Word: banke
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...spoke, the future for British banking was looking grim. Behemoths such as HBOS and the Royal Bank of Scotland group had seen their shares fall by 39% and 42% respectively on Tuesday, continuing a trend set at the beginning of the week as the FTSE 100 racked up its biggest fall in 21 years. Last month the government was forced to nationalize the mortgage lender Bradford & Bingley, and earlier this year it took over another debt-ridden bank, Northern Rock, guaranteeing the deposits of retail customers. Britain's protection scheme for private-sector banks guarantees deposits only...
...That response did come. The Federal Reserve said it would lower interest rates by 50 basis points along with five other central banks: the European Central Bank, the Bank of England and the Swiss, Canadian and Swedish banks. But the announcement arrived after Asian markets had closed, too late to put the brakes on a near free fall in Asian stocks that began on Monday. In Japan, the world's second-largest economy, the benchmark Nikkei index plummeted 9.4%, its biggest one-day drop since the global stock market crash of October 1987. Hong Kong's benchmark Hang Seng index...
Stocks continued to slide despite a spate of actions yesterday by Asian governments to stem financial volatility, boost economies and prop up markets. The People's Bank of China cut interest rates for the second time in three weeks, while reducing the reserve requirement ratio for most banks. The Hong Kong Monetary Authority, Hong Kong's de facto central bank, also reduced the interest rate at which it lends to banks by a full percentage point in an attempt to ease credit markets. In India, policymakers promised to continue to act to keep the financial sector functioning. "If need...
...eyes are now on the upcoming meeting of G-7 finance ministers and central bank chiefs scheduled for Friday in Washington. On Tuesday, Japan's Prime Minister, Taro Aso, urged industrialized countries to take further measures to shore up credit markets. "The impact would be substantial if the G-7 didn't send a clear message," he said. Meanwhile, as the crisis continues to deepen, Asia's frustration continues to mount. "Masters of the Universe have bitten the dust, the same dust that is now in the mouths of the rest of us," Nirupam Sen, India's permanent representative...
...number of Britons began moving their money to these apparently safer havens, but that's not what triggered the precipitous slide in bank shares on Oct. 6. Ironically, it was leaking news of the British government's still unfinished rescue plan that caused mayhem in the markets. The government is offering to help banks raise up to $88 billion of new capital, either by buying preference shares in the institutions or encouraging commercial sources to invest. Together with an extension of the Bank of England's special liquidity scheme, which will now make $350 billion available to banks in short...