Hungary has reached agreement with the International Monetary Fund and European Union on a broad economic rescue package, including substantial financing, to stabilize its economy rocked by the global financial crisis, the IMF said on Sunday. "A substantial financing package in support of these strong policies will be announced when the program is finalized in
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South Korea resorted to a record interest rate cut and Japan called an emergency meeting after shares hit a 26-year low as Asian governments scrambled to prevent stricken markets from sucking economies into a global slump. Australia's central bank said it had intervened to support its currency in another sign that policymakers are reaching beyond
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Barack Obama leads John McCain in five of eight crucial battleground states one week before the U.S. presidential election, with McCain ahead in two states and Florida dead even, according to a series of Reuters/Zogby polls released on Monday. Obama held steady with a 5-point lead over McCain among likely U.S. voters in a separate
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By Jim Loney (Reuters) At the height of Miami's condo construction boom, a stretch of South Dixie Highway south of the city was the place to be for a painter or drywaller looking for work or a contractor looking for workers. But those days are long gone, along with evaporating home values across Florida, and
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The Group of Seven rich nations tried to cool a rally in the yen with a warning against volatility on Monday as Tokyo scrambled to shield its largest banks from a spiralling global financial crisis. A brief G7 statement singled out the yen, fanning speculation of the first Bank of Japan currency intervention in four
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Japanese stocks tumbled to 26-year lows on Monday and most other Asian markets fell heavily in chaotic trade as investors feared a flurry of central bank moves would not be enough to stave off a global recession. Little that officials said could convince panicky investors that governments can stem the fast-spreading crisis that is menacing
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Crisis-hit Iceland agreed to begin formal negotiations with the International Monetary Fund (IMF) to request $2 billion in aid, Prime Minister Geir Haarde said on Friday. Iceland's financial system has all but collapsed and its economy is suffering badly after the country was forced to take over three of its biggest, debt-laden banks this month.
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By Steve Slater (Reuters) Banks exposed to emerging markets could need to cut dividends or raise capital as recessions in developed economies feed through to Asia and Latin America and leave no bank immune from strains on capital. HSBC and Santander, Europe's two biggest banks, felt the pain more than most. Other western banks have
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European shares fell to their lowest close since mid-2003 on Friday, with investors rattled by official data that showed that Europe's economy was plunging into a recession. The FTSEurofirst 300 index of top European shares fell 5.4 percent to close unofficially at 825.32 points, its lowest close since May 2003, and having sunk as low
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Cyprus shares ended 7% lower on Friday, joining their peers around the world in diving to record new lows as the plunge in share prices showed no signs of easing. The CSE Main/Parallel index ended at a fresh 3 year low of 1337.13, down 7% on the day on EUR 11.55 mln volume. Since the
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