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Economy - International

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Daily Telegraph

Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signaling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the

News Link • Global Reported By Geoffrey Hayes
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Daily Telegraph

Vietnam is planning to cut its purchase of US Treasuries and other dollar bonds, raising fears that Asian central banks with control over two thirds of the worlds foreign reserves may soon join the flight from US assets.

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Ameinfo

Qatar's $50 billion sovereign wealth fund has trimmed its exposure to the dollar.

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AFP

Iran has slashed the use of the dollar in payment for its oil exports to 15 percent, an official said on Tuesday, amid growing pressure from arch-foe the US on its financial system. The vast majority of transactions for oil from OPEC's number tw

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MISH: Global Economic Analysis

Canadian companies were buying toxic US mortgage debt thinking it was marketable. $40-billion in ABCP is now frozen. A workout plan to convert short term debt to long term is failing. Uncertainty is spilling over into the rest of the credit market, d

News Link • Global Reported By Mike Shedlock
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MISH: Global Economic Analysis

Two German banks and one bank in the UK were knocked down by a credit crunch. The crunch in Europe continues as the ECB emergency lending fund which attracts a penal interest rate, was tapped for €3.9bn, the largest sum since October 2004. Beneath th

News Link • Global Reported By Mike Shedlock
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MSN

Satyajit Das is laughing. It appears I have said something very funny, but I have no idea what it was. My only clue is that the laugh sounds somewhat pitying. Das, who knows as much about global money flows as anyone in the world, stopped chuckling l

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London Times

Investors should brace themselves for a prolonged period of market turmoil, Henry Paulson, the US Treasury Secretary, said yesterday as he held emergency meetings with the Chancellor and the French Finance Minister.

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Telegraph

The public sector absorbs about 70 per cent of gross national product, making Iran's unreformed command economy almost as moribund as the old Soviet Union's. So the economy is Iran's key weakness. (And we are going to attack them?)

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BBC

Banking shares have been falling across Europe as savers continue to withdraw money from the troubled British bank Northern Rock. The firm's boss told the Independent newspaper that three unnamed Spanish banks had sought help from the

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Guardian

The chancellor of the exchequer, Alistair Darling, this evening promised that the government will guarantee all savings deposits at Northern Rock amid concern that Britain is plunging into its worst banking crisis in decades.

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BBC

World investment banks are set to reveal they have lost about $30bn from bad debts linked to the global credit crunch, a report says. Analysts are predicting the firms - many of which report quarterly results this week - will have to write-off 10%

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Global Economic Analysis

The Daily Mail is reporting "Savers demand their 1.5 billion pounds in cash" Police called in to calm crowds of anxious savers Under-siege cashiers dish out chocolates Beleaguered Northern Rock boss: "I'm so sorry"

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Daily Telegraph

The global credit crisis has hit our high streets again. Having seen mortgage rates rise this week, people were left standing in Depression-era queues waiting to get cash out of Northern Rock, now being shored up by the Bank of England. But the focu

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Bloomberg

China raised interest rates for the fifth time since March to curb the fastest inflation since 1996 and damp speculation in stocks and real estate. The benchmark one-year lending rate will increase to a nine-year high of 7.29 percent from 7.02 perce

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