Rice price at new record

Rice climbed to a record for a fourth day as the Philippines, the biggest importer, announced plans to buy 1 million tons and some of the world's largest exporters cut sales to ensure they can feed their own people.

Oil stays at $109 as commodities lure investors

Crude oil traded around $109 a barrel as investors looked to commodities for higher returns and refinery disruptions tightened global distillate markets.

US govt 'may have to bail out banks'

The Bank of Japan said yesterday Washington may have to use public funds to bail out US banks hit by the credit crisis as Tokyo joined European calls for the Group of Seven states to work together calm financial markets.

Bear rescue averted 'systemic risk'

Merrill Lynch & Co Chief Executive Officer John Thain said the US Federal Reserve's rescue of Bear Stearns Cos helped avert "systemic risk" to the global financial system posed by the credit market meltdown.

IN BRIEF (Page 17)

Business International

'Global intervention needed on credit crisis'

Government intervention at a worldwide level is needed to address the credit crisis, the head of the International Monetary Fund said yesterday.

Stocks advance in Europe, Asia

Stocks rose in Europe and Asia as Merrill Lynch & Co said the worst of the credit markets' turmoil is over, Goldman Sachs Group Inc advised buying mining shares and companies announced more than $11 billion of mergers. US index futures advanced.

Deutsche Telekom court case kicks off

Deutsche Telekom said accusations of wrongdoing in connection with its share offering in 2000 were unfounded and rejected an appeal to settle thousands of shareholder claims as a court case which could last a decade opened yesterday.

IN BRIEF (Page 17)

Yahoo tells Microsoft to increase its offer

Yahoo! Inc, responding to Microsoft Corp's weekend threat of a proxy fight that could result in a lower takeover price, said the current $44.6 billion offer must be raised before any merger can take place.

Business International