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Banks urged to step up lending to revive economy

GENEVA: World economic leaders called on commercial banks to step up lending to revive an economy pitched into recession by failure of the global financial system.


European Central Bank keeps interest rate at 1%

LUXEMBOURG: The European Central Bank left its benchmark interest rate unchanged at 1 percent Thursday, preferring to wait and see if its spectacular infusion of credit into the banking system will loosen lending to consumers and businesses in the euro zone's struggling economy.


Euro zone unemployment hits 10-year high

LONDON: Unemployment in the 16 countries that use the euro spiked to a ten-year high in May, reinforcing concerns any recovery will take time now that more than 15 million people are out of work.


Dollar slips vs euro, pound on mixed economic data

NEW YORK (AP) - The dollar was lower against most major currencies Wednesday on mixed economic reports that showed more stable manufacturing activity and a rise in pending home sales.

Other Sport

Ex-England captain Vaughan retires

BIRMINGHAM: Former Eng­land captain Michael Vaughan announced his retirement from all professional cricket with immediate effect here at Edgbaston.


Better sentiment among manufacturers in Japan

TOKYO: Sentiment at big Japanese manufacturing firms improved in the three months to June, data on Monday showed, but the World Bank said prospects for the global economy remain 'unusually uncertain' as it cut 2009 growth forecasts for most economies.


Equine queried on heavy trading

PETALING JAYA: Equine Capital Bhd (ECB) in reply to a Bursa Malaysia query yesterday said it was not aware of any event that may have contributed to the unusual market activity in its shares recently, in particular, on June 15.


ECB expects sharper recession

FRANKFURT: The European Central Bank (ECB) said yesterday it expected a much sharper recession this year in the euro zone than earlier forecast, unveiling details of how it would pump cash into the economy while it kept interest rates on hold.


Global economy could start growing again by late this year

SYDNEY: The world's top policymakers offered their most upbeat assessment of the global economy in months, saying it was stabilising and that it could start growing again as soon as late this year.


Recovery won’t start till mid-2010, says European Commission

BRUSSELS: Europe's economy will not start recovering until the second half of next year, the European Commission said yesterday as it slashed its forecasts to reflect the region's deepest recession since World War Two.