Economy
EconomyJapan's Nikkei joins other Asian markets strong rebound
Financial markets in Asia have risen sharply, with Japan's Nikkei gaining 10% in early trading Tuesday, and Sydney up 5%. The gains came after Wall Street shares rocketed 11% on Monday as investors welcomed fresh moves to deal with the worldwide financial crisis. Japan was closed Monday because of a national holiday.
Positive contagion lifts Latam to one day record-gains
Latinamerican equities staged on Monday a powerful rebound from last week's crash, with Brazil's Bovespa soaring 14% and Mexico's IPA 11.1%, its highest one day gain this year and since 1998.
Soros: market fundamentalism out, serious recession in
British-Hungarian financier and philanthropist George Soros warned in an interview with Budapest's Nepszabadsag newspaper that it is too early to say if markets will stabilize after last week's panic and described the current situation as the crisis of a lifetime.
US unveils plan to purchase 250 billion USD stake in banks
The US government announced a 250 billion US dollars plan to purchase stakes in a wide variety of banks in an effort to restore confidence in the sector. President George W Bush said the move would help to return stability to the US banking sector and ultimately help preserve free markets.
UK rescue plan to support four of the largest banks
Up to £50bn of taxpayers' cash is to be injected into four of Britain's biggest banks through the government's rescue package, the BBC has learned. Royal Bank of Scotland (RBS), HBOS, Lloyds TSB and Barclays is to sell off shares, the majority of which the government is expected to buy.
Asian test of weekend financial decisions reacting positively
Asian markets have reacted positively to efforts by world leaders to end the recent financial turmoil. Sydney's benchmark index leapt 5.5%, as markets in South Korea and Singapore opened up around 3%. Tokyo's market was closed for a public holiday.
EU leaders earlier said no big bank would be allowed to fail, as they agreed a plan to tackle the crisis.
Argentine “soy king”: export duties makes farming “non viable”
Argentina's “Soy King”, Gustavo Grobocopatel warned that if export taxes remain averaging 35%, and commodities don't recover prices of early 2008, next year many people will be going bankrupt because with current costs oilseeds production “is not viable”.
Bush critic and trade expert Nobel Prize for Economics
United States economist Paul Krugman, a well-known critic of the President George Bush administration for policies that he argues led to the current financial crisis, won the 2008 Nobel Prize for economics on Monday.
China record trade surplus but exports growth rate slower
China's trade surplus widened to a record 29.3 billion US dollars in September as exports withstood the global economic slowdown and falling commodity prices reduced the import bill.
IMF: now to work on limiting damage to real economy
Coordinated global action is starting to reverse the tide of the financial crisis, but governments also need to “deploy all instruments” to limit damage to the real economy, IMF Managing Director Dominique Strauss-Kahn told world financial leaders meeting in Washington.
