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...upward momentum that seemed to dominate in the afternoon came because of the coordinated action between the central banks of the U.S. - which cut its rate half a point to 1.5% - the E.U., the U.K., Canada, Sweden and Switzerland, which all also cut their key lending rates. The decision, which came ahead of the Federal Reserve's scheduled meeting October 28-29 to debate a rate cut, was on the heels of consecutive drops in major market indices around the world and the belief that, thanks to falling commodity prices, inflation is no longer the markets' major problem...

Author: /time Magazine | Title: The Down-Up-Down Day on Wall Street | 10/8/2008 | See Source »

...swarmed the streets around parliament in what they called their ultimate mission: stopping Somchai, who is Thaksin's brother-in-law, from delivering an inaugural policy address. Until a Prime Minister and his cabinet speak before the legislature, they cannot exercise their powers. No speech, no official government action...

Author: /time Magazine | Title: Thai Opposition Protests Heat Up | 10/7/2008 | See Source »

...Riot police fired tear gas at the protesters gathered near parliament, and medical staff later reported that more than 100 people were injured. This included two protesters who had parts of their legs blown off by what police said were exploding tear gas canisters. A police spokesman said the action was taken to clear a road to parliament for cabinet members to attend Somchai's speech later in the day. A few days earlier, the PAD's leadership had also taken a hit when two of its founders were arrested and charged with insurrection and inciting unrest. One of those...

Author: /time Magazine | Title: Thai Opposition Protests Heat Up | 10/7/2008 | See Source »

After the volleys of tear gas cleared, members of the PAD regrouped around parliament and Government House, still vowing to keep up their protests. But six weeks of an opposition siege have left many Thais weary of the prolonged anti-government action. The country's stock market continues to swoon, with the benchmark index down nearly 40% since the PAD began its protest movement in late May. At a time when the government should be focusing on insulating the country from the global financial crisis, it is instead dealing with a clutch of protesters who want to replace...

Author: /time Magazine | Title: Thai Opposition Protests Heat Up | 10/7/2008 | See Source »

...European governments can certainly talk the talk of coordination. Following a meeting with Italian Prime Minister Silvio Berlusconi in Berlin yesterday, German Chancellor Angela Merkel said, "We both agree that Europeans of course need to display a coherent course of action." President Nicolas Sarkozy of France, which currently holds the rotating E.U. presidency, read on television a common statement from all 27 members pledging to adopt "all necessary measures to protect the stability of the financial system...

Author: /time Magazine | Title: Europe Struggles for a Response to the Bank Crisis | 10/7/2008 | See Source »

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