Business

MEETING

G7 to share problems as financial crisis deepens

Madrid's Ibex 35. File Photo: EFE
The world's economic powers tried to contain the financial crisis as panic swept through European and Asian markets. Liquidity injections and interest rate cuts seem to have failed.

WASTE

$440,000 Californian party in AIG after bailout

Golf was part of the retreat. File Photo: EFE
The insurance company will be provided with a loan of $37.8 billion by the Federal Reserve. The deal comes after a punishment for organizing a posh event just days after getting economic help.

MARKETS

European index futures gain in early trade

Banks cut their key interest rates but it did not help, improvement today. File Photo: EFE
The fact that banks cut their key interest rates by a half-percentage point did not help. Anyway, stock index futures drifted higher in early trade on Thursday.

SIMULTANEOUS FALL

Europe and US central banks cut interest rate

European Central Bank. File Photo: EFE
The surprise announcement set off volatile trade in global stock markets, which have seen trillions of dollars in wealth wiped out over the past year. But it failed to win a ringing endorsement from any one market.

STOCK EXCHANGE

European markets plunge despite rescue packages

Ibex 35, Madrid. Photo: EFE
Banking stocks are among the biggest fallers across European markets, with Credit Suisse AG, BNP Paribas SA and Societe Generale some of the worst hit.

RESCUES

Some facts on bank bailouts

Euro notes. File Photo: EFE
During the last weeks, many governments used public funds to solve their banks' serious financial troubles. But what are they, and who are they for?

ONE MORE

Public rescue plan for UK banks

A 50 billion-pound package. Separately, Prime Minister Gordon Brown says Britain will take legal action against Icelandic authorities to recover money held by British savers in U.K. branches of troubled Icelandic banks.

PUBLIC HELP

Spain to set up a euro 30 billion fund to help financial sector

Spanish president Jose Luis Rodriguez Zapatero. Photo: EFE
Zapatero said the fund could be extended to 50 billion euro if necessary but stressed the government would not be buying up bad debt like the rescue plan recently passed by the United States Congress.

ECOFIN

EU raises minimum bank deposit guarantee to $50,000

Egyptian Finance Minister Youssef Boutros-Ghali and Luxembourg's prime minister Jean-Claude Juncker. Photo: EFE
In a joint statement, EU finance ministers said they “all commit to take all necessary measures to enhance the soundness and stability of our banking system and to protect the deposits of individual savers.”

FINANCIAL CRISIS

Iceland takes over second largest bank

Landsbanki headquarters. Photo: EFE
Home to just 300,000 people, Iceland used emergency powers rushed through on Monday to dismiss the board of directors of Landsbanki and put the bank in receivership.
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