Japan central bank keeps rates on hold

The Bank of Japan kept interest rates unchanged after the economy shrank last quarter and the US Federal Reserve cut borrowing costs to avert a recession.

Crude passes $82 in New York

Crude oil rose, trading above $82 a barrel for a second day in New York, on speculation a US interest rate cut will bolster fuel demand.

Stocks rally globally on Fed's rate reduction

European stocks climbed the most in a month, following gains in Asian and US markets, after the Federal Reserve lowered its benchmark lending rate by half a percentage point to keep the world's largest economy growing.

Will banks now be in driving seat?

Now that the Federal Reserve is reducing interest rates, it's tempting to assume the largest US banks will lead the stock market for a change.

Australia will 'Weather crisis'

Australia's economy is strong enough to weather the financial crisis sparked by the US housing slump, Treasurer Peter Costello said.

IN BRIEF (Page 16)

Business International

Seven facts about Northern Rock

British bank Northern Rock faced long queues of customers looking to withdraw savings and a plunging share price yesterday, after the Bank of England stepped in last week to rescue Britain's fifth-biggest mortgage lender. The following are seven key facts on the bank:

More than a channel setting apart UK, Euro central banks

Differences between the way the ECB and the Bank of England have tackled the global credit crunch were thrust into the spotlight when the British central bank was forced to rescue Northern Rock.

Other news

Job cuts

Sterling slides on UK bank's woes

The pound fell below $2 for the first time in almost three weeks as Northern Rock Plc depositors queued to withdraw their savings for a third day, sending the UK mortgage lender's shares to a seven-year low.

Customers besiege stricken UK lender

Thousands of customers queued to withdraw savings from embattled UK bank Northern Rock yesterday and its shares plunged again, heightening pressure for a sale of the business or its assets.