ECB Drops Rates to Historic Low
The European Central Bank (ECB) has lowered its benchmark lending rate to 1.5 percent from 2.0 percent – a record low since the Eurozone was created in 1999. More
Bank of England Lowers Interest Rates to 0.5%
The Bank of England has completed its sixth straight interest rate cut since last October reducing the bank rate to a new low of 0.5 percent. The Bank also intends to use quantitative easing to expand the amount of money in the country’s money system by £75bn ($105.5 billion USD). More
China Releases Details of Economic Stimulus Plan
China’s Premier Wen Jiabao addressed the National People’s Congress to provide details on the $585 billion stimulus plan to spur the country’s economy. Describing the upcoming year as “difficult” the Premier said that the plan sets a growth target of 8 percent for the year together with goals to boost consumer spending. More
GM Discusses Possible Filing of Chapter 11 Protection
Auditors for General Motors Corp, said today that there is “substantial doubt” that the company can continue operations and may be forced to file for bankruptcy protection if it cannot successfully implement a restructuring plan while maintaining operations. More
