Central banks around the world have cut their key interest rates in a bid to stabilise global stock markets.
In a co-ordinated effort the European Central Bank, the US Federal Reserve, the Bank of England as well as four other national banks lowered their key lending rate by half a percentage point. Canada, Sweden, Switzerland and China also participated in the action. The White House has welcomed the move and hailed it as important and helpful. Before the cut, Britain sought to stabilise Taro Aso elected as Japanese PM ...
Northern Rock makes a Ј500m loss ... its banking system. The chancellor of the exchequer, Alistair Darling, unveiled a partial nationalisation of the country's leading banks with a value of around 50 billion pounds. 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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