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British PM appeals for IMF funds
Economy
By Agencies   

Brown said the UK would welcome investment from soverign wealth [AFP]
Brown said the UK would welcome investment from soverign wealth [AFP]
Gordon Brown, the British prime minister, has said that the International Monetary Fund (IMF) needs "hundreds of billions of dollars" to assist economies hit by the global financial crisis.

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Tags:  Gordon Brown British PM IMF funds
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Barclays secures Middle East money
Economy
By Agencies   

Barclays is Britain's second biggest bank [EPA]
Barclays is Britain's second biggest bank [EPA]
British bank Barclays is raising $12.1bn from investors in Qatar, Abu Dhabi and elsewhere to allow it to avoid taking bailout money from the UK government.

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Tags:  Barclays Middle East
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Bank of Japan cuts interest rate
Economy
By Agencies   

Shirakawa, centre, cast the deciding vote on cutting the key interest rate [AFP]
Shirakawa, centre, cast the deciding vote on cutting the key interest rate [AFP]
Japan's central bank has cut its key interest rate for the first time in seven years, lowering it by 20 basis point to 0.30 from 0.50 per cent.

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Tags:  Japan Federal Reserve BOJ
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Bank trader charged over $750m loss
Economy
By Agencies   
The bank now says that the losses may be larger than the €600m it initially announced [EPA]
The bank now says that the losses may be larger than the €600m it initially announced [EPA]
A French judge has filed preliminary charges against a trader suspected of losing more than €600m ($751.5m) in complex derivative trades at French mutual bank Caisse d'Epargne.

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Tags:  Bank trader Caisse d'Epargne
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Report adds to US recession fears
Economy
By Agencies   

US traders had been expecting the US gross domestic product figures to have been worst [AFP]
US traders had been expecting the US gross domestic product figures to have been worst [AFP]
US consumers have slashed their spending by the highest amount in nearly three decades in the strongest signal yet that the United States is heading for a recession.

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Tags:  US recession
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US cuts rates in bid to stem crisis
Economy
By Agencies   

The decision by Ben Bernanke, the chairman of the Federal Reserve, had been widely anticipated [AFP]
The decision by Ben Bernanke, the chairman of the Federal Reserve, had been widely anticipated [AFP]
The US Federal Reserve has cut its key lending rate by half a percentage point in a bid to revive an economy hit by the most severe financial crisis in decades.

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Tags:  Federal Reserve
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Lufthansa takes over UK carrier BMI
Economy
By Agencies   

Lufthansa is also considering buying stakes in Austrian Airways and Italy's Alitalia [AP]
Lufthansa is also considering buying stakes in Austrian Airways and Italy's Alitalia [AP]
Lufthansa has announced that it is taking over BMI British Midland, a UK carrier.

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Tags:  Lufthansa UK carrier BMI
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Sweden approves $200bn bailout plan
Economy
By Agencies   

Mats Odell  told parliament that Swedish banks were relatively stable at the moment [EPA]
Mats Odell told parliament that Swedish banks were relatively stable at the moment [EPA]
Sweden's parliament has approved a $200bn rescue package for the country's financial sector.

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Tags:  Sweden
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Hungary to get $25bn rescue deal
Economy
By Agencies   
Dominique Strauss-Kahn says the package is 'designed to restore confidence' [AFP]
Dominique Strauss-Kahn says the package is 'designed to restore confidence' [AFP]
The International Monetary Fund (IMF), the European Union and the World Bank have agreed to a $25.1bn economic rescue package for Hungary intended to bolster confidence in its economy hit by the global financial crisis.

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Tags:  IMF Hungary
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