Several of the world's central banks have lowered their key interest rates in a bid to stabilise global stock markets.
The European Central Bank has lowered its key rate by half a point to 3.75 percent. The ECB said in a statement that this was part of a co-ordinated effort with central banks in the United States, Britain, Canada, Sweden, and Switzerland. In Washington, the Federal Reserve has cut its federal funds rate by half a point to 1.5 percent. In Britain German chancellor honors foreigners ...
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Ban Ki-Moon appeals for US to stay Mexican's execution ... the Bank of England also reduced its rate by half a point. It now stands at 4.5 percent. This came after the latest effort by Britain to stabilise the markets had little effect. The chancellor of the exchequer, Alistair Darling unveiled a rescue package worth around 50 billion pounds aimed at shoring up the banking system. He said the move amounted to a partial nationalisation of the country's leading banks. He also said the Bank of England would also extend a 200-billion-pound line of credit for British banks.
(Deutsche Welle)
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