Berlin - German Chancellor Angela Merkel called Tuesday for early reforms of world financial markets as she met with a panel of German experts who have been appointed to draw up proposals.
Reykjavik - Iceland's central bank on Tuesday said it would hike its key interest rate from 12 to 18 per cent, after cutting the rates in mid-October.
The central bank, or Sedlabanki, had cut the rates from 15.5 per cent to 12 per cent on October 15.
Cash-strapped Iceland on Friday said it had signed a deal with the International Monetary Fund (IMF) for a 2.1-billion-dollar emergency loan to help stabilize Iceland's economy.
The IMF board has yet to approve the agreement.
Iceland has been hit by the global credit crunch that has seen the collapse of its three largest commercial banks.
Brussels - The European Commission on Tuesday approved Germany's 470-billion-euro (588-billion-dollar) financial rescue package after finding that it does not violate European Union treaty rules.
"The package constitutes an adequate means to remedy a serious disturbance in the German economy while avoiding undue distortions of competition," the bloc's executive arm said in a statement.
In approving the package, officials in Brussels noted that the German measures do not discriminate against foreign banks, they are limited in time and scope, and they foresee "adequate safeguards to minimize distortions of competition."
Wellington - The New Zealand dollar was trading at a five- year low of about 54.5 US cents on Tuesday, as stock markets and commodity prices continued to fall around the world amid fears of a global recession.
The kiwi dollar has now fallen by 33 per cent against the US greenback this year, Radio New Zealand reported.
Robin Clements, an economist with the Swiss investment bank UBS, was quoted in Wellington's Dominion Post as saying the kiwi was likely to continue falling as the central bank's benchmark interest rate comes down.
Helsinki - Nordic nations on Monday promised to review cash- strapped Iceland's need for additional loans, and were to form a working group that would monitor Reykjavik's efforts to revive its economy.
Swedish Prime Minister Fredrik Reinfeldt, current chair of the Nordic Council, said the Nordic group welcomed the deal Iceland signed on Friday with the International Monetary Fund (IMF) for a 2.1-billion-dollar emergency loan from the IMF to help stabilize Iceland's economy.
Wellington - The New Zealand dollar was trading at a five- year low of about 54.5 US cents on Tuesday, as stock markets and commodity prices continued to fall around the world amid fears of a global recession.
Helsinki - Nordic nations on Monday promised to review cash- strapped Iceland's need for additional loans, and were to form a working group that would monitor Reykjavik's efforts to revive its economy.
