Dollar declines against euro

The dollar fell sharply against the euro yesterday after the Federal Reserve unexpectedly slashed its benchmark overnight lending rate by 75 basis points in a bid to allay market fears about a US recession.

Commodities sold to cover losses

Crude oil fell to a six-week low and copper erased most of this year's gain as investors sold commodities to cover losses in equity markets and on concern that slower global growth will curb demand for raw materials.

EU concerned over impact of market slump

European finance ministers said a global stock-market slump and an economic slowdown in the United States threaten to slow growth in Europe more than forecast.

IN BRIEF (Page 17)

Business International

Famous sons launch bid to buy out media firm

Lachlan Murdoch, son of media tycoon Rupert Murdoch, and Australian gaming magnate James Packer launched a joint A$3.3 billion ($2.9 billion) offer yesterday to buy out the Packer-backed publishing company Consolidated Media Holdings.

Private sector gets two weeks to save stricken UK bank

Britain set a two-week deadline for a private-sector rescue of Northern Rock yesterday, as it confirmed plans to convert its billions of pounds of loans to the stricken bank into bonds in a bid to smooth a deal.

Subprime won't cut lender's dividend

The shrinking value of subprime mortgage investments will eat further into Commerzbank's 2007 profits but the German bank still plans to raise its dividend, its designated chief executive said.

Owners rally to prop up WestLB

Owners of Germany's WestLB rallied to prop up the stricken state lender yesterday by shouldering what the bank said would be a 1 billion-euro loss in 2007 and writedowns just as big in the wake of the credit market crunch.

JC Flowers considers offer for insurer

US private equity firm JC Flowers said yesterday it is considering making an offer for Britain's Friends Provident, boosting the shares of the stricken insurer.

IN BRIEF (Page 17)

Global stocks, US futures bounce back

Global stocks advanced for the first time in three days after better-than-estimated sales from Alstom SA bolstered confidence in earnings. US index futures rose.