after European Central Bank snub

Mar 07, 2015 - 12:04 AM

The European Central Bank says it s prepared to give more room on financing once the Greek government reaches a debt deal with its eurozone partners

Greece, creditors lay ground for last-ditch meeting

Feb 14, 2015 - 3:11 AM

Under the Greek proposals Athens would stick to 70 percent of the existing bailout programme but it would overhaul the remaining 30 percent

European stocks retreat before Greece meeting

Feb 12, 2015 - 3:31 AM

Varoufakis was to present a 10 point plan aimed at securing stop gap financing that would tide the country over while it negotiates new terms to be put in place from September 1

'Greece will never present a budget deficit again'

Feb 04, 2015 - 8:29 PM

We need to end the malignancies that have afflicted the Greek economy in the past year said Greek Finance Minister Yanis Varoufakis who was on a tour to drum up support for debt relief

US probes Moody's rating agency – report

Feb 02, 2015 - 8:04 AM

The credit rating agency is being investigated over its glowing assessments of mortgage deals in the runup to the 2008 financial crisis

A sign for Moody's rating agency is displayed at the company headquarters in New York, September 18, 2012. Emmanuel Dunand/AFP

Roxas drops, 'Emergency' powers, Pope to shoppers | The wRap

Dec 11, 2014 - 7:28 PM

Mar Roxas’ not so winnable as his numbers drop President Aquino gets emergency powers to address the power shortage Pope Francis says boycott products made by modern day slaves

After BNP Paribas, US may hit other banks for sanctions-busting

Jul 03, 2014 - 10:37 AM

US authorities slammed BNP Paribas with 8 9 billion in penalties for sanctions busting and the blow raised speculation that some of its rivals in Europe would be punished but less severely

SANCTIONS-BUSTING. After French giant BNP Paribas, other big European banks may be in the cross-hairs of US authorities for sanctions-busting. File photo by Ian Langsdon/EPA

'New compass' needed for global economy: BIS

Jun 30, 2014 - 10:10 AM

It is essential to move away from debt as the main engine of growth a top official from the Swiss based Bank for International Settlements says

Indonesian presidential hopeful hit by abuse revelations

Jun 19, 2014 - 10:18 PM

My conscience is clean I m the strongest human rights defender in this republic Indonesian presidential candidate Prabowo Subianto defends himself

PRESIDENTIAL RACE. Ex-general Prabowo Subianto now has a bigger coalition backing him than front-runner Joko Widodo. File photo by Bagus Indahono/EPA

JPMorgan agrees to record $13-B deal for mortgage misdeeds

Nov 20, 2013 - 6:49 AM

The deal includes 9 billion in payments to authorities and 4 billion in relief to consumers – mainly homeowners

People walk by JP Morgan Chase & Company headquarters in New York in this file photo. JPMorgan Chase has agreed to a $13 billion deal to settle complaints over mortgages and mortgage securities by the US government and several states, the New York attorney general said November 19, 2013. AFP PHOTO/Emmanuel Dunand

Toxic US corporate culture unchanged: watchdog

Oct 29, 2013 - 2:00 PM

Five years after the US financial crisis forced the massive government TARP bailout the US corporate culture remains toxic and breeding crime says the bailout program watchdog

NO CHANGE. Five years after the fall of Lehman Brothers, Wall Street and corporate America's toxic culture remains the same, a watchdog says. File photo by AFP

Risky financial crisis derivatives return in new form

Aug 21, 2013 - 4:09 PM

Collateralized debt obligations the complex financial instruments that cratered disastrously in the financial crisis are back

Life and Style wRap: Textbook porn to Berlin Wall

Jul 13, 2013 - 6:05 PM

Smut in school books Berlin Wall art and fried eggs make the news

ART AND BARRIERS. Panorama photographs of the world's tensest borders and barriers are on display on the Berlin Wall. Photo from

Can we trust our economic statistics?

Feb 12, 2013 - 1:04 AM

Good statistics are necessary for good evidence based policymaking which is largely a garbage in garbage out process

S&P faces US govt suit over mortgage bond ratings

Feb 05, 2013 - 11:30 AM

S P says the Justice Department civil suit targets its ratings in 2007 of certain collateralized debt obligations which triggered the 2009 global crisis

US pushing 'jobs diplomacy' after costly wars: Clinton

Nov 17, 2012 - 3:03 PM

US foreign policy is being reoriented to promote American economic interests after Washington was tied down by two wars in the past decade Secretary of State Hillary Clinton said Saturday November 17

Soros says Europe has '3 months' to save euro

Jun 04, 2012 - 6:49 AM

George Soros says authorities didn t understand the nature of the euro crisis and applied the wrong remedy

What crisis? Luxury goods market to grow 7%

May 07, 2012 - 11:57 PM

The global luxury market is expected to grow by up to 7 despite the financial crisis

Nervousness ahead of US jobs report

May 02, 2012 - 7:35 AM

US economists expect unemployment in America to be stuck at 8 2

US stocks mired in red on Europe fears

Apr 24, 2012 - 7:18 AM

US stocks closed lower as Wall Street focused on European political and economic uncertainty

Tough times at Madagascar's sapphire mines

Apr 05, 2012 - 1:19 PM

The global financial crisis zapped demand and destroyed confidence in new investments in risky countries