Thailand leads global charge to cut interest rates

Thailand led a global charge to cut interest rates yesterday, with countries from Europe to New Zealand expected to follow in the next few days to fight an unrelenting financial crisis.

South Korea took steps to help local banks through a cash crunch and US Treasury Secretary Hank Paulson was reportedly debating if he should ask lawmakers in Washington for the second half of a $700 billion bank rescue package.

Russian state bank VEB reportedly asked the Kremlin for a $34 billion cash injection in the latest sign that the major emerging market was also feeling the heat of a crisis that has forced the United States, Japan and Europe into recession.