Seoul - South Korea's central bank on Monday announced its largest-ever rate cut, sinking its key rate by 0.75 percentage points to 4.25 per cent, as it seeks to stave off more dire repercussions from the global financial crisis.
The Bank of Korea said "a large cut in the base rate is called for in order to guard securely against the possibility of a sharp contraction of real economic activity against the backdrop of the large swings of the exchange rate and stock prices and the partial seizing-up of the credit markets."
Tokyo - Japanese Prime Minister Taro Aso on Monday ordered the government and the ruling parties to immediately implement measures to stabilize the stock market.
"Stock prices greatly influence the real economy," Aso said at a press conference. "In that sense, we have to consider various measures and implement them."
The government was expected to implement emergency measures such as a larger government fund to recapitalize ailing banks and help for employees to purchase stock in their companies, Aso said.
Tokyo - Seven of the world's leading industrialized countries expressed concern Monday over the yen's strength against other major currencies and pledged to cooperate in stabilizing the global financial system.
"We are concerned about the recent excessive volatility in the exchange rate of the yen and its possible adverse implications for economic and financial stability," said an emergency statement released by the Group of Seven (G7), which consists of Britain, Canada, France, Germany, Italy, Japan and the United States.
The statement was released on Japan's request, Japanese Finance Minister Shoichi Nakagawa said after the yen soared to a 13-year high against the dollar.
Seoul - South Korea's central bank on Monday announced its largest-ever rate cut, sinking its key rate by 0.75 percentage points to 4.25 per cent, as it seeks to stave off more dire repercussions from the global financial crisis.
The Bank of Korea said "a large cut in the base rate is called for in order to guard securely against the possibility of a sharp contraction of real economic activity against the backdrop of the large swings of the exchange rate and stock prices and the partial seizing-up of the credit markets."
New York - The US has always been proud of the fact that for decades its museums, theatres and concert halls have lived almost exclusively off private donations.
But the financial crisis has caused the winds to shift, which means some money sources could run dry.
Small cultural facilities now fear for their survival and the traditional establishments face an uncertain future.
Seoul - South Korea's central bank on Monday announced its largest-ever rate cut, sinking its key rate by 0.75 percentage points to 4.25 per cent, as it seeks to stave off more dire repercussions from the global financial crisis.
Tokyo - Japanese Prime Minister Taro Aso on Monday ordered the government and the ruling parties to immediately implement measures to stabilize the stock market.
Seoul - South Korea's central bank on Monday announced its largest-ever rate cut, sinking its key rate by 0.75 percentage points to 4.25 per cent, as it seeks to stave off more dire repercussions from the global financial crisis.
