Sao Paulo - Brazil's central bank on Wednesday evening cut its Selic benchmark interest rate for a third time to 10.25 per cent from 11.25 per cent, in an attempt to boost growth.

Wellington - New Zealand's central bank slashed its benchmark interest rate Thursday by half a per cent to 2.5 per cent, its seventh cut since July.

The so-called official cash rate (OCR) was already at its lowest mark since it was introduced in 1999 and Reserve Bank governor Alan Bollard signalled that he could keep it at or below the current level until late 2010.

"We consider it appropriate to provide further policy stimulus to the economy," he said. "The OCR could still move modestly lower over the coming quarters."

New York - At least six of the 19 largest US banks need more capital to remain healthy through the recession, according to leaked information from the two-month stress test carried out by the nation's bank regulators, Bloomberg financial news service reported Wednesday.

The infusions could come from extra cash injections from the government, but more likely from converting preferred shares to common equity, the report said, citing people close to the situation.

Singapore - The worst might be over for Singapore's economy, but a decisive rebound from recession is not in sight for 2009, the city-state's central bank said Wednesday. "With the current world economic downturn likely to be a prolonged one, Singapore's climb out of recession will be slow and gradual," the Monetary Authority said in a macroeconomic review.

The most intense phase of this downturn for Singapore might have already occurred, it said.

"Nonetheless, the domestic economy is not expected to stage a decisive rebound this year," the central bank said.

Munich - Europe's biggest insurer Allianz AG reported Wednesday a more-than-40-per-cent fall i