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USA UK and Malta News
16/10/2008 - 19:37

UK Today Editoweb 16 october 2008

Crisis caused by banks that forgot basics: Santander boss - US opens probe into Washington Mutual collapse - Swiss government props up UBS with lifeline worth 60 bln dollars.



Crisis caused by banks that forgot basics: Santander boss

The international financial crisis was ignited by banks that were blinded by a favourable environment and forgot the "fundamentals" of banking, the director of Spain's biggest bank, Santander, said Thursday.

US opens probe into Washington Mutual collapse

US authorities have opened a wide-ranging probe into the collapse of Washington Mutual, the giant thrift that became one of the largest to fail as a result of the housing and credit crisis.

Swiss government props up UBS with lifeline worth 60 bln dollars

Switzerland leapt to the rescue of once-mighty bank UBS with a 60-billion-dollar lifeline on Thursday and Credit Suisse got help from Qatar, as the government admitted that renowned Swiss banking has been hurt by the global financial crisis.

Brown Demands Petrol Price Cut

Gordon Brown has called on garages to stop ignoring falling oil prices and start charging motorists a fair price for filling their tanks.

FTSE At Its Lowest In Five Years

The FTSE 100 has fallen by over 5% as traders on the London market reacted to fears of a global recession.

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