Dollar slides against euro as German business confidence rises (AFP)
AFP - The dollar fell against the euro, primarily as the European currency benefitted from robust German business confidence figures, traders said.
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British PM Brown sets out plan for finance reform (AP)
2008.10.16By The Associated Press 11 minutes ago
British Prime Minister Gordon Brown on Wednesday set out his plan to reform the way the world's banks are governed, saying governments need to work together to stem the reckless and inappropriate lending that has destroyed confidence in financial markets.
He says the new global governance must deliver:
- a global early warning system so that future risks to global economic and financial stability are identified and mitigating actions taken early;
- globally accepted standards of supervision and regulation applied equally and consistently in all countries;
- effective cross-border supervision of global firms;
- mechanisms for cooperation and concerted action in a crisis.
He also calls for banks to be transparent about the risks they face and about the reality of their balance sheets. Management should be responsible for the risks they undertake, the plan says.
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EU compromises on airlines in carbon-trading scheme (AFP)
AFP - The European Commission has agreed to a compromise proposal over its plans to include the aviation industry in its carbon-trading scheme, the Financial Times reported.
AFP - The European Commission has agreed to a compromise proposal over its plans to include the aviation industry in its carbon-trading scheme, the Financial Times reported.
EU chides ECB critics, urges responsibility (AFP)
AFP - Using the euro or Europe in national political debates is "not very responsible and at times even dangerous," EU Economic and Monetary Affairs Commissioner Joaquin Almunia warned in an interview.
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European stocks untie after Asian, US losses (AFP)
AFP - Europe's main stock markets slid in early trading, as Asian stocks plunged amid the worst-ever drop in Bangkok and following losses by Wall Street overnight.
AFP - Europe's main stock markets slid in early trading, as Asian stocks plunged amid the worst-ever drop in Bangkok and following losses by Wall Street overnight.
British economy powers ahead in third quarter (AFP)
AFP - Britain's economy grew at its fastest annual pace for two years in the third quarter of 2006, official data showed, increasing expectations of another British rate hike soon, analysts said.
AFP - Britain's economy grew at its fastest annual pace for two years in the third quarter of 2006, official data showed, increasing expectations of another British rate hike soon, analysts said.
