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USA UK and Malta News
29/10/2008 - 18:55

UK Today Editoweb 29 october 2008

French billionaire to launch Polish bank - China cuts rates with Fed and others set to follow - Banks and commodities lift Europe stocks.



French billionaire to launch Polish bank

The Carlo Tassara investment group owned by French billionaire Romain Zaleski will launch a new bank in Poland next month backed with an investment of 450 million euros, Alior Bank said.

China cuts rates with Fed and others set to follow

China and Norway kicked off the latest round of global interest rate cuts, with the United States expected to follow later on Wednesday as policy-makers tried to soften the world's economic downturn.

Banks and commodities lift Europe stocks

European shares closed nearly 7 percent higher on Wednesday, led by banks and commodity stocks ahead of a U.S. interest rate decision widely expected to yield a cut.

Oil jumps 9 pct on stock market gains

Oil jumped nearly 9 percent to $68 a barrel on Wednesday as global markets rallied and the dollar fell.

Ukraine parliament passes bill to release IMF loan

Ukraine's parliament on Wednesday gave the green light to anti-crisis laws aimed at releasing a massive emergency loan from the International Monetary Fund, with final approval expected on Thursday.

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