 | | | | | | | Newsletter | 19.10.2008, 16:15 UTC | | | Newsline | | | World news: international | | | | | | | | | News | | | | | Current Article | | | | US, EU to hold global financial summits
The United States and the European Union have agreed to organise a series of international summits on the global financial crisis. The decision was announced after US President George W. Bush met his French counterpart, Nicolas Sarkozy, and European Commission chief, Jose Manuel Barroso, at Camp David on Saturday. America is to host the first summit shortly after the US presidential election on November 4. The meeting is to focus on the "principles" of reforming the international financial system, and later summits are to examine specific steps. Sarkozy and Barroso are seeking greater regulation of the global financial sector in the wake of the worst financial crisis since the 1930s. |  | | S.Korea announces massive bank guarantees
South Korea has announced a massive package to shore up the country's banking industry. The government said it would guarantee banks' foreign-exchange debts to the tune of 100 billion dollars. It also said it would inject another 30 billion dollars into troubled banks, and other firms. South Korea's currency has taken a battering over investors' fears that the economy will be unable to find the dollars needed to repay foreign exchange debts. This is despite the fact that the country has the world's sixth largest foreign currency reserves. South Korea joins a growing list of countries which have pledged sweeping aid for banks due to the financial crisis. | | | Germany's BayernLB to seek government aid: report
A senior official of BayernLB, has said that the major German public sector bank is likely to seek help under the government's 500 billion euro rescue package. In a preview of an article to appear in the Monday edition of the Bild newspaper, Erwin Huber, who is also Bavaria's state finance minister, has been quoted as saying that the move is under serious consideration. The federal government's plan, which won parliament's approval on Friday, includes lending guarantees for banks, funds to recapitalize banks and, if necessary, buying up risky assets. Huber was quoted as saying that all three aspects were applicable in BayernLB's case. Representatives from private and public sector banks from all over Germany are reportedly set to discuss the government's rescue package on Monday.
| | | OPEC to slash production
The president of the Organisation of the Petroleum Exporting Countries, Chakib Khelil, says the oil cartel will decide to cut production at a meeting next Friday. The OPEC chief said the organisation should consider what he called a “substantial” cut, due to revised forecasts for demand, stemming from the fallout of the financial crisis. Khelil added that production could be slashed by up to 2 million barrels per day. At the beginning of September, the cartel set a daily production quota of just under 29 million barrels. The price of oil has plummeted in recent months. Last week, it dropped below 70 dollars a barrel, from a high of 147 dollars in June. OPEC brought forward a meeting scheduled for next month due to the rapid slump in price. | | | Demonstrators close Israel-Gaza crossing
Israeli demonstrators have blockaded one of the main crossing points into the Gaza strip. The protestors are seeking the release of Gilad Shalit, an Israeli reservist seized by Hamas militants over two years ago. Hamas is demanding the release of hundreds of Palestinian prisoners in return for Shalit. An Israeli military spokesperson said the the army hoped to reopen the Kerem Shalom crossing later in the day. Israel has sealed Gaza off to all but limited humanitarian aid since June 2007. | | | Taliban hijacked bus, dozens killed: Afghan police
Afghan police say Taliban militants hijacked a bus in the south of the country and killed as many as 40 passengers last week. The police chief of Kandahar province said that there were 50 passengers on board when the bus was ambushed in Maiwand district on Thursday. A Taliban spokesman said the bus was taking Afghan soldiers to the volatile province of Helmand as reinforcements and that they had killed 27 troops. Neither claim could be independently confirmed. Violence in the war-torn country has surged this year. Some estimates suggest upto 4,000 people have been killed this year, a third of them civilians. | | | SPD gets behind new leaders
The newly elected chairman of Germany's Social Democrats, Franz Müntefering, has welcomed the outcome of Saturday's party conference. Delegates confirmed Münteferring as the centre-left party's new chief, with 85 percent of the vote. The Foreign Minister and Vice-Chancellor, Frank Walter Steinmeier, was elected as the SPD's candidate for chancellor in next year's elections. The junior-party in the governing coalition hopes the new leadership duo will reverse its faltering popularity in the polls. | | | German Book Trade Peace Prize honours sculptor
The German Book Trade Peace Prize has been awarded to German Sculptor, Anselm Kiefer, in Frankfurt. The 63-year-old, who lives in France, is the first artist to be awarded the annual prize. Kiefer's anti-war art includes warplanes made of battered lead, a display of which is currently being exhibited in Denmark's Louisiana museum. The peace prize traditionally marks the culmination of the world's largest publishing convention, the Frankfurt Book Fair, which winds up this Sunday. | | | F1: Hamilton step closer to championship title
In Formula One motor racing, Britain's Lewis Hamilton has won the Chinese Grand Prix. The McLaren driver finished ahead of the two Ferrari racers, Felipe Massa from Brazil, and Kimi Raikkonen from Finland. Hamilton's victory brings him a step closer to the championship title. He has a seven point lead over Massa going into the final race of the season in Sao Paolo. | | | | | |  | | |  Up-to-date news at DW-WORLD.DE | | | | | | |  | | | Note
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US, EU Leaders Announce Global Finance Crisis Summits
