LONDON/BEIJING (Reuters) - Western governments and central banks faced demands for coordinated action on Tuesday after Australia responded to the escalating global financial crisis by cutting its interest rates sharply.
HONG KONG (Reuters) - Asian stocks outside Japan rose for the first time in four days on Tuesday while the yen and government bond prices fell after a surprisingly large interest rate cut by Australia's central bank raised hopes that other policymakers would follow suit.
SEOUL (Reuters) - South Korea's president played down talk of a currency crisis similar to one that nearly broke the economy 10 years ago, seeking to assure investors even as the won slumped to a 7-1/2-year low on fears global financial turmoil might drag down the country's banks.
NEW YORK (Reuters) - Bank of America Corp, citing "recessionary conditions," on Monday halved its dividend and said it would sell at least $10 billion in new common stock to bolster its capital to offset rising loan losses.
LONDON (Reuters) - Oil rose by $3 a barrel on Tuesday after a surprisingly large interest rate cut by Australia's central bank sparked hopes that other policymakers would follow suit to stem the credit crisis.
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