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US mortgage rate scheme may push on a string
The US Treasury thinks lowering interest rates on mortgages will help stabilise the country's spiralling housing market. It wants mortgage giants Fannie Mae and Freddie Mac to purchase loans sporting interest rates of 4.5pc about 1.5 percentage points lower than on recent mortgages. Cheaper financing may help spur some individuals who are on the fence about a purchase. But it seems likely that ongoing home price deflation and growing economic uncertainty will keep most on the sidelines for some time.
Asian market attempt rebound
Asian markets tried to rebound as investors set aside a wave of global layoffs and overnight losses on Wall Street where stocks failed to get a boost from interest rate cuts in Europe.
Japanese cities among most expensive in world
The global financial crisis has propelled Japanese cities into four of the top five places on a list of of the most expensive parts of the world for foreigners to live.
Big Three future hangs in balance
The fate of the "Big Three" car makers hung in the balance after US politicians appeared divided about the need for a bailout.
WorldCom's Ebbers seeks Bush pardon
Former WorldCom chief Bernie Ebbers is seeking a presidential pardon for his role in the 11bn fraud that brought down the company.
Interserve boosted by contract speculation
Interserve which maintains and builds hospitals and schools for government agencies was in focus yesterday amid talk that it is set to win a huge contract.
ECB cuts to 2.5pc and mulls "printing money"
The European Central Bank has slashed interest rates by threequarters of a point to 2.5pc in the boldest move since the launch of monetary union and hinted at revolutionary action to head off a severe slump next year as the economic crisis ravages the car steel and machine tool industries.
Bank has little option but to ready the printing presses
At times like this with central banks dropping interest rates to unprecedented levels it is tempting to say the textbooks are being dusted down for a hint about what to do next.
Banks to face new liquidity rules
Banks will be told by the City regulator how much liquidity they must hold under new rules which will come into force next year.
John Lewis sees effect of VAT cut
John Lewis the department store owner said trade has been "much stronger" over the past week with purchases of bigticket items boosted by the 2.5 percentagepoint cut in VAT announced in last week's preBudget report.
US retail sales fall ahead of Christmas
The American high street suffered its worst November in eight years as consumers tightened their belts in preparation for what could be a very lean Christmas holiday for retailers.