Stories for October 2008

Tuesday, October 7th 2008 - 21:00 UTC
Confidence crisis and investor panic tsunami hits world

Asian stock markets early Tuesday opened down sharply amid investor panic that global government action might not be enough to stem the financial crisis.
Tuesday, October 7th 2008 - 21:00 UTC
Airbus accident in flight has made an emergency landing

A passenger plane has made an emergency landing in Western Australia after 40 people were injured following a “sudden change in altitude”, police have said.
Tuesday, October 7th 2008 - 21:00 UTC
Fed next move to unclog financial system: lower rates

Faced with worst economic and financial market crisis since 1929, Federal Reserve Chairman Ben Bernanke on Tuesday sent a strong signal that officials may lower interest rates against a backdrop of waning price pressures.
Tuesday, October 7th 2008 - 21:00 UTC
World Bank proposes steering group with emerging economies

The Group of Seven is no longer effective and should be replaced by a steering group that includes new emerging economic powers like China, India and Brazil, World Bank President Robert Zoellick said on Monday.
Tuesday, October 7th 2008 - 21:00 UTC
FAO underscores “opportunities and risks” of bio-fuels

Global bio-fuel policies should be urgently reviewed to ensure that the world's poor benefit by ending trade-distorting subsidies favouring developed nations while countering the rise in food prices sparked by the diversion of foodstuff to energy production, according to a new United Nations report released today.
Tuesday, October 7th 2008 - 21:00 UTC
Chile's first monthly trade deficit in six years

The Chilean economy experienced an unexpected trade deficit in September, the first negative month in six years according to the latest release from the Central Bank. The misbalance was 318 million US dollars; a year ago it was a surplus of 1.37 billion US dollars.
Tuesday, October 7th 2008 - 21:00 UTC
Australian markets react to sharp cut in interest rate

Australia's central bank surprised financial market by cutting its key interest rate a full percentage point from 7% to 6%. The bank said the sharp cut was justified given the prospects for growth, even though inflation is currently above target.
Tuesday, October 7th 2008 - 21:00 UTC
Space engineer named to unclog “toxic” banking mess

Neel Kashkari, 35, a United States Assistant Secretary of the Treasury, was named on Tuesday interim head of the Office of Financial Stability by US Treasury Secretary Henry Paulson. The office will run the 700 billion US dollars financial bailout program signed into law Friday.
Monday, October 6th 2008 - 21:00 UTC
Argentina reluctant to accept a repeat of farmers' conflict

Argentine farmers' decision to resume protests against the government has put their demands back on the agenda but is unlikely to reignite the bitter conflict that gripped the country for four months.
Monday, October 6th 2008 - 21:00 UTC
Parliament consensus for a UK “balanced migration” policy

British campaigners for a “balanced migration” policy welcomed hints from the Government's new immigration minister that he may seek limits on the number of migrants coming into the United Kingdom.