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Latest Central bank Stories

2008-10-13 09:00:05

By DION NISSENBAUM By Dion Nissenbaum and Kevin G. Hall McClatchy News Service PARIS European leaders took unprecedented steps late Sunday to try to halt a galloping financial crisis in its tracks, announcing aggressive action to take big stakes in banks and guarantee lending between banks. European Union members announced they planned to guarantee loans between banks, called interbank lending, for up to five years. And they intend to allow member countries to take equity stakes...

2008-10-13 06:00:22

By Ross Lydall A RESCUE package being agreed between European leaders will help restore confidence to the global banking system, Gordon Brown vowed last night. The Prime Minister said he was sure that benefits would reach small businesses and people seeking mortgages after meeting the heads of 15 countries that use the euro. Speaking in Paris after a meeting French president Nicolas Sarkozy and other senior figures, Mr Brown said the UK and continental leaders had found "common...

2008-10-09 18:00:14

By MARTIN CRUTSINGER and WASHINGTON - News that the Bush administration is considering taking ownership stakes in a number of U.S. banks helped restore a relative calm over global financial markets today. The aim of such a move would be to thaw the lending freeze that threatens to push the world's economy into recession. It comes after rampant fear about the global economy sent investors scurrying on Tuesday for safety in U.S. government securities despite an orchestrated round of rate...

2008-10-09 06:00:19

By Eric Pfanner and Julia Werdigier Julia Werdigier reported from London. * The government of Iceland has taken extraordinary measures to stave off "national bankruptcy," as the credit crisis tightened its grip on this remote island nation in the North Atlantic. Banks in Iceland had propelled years of significant growth, lending so freely that their assets ballooned to many times the size of the country's economy. But now the boom has turned to a bust. In an effort to avoid...

2008-10-09 03:00:14

By Jeannine Aversa WASHINGTON - Wall Street bounced higher and lower Wednesday trying to make up its mind about an unprecedented coordinated interest rate cut by central banks around the world. In the end it settled on a familiar feeling - fear - and plunged again. The Federal Reserve, desperately trying to jump-start lending that keeps the U.S. economy moving, dropped its closely watched federal funds rate to 1.5 percent. The cut from 2 percent took the rate to its lowest level in more...

2008-10-08 06:00:19

By Eric Pfanner and Julia Werdigier The government of Iceland on Tuesday took extraordinary measures to try to save a financial system battered by the global credit crunch, saying it had sought an emergency loan from Russia to stave off the threat of "national bankruptcy." As the credit crunch tightened its grip on this remote island country in the North Atlantic, where a debt-fueled boom has turned to bust, the government took control of a second major bank and pegged the krona to a...

2008-10-08 00:00:19

By Michael Savage For years, Iceland had enjoyed an economic climate more favourable than its weather. But the country was leaving itself bitterly exposed, reports Michael Savage in Reykjavik THE DAYS grow ever darker in Reykjavik. Gone is the almost eternal daylight, which washes across Iceland's capital in the height of summer. A darkening gloom arrives earlier each day now. An icy wind blows in from the east. Darkness will be a constant presence here soon as winter sets in. If ever...

2008-10-07 12:00:23

If the $700 billion mortgage bailout plan in the U.S. was supposed to calm global investors, someone forgot to tell Europe. Stock indexes from Paris to Frankfurt plunged as much as 9% on Oct. 6 over worries of a spreading crisis among European banks. A series of government interventions over the weekend and on Monday -- following last week's sudden bailouts and guarantees [BusinessWeek.com, 9/29/08] -- only seemed to fan the flames of anxiety. Investors and politicians are waking to the...

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2008-10-07 07:30:00

By Sue Kirchhoff and Barbara Hagenbaugh WASHINGTON -- The Federal Reserve and the Treasury Department struggled to ease severe credit pressures Monday that threatened to bring down the global economy, including doubling to $900 billion the amount of cash available to banks through a Fed lending program. But the moves, along with the Fed's promise in a statement to take "additional measures as necessary," did little to calm stressed markets. Expectations for interest-rate cuts rose....

2008-09-25 09:00:20

By Keith Bradsher and Heather Timmons Throngs of depositors lined up Wednesday outside the headquarters and branches of Bank of East Asia here to withdraw their money, underlining widespread public nervousness in Asia that Wall Street's recent difficulties might spread across the Pacific. The Hong Kong Monetary Authority and the bank denied that there was any basis to rumors that the bank was in financial distress. Bank of East Asia, with $51 billion in assets, said "malicious rumors"...


Word of the Day
Cthulhu
  • A gigantic fictional humanoid alien god being described with a head resembling an octopus and dragon wings and claws, around whom an insane cult developed.
  • Pertaining to the mythos of Cthulhu and additional otherworldly beings created by H. P. Lovecraft or inspired by his writings and imitators.
This word was invented in 1926 by H.P. Lovecraft for his short story, 'The Call of Cthulhu.' 'Cthulhu' may be based on the word 'chthonic,' which in Greek mythology refers to the underworld.
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