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Daily Post

Daily Post, October 09, 2008

Business

Central Banks Get Their Act Together ; Noontime Move to Kick-Start the Global Economy Back Into Life

IN A DAY that will go down in history as unprecedented, central banks and government's around the world yesterday acted in concert to reduce interest rates while the British Government stumped up pounds 400bn in a bid to rescue the banking system and the nation's economy from collapse. In a remarkable act of international co-ordination, the Bank of England cut UK rates by 0.5% while central banks throughout Europe, the United States and even China moved to stimulate the global economy.

London Market

AN EMERGENCY 0.5% rate cut on top of the Government's pounds 50bn banking bail out failed to stop the FTSE 100 Index from sliding more than 5% during a volatile session. The blue-chip index fell 238.5 points to 4366.7 - its lowest level since August 2004 - as fears the economy is heading for a major recession outweighed any boost from policymakers.

Wall St

Bank Chiefs Say They're Grateful for Help - but Some Refuse Financial Assistance From Government

BANK chiefs lined up to welcome the Government's historic rescue package today - but some said they were already strong enough not to need taxpayer help. The massive financial commitment makes pounds 50bn available to prop up balance sheets through preference shares and around pounds 350 billion in lending guarantees.

Stock Market Plunges by 5% ; Pounds 50bn Bail-Out Fails to Halt Fall

THE FTSE 100 Index plunged more than 5% yesterday as recession fears took hold, despite a pounds 50bn banking bail-out and a shock interest rate cut. The fall wiped pounds 57bn from blue-chip stocks and sent the top- flight index crashing to 4366.7 - its lowest close since August 2004.

Slide in Uk Competition Ranking

THE UK has dropped from ninth to 12th place in the annual global ranking of economic competitiveness published yesterday. As recently as 2006, the UK was ranked second in the survey for the World Economic Forum, which identified the "significant and increasing" Government budget deficit as a key factor behind its slump in the ratings.