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

Soros: Crisis worst since the Great Depression

Billionaire George Soros called the current financial crisis the worst since the Great Depression and said markets will fall more this year after a brief rebound.

Rice prices increase to record level

Rice climbed to a record and corn traded near its highest ever on speculation the 3 percent annual increase in global demand for cereals will outstrip supply as governments curb exports to prevent protests.

Bank reports 4.3b euro writedown

Bayerische Landesbank reported 4.3 billion euros in writedowns from the subprime-market collapse, double its previous estimate and the biggest of any German state bank.

Federal Reserve will only go so far

Federal Reserve Chairman Ben Bernanke's testimony before Congress shows the central bank, and by extension the US government, will only go so far to provide investors with transparency.

IN BRIEF (Page 17)