Al-Khereiji: Collective action in combating terrorism is a must for achieving stability and prosperity    SFDA Chief visits premier biotechnology and medical firms in China    Saudi Awwal Bank becomes the Kingdom's first bank obtaining ISO certification for quality management system in operations    2- month jail and SR40000 in fine for woman citizen convicted of commercial cover-up    10 cooperation agreements signed during Saudi-Turkish Business Forum in Istanbul    Saudi Arabia's non-oil revenues grow 6% in 9 months while Q3 budget posts SR30 billion deficit    Spanish flood rescuers focus search on underground car parks    Quincy Jones, titan of US music, dies aged 91    Slavery reparations not about transfer of cash, says UK's Lammy    Pro-EU leader claims Moldova victory despite alleged Russian meddling    Domestic violence should not be taboo subject, says Queen Camilla    Enhancing zakat, tax, and customs compliance takes center stage at the Zakat, Tax, and Customs Conference 2024    Neymar expected to join Al Hilal squad for AFC clash against Esteghlal, says coach Jesus    Al Qadsiah secure 2-0 victory over Al Ettifaq in first Eastern Derby since 2021    Riyad Mahrez admits he's no longer the dribbler he once was    Al-Ahli coach Jaissle understands fans' frustration, vows to improve team's performance    MBC Group announces sale of Istedamah's 54% stake to Public Investment Fund for SR7.4 billion    Hidden sugars in Asia's baby food spark concerns    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    Teri Garr, Young Frankenstein and Tootsie star, dies at 79    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Scramble to avert more mayhem today
Published in The Saudi Gazette on 13 - 10 - 2008

The world's financial system was near meltdown, the IMF warned as European leaders meeting in Paris on Sunday detailed measures for a coordinated financial rescue package before markets open on Monday morning.
The Sunday Times newspaper said Britain will launch its biggest retail bank rescue on Monday when the four largest, HBOS, Royal Bank of Scotland, Lloyds TSB and Barclays, ask for a combined 35 billion pound ($60.5 billion) lifeline.
Meanwhile, Australia, New Zealand and the United Arab Emirates became the latest countries to guarantee all deposits in domestic banks. Japan and South Korea agreed to push ahead with plans for a foreign exchange pool to be used in the event of an Asian financial crisis, reports said.
The International Monetary Fund said it backed a Group of Seven plan to try to stabilize markets and urged “exceptional vigilance, coordination and readiness to take bold action” to contain a firestorm that pushed global stocks to five-year lows on Friday.
European leaders were discussing on Sunday how to restore credit availability, with a British initiative to guarantee lending between banks as one of the topics. French President Nicolas Sarkozy and German Chancellor Angela Merkel, meeting in France, said they had “prepared a certain number of decisions” to present at the European summit on Sunday to try to restore normal flows in blocked credit markets. France's Economy Minister, Christine Lagarde, said the gathering would go beyond talking about remedies to “put meat, muscles on the bones of that skeleton and to develop, follow up and execute upon it.”
In an interview with the Observer newspaper, British Prime Minister Gordon Brown said he will try to broker a Europe-wide bail-out of banks modelled on Britain's intervention, warning that the “stakes could not be higher” for jobs, mortgages and the future of the economy, the paper said.
The Sunday Times said the scale of the fund-raising could lead to trading at the London Stock Exchange being suspended to give the market time to digest the impact.
The United States appealed for patience but the IMF said time was short after the Group of Seven industrialized nations failed to agree on concrete measures to end the crisis at a meeting on Friday. “Intensifying solvency concerns about a number of the largest US-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown,” IMF chief Dominique Strauss-Kahn said. Strauss-Kahn later expressed hope that government actions will prove powerful enough to persuade banks to resume lending and bring an end to a spreading credit crunch. “In the coming days ... what I expect is that the reaction by the different institutions will be positive enough to unfreeze the different markets and to restore the necessary funding,” he said at a news conference.
The G7 met on Friday and then joined key emerging-market nations for a meeting of the Group of 20 on Saturday. Emerging economies including China, Brazil, India and South Africa now are feeling the impact of the market slump.
US President George W. Bush made a surprise appearance at the G20 where he acknowledged the market disruption originated in US mortgage markets but warned everyone must help to resolve it. “It doesn't matter if you're a rich country or a poor country, a developed country or a developing country -- we're all in this together. We must work collaboratively,” he said.


Clic here to read the story from its source.