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World 05 Nov 2008 | 12:00 AM

Obama victory met with calls for global action

NEW YORK (Reuters) - U.S. President-elect Barack Obama stepped into his new role on Wednesday facing calls for urgent action to stem the global financial crisis as he was hit with gloomy news about U.S. jobs.

Business 04 Nov 2008 | 12:00 AM

Europe in technical recession, says EC

The euro zone is already in a technical recession and economic growth will come to a virtual standstill next year, the European Commission said yesterday, calling for coordinated action to support growth.

Business 31 Oct 2008 | 12:00 AM

Bank of Japan cuts key interest rate

The Bank of Japan voted Friday to cut its key interest rate for the first time in more than seven years, finally joining central banks around the world in trimming borrowing costs to cushion the impact of the global financial crisis.

Business 28 Oct 2008 | 12:00 AM

US stocks end lower as financials give up early gains

Wall Street has ended another highly volatile session with a big last-minute loss as the market's stubborn worries about a protracted economic downturn and tight credit erased budding optimism about a housing sector recovery.hr noshade size=1 width=50%>

Business 20 Oct 2008 | 12:00 AM

ECB's Trichet urges banks to resume lending

PARIS (AP) - The European Central Bank's president says policymakers are doing their job to restore confidence amid the financial crisis, and banks now need to resume lending to one another and customers.

Business 13 Oct 2008 | 12:00 AM

Euro nations to guarantee bank refinancing

PARIS (AP) - Nations in Europe's single-currency zone have agreed to temporarily guarantee bank refinancing and pledged to prevent banks failing as part of a raft of emergency measures designed to ease the credit crunch.

Business 13 Oct 2008 | 12:00 AM

British banks to get US$63b cash infusion from government

Three of the largest British banks have announced plans to take up to 37 billion pounds (US$63 billion) of government money to boost their balance sheets.

Business 13 Oct 2008 | 12:00 AM

Commodities take a beating from crisis

GLOBAL commodities are expected to continue trading on shaky grounds for at least another five months, given the ongoing mass liquidation by hedge funds in the commodity markets.

Business 13 Oct 2008 | 12:00 AM

Need for coordinated global solution

A QUICK, comprehensive and coordinated international response to the global financial crisis is required to prevent financial institutions and stock markets from tumbling further, according to fund managers and economists.

Business 12 Oct 2008 | 12:00 AM

Europe governments strive to avoid bank meltdown

LONDON (AP) - European governments struggled to find a coordinated response to the crisis sweeping financial markets Monday, as one country after another announced sweeping deposit guarantees on their own to try and shore up their banks. Stock markets plunged.