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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.

Nation 09 Oct 2008 | 12:00 AM

Markets fall despite cut in interest rates

Asia-Pacific and European markets fell for a fifth straight day despite a late move by the United States Federal Reserve and six other central banks to cut key interest rates Wednesday to halt the rapid spread of the global financial meltdown.

Business 09 Oct 2008 | 12:00 AM

Asian bourses fare worse on hedge fund unwinding

Stock markets in the Asia-Pacific plunged yesterday on panic selling as terrified investors fled equities for a fifth consecutive day. The spread of the global financial meltdown sent the Japanese bourse plummeting to its lowest level since October 1987.

Business 08 Oct 2008 | 12:00 AM

US stocks tumble as Wall Street worries about financials

The misery worsened on Wall Street on Tuesday, with stocks piling on losses late in the session and bringing the two-day decline in the Dow Jones industrials to more than 875 points amid escalating worries about credit markets and the financial noshade size=1 width=50%>

Business 08 Oct 2008 | 12:00 AM

Trichet defends joint ECB action on credit crisis

EVIAN, France (AP) - The president of the European Central Bank on Tuesday defended his organization's handling of the global financial crisis and warned that the continent must act in unison and without taboos if it wants to weather the storm.

Business 08 Oct 2008 | 12:00 AM

US Federal Reserve cuts Fed rate by 50 basis points

The US Federal Reserve, European Central Banks and four other central banks lowered their interest rates on Wednesday in an unprecedented move to ease the economic effects of the financial crisis.

Business 07 Oct 2008 | 12:00 AM

Japan central bank maintains key interest rate

TOKYO (AP) - Japan's central bank left its key interest rate unchanged Tuesday amid heightened anxiety that the U.S. credit crisis was quickly spreading from Wall Street to Europe and beyond.

Business 07 Oct 2008 | 12:00 AM

Wall Street set for shaky start after global rout

NEW YORK (AP) - Wall Street headed to a shaky start Tuesday after a huge sell-off the previous session, with investors waiting to see if central banks would try to alleviate the ongoing turmoil in the credit markets by cutting interest rates.

Business 07 Oct 2008 | 12:00 AM

Europe governments go their own way on crisis

LONDON (AP) - Individual European governments have issued a flurry of deposit guarantees to shore up their banks but have fallen short of any coordinated action to deal with the crisis sweeping financial markets, even as stock markets crashed and the euro sank to its lowest level for over a year.