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Archive for October 12th, 2008Soros slams ‘ill-conceived’ US response to finance crisisPosted by UK Economy News
In UK financial news
12Oct 08 Billionaire businessman George Soros lobbed criticism Sunday at the US administration's "ill-conceived" handling of the global banking crisis, reserving especially harsh words for Treasury Secretary Henry Paulson.
Read full story British govt to take control of two major banks Monday: reportsPosted by UK Economy News
In UK financial news
12Oct 08 The British government will announce plans Monday to take controlling stakes in Royal Bank of Scotland and HBOS, two of the banks worst affected by the financial crisis, reports said.
Read full story Comments Off European summit agrees finance crisis rescuePosted by UK Economy News
In UK financial news
12Oct 08 European Union leaders on Sunday hammered out a plan to confront the financial crisis which will involve hundreds of billions of dollars of new initiatives to head off a feared "meltdown".
Read full story Comments Off Poor countries say their problems forgotten as crisis bitesPosted by UK Economy News
In UK financial news
12Oct 08 Developing countries complained Sunday that the global financial crisis will put their recent hard-won economic gains at risk while the rich nations focus only on their own problems.
Read full story Comments Off Germany’s TUI sells shipping unit to focus on tourismPosted by UK Economy News
In UK financial news
12Oct 08 Germany's TUI decided on Sunday to sell its container shipping line Hapag-Lloyd for 4.5 billion euro (6.0 billion dollars), allowing it to focus solely on tourism, according to a statement.
Read full story Comments Off Iran predicts OPEC to cut output at November meetingPosted by UK Economy News
In UK financial news
12Oct 08 Iran on Sunday predicted that OPEC would cut oil output at its November meeting in Vienna, the state-run television news website reported.
Read full story Comments Off Developing countries ‘forgotten’ as crisis rages: officialPosted by UK Economy News
In UK financial news
12Oct 08 The plight of the developing countries is being forgotten as the financial crisis in the industrialized world spreads, leaving them even more vulnerable to its effects, Sierra Leone said Sunday.
Read full story Comments Off European leaders hammer out crisis rescue packagesPosted by UK Economy News
In UK financial news
12Oct 08 Fifteen European Union leaders on Sunday hammered out action to confront the financial crisis before announcing hundreds of billions of dollars of new initiatives to head off a feared "meltdown".
Read full story Comments Off Europe to guarantee new bank refinancing: draft agreementPosted by UK Economy News
In UK financial news
12Oct 08 Fifteen EU countries meeting in Paris will guarantee new medium-term loans between private banks in a bid to end the credit crunch, according to a draft statement seen by AFP on Sunday.
Read full story Comments Off European leaders meet on financial meltdownPosted by UK Economy News
In UK financial news
12Oct 08 European leaders were due in Paris on Sunday for a summit that would mark their last chance to hammer out a coordinated financial rescue package before their panic-stricken stock markets reopen.
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