Downgrade baffles Buffett

Warren Buffett criticised the Standard & Poor's downgrade of the long-term US credit rating, saying it "doesn't make sense" and would have a limited impact on markets.

Lagarde set to earn $467k

Christine Lagarde, the newly appointed head of the IMF, will earn a salary of $467 940, or R3.14-million per annum, according to her terms of appointment, the IMF board said.

Strauss-Kahn case at risk

The sexual assault case against ex-IMF chief and French presidential hopeful Dominique Strauss-Kahn is collapsing due to doubts over the victim's credibility, a report said.

Lloyds bank cuts 15k jobs

Britain's state-rescued Lloyds bank said it will axe 15 000 jobs in a drastic cost-cutting plan that will halve its international base and save £1.5-billion per year by 2014.