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USA UK and Malta News
01/11/2008 - 18:42

UK Today Editoweb 1 november 2008

Iraq slashes 2009 budget in wake of oil price plunge - Brown starts Gulf tour in bid to calm economic storm - India's central bank cuts key rates, cites 'unsettled' conditions.



Iraq slashes 2009 budget in wake of oil price plunge

Iraq on Saturday said the falling global oil price has forced Baghdad to cut its 2009 budget to 67 billion dollars at a time when the country, owner of the world's third largest oil reserves, craves funds to develop its dilapidated infrastructure.

Brown starts Gulf tour in bid to calm economic storm

British Prime Minister Gordon Brown arrived in Saudi Arabia Saturday seeking financial support to calm the world economic storm, as Germany and the United States faced up to more bad news.

India's central bank cuts key rates, cites 'unsettled' conditions

India's central bank unexpectedly cut its key lending rate for the second time in two weeks Saturday and took other steps to spur economic growth and counter fallout from the global financial crisis.

British ministers in talks with financier over possible rival bid for HBOS

British ministers will hold talks with a leading Scottish businessman over a possible rival bid for mortgage lender HBOS, which has been hit hard by the subprime crisis, the government confirmed Saturday.

China and India wary of taint of crisis

Two powerhouse emerging market countries in Asia felt the sting of the global financial crisis on Saturday as India cut its main short-term lending rate and China said it was bracing for a slowdown.

News from Yahoo News

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