WASHINGTON - THE Federal Reserve will expand its so-called stress tests of the banking system to ensure they have enough capital during difficult periods, Fed chairman Ben Bernanke said on Friday.
Mr Bernanke highlighted the positive impact of stress tests conducted earlier this year on major banks, a move aimed at ensuring their financial health and building confidence.
HUA HIN (Thailand) - CAMBODIA and Thailand traded barbs at an Asian summit on Friday after Cambodia's prime minister offered fugitive former Thai leader Thaksin Shinawatra a safe haven and job as an adviser.
Mr Hun Sen, the outspoken Cambodian premier, further riled the hosts of the annual meeting by comparing the plight of the ousted Thaksin to that of detained Myanmar democracy icon Aung San Suu Kyi.
PARIS - JEAN Todt was elected president of motor racing's governing body FIA on Friday, beating Finnish candidate Ari Vatanen.
Todt was the big favourite vote after getting backing from outgoing FIA president Max Mosley and Formula One boss Bernie Ecclestone.
KUALA LUMPUR - MALAYSIA'S government cut spending in its 2010 annual budget to rein in a ballooning deficit as it forecasts the economy will rebound to grow 2-3 per cent after a recession this year.
Prime Minister Najib Razak's speech to parliament on Friday will announce details of the budget, which is expected to include plans to revamp expensive fuel subsidies and measures to woo foreign investors including a 'second wave of privatization' of state run companies.
