London/Frankfurt - Faced with a looming recession and rapidly falling inflation, Europe's leading central banks delivered hefty rate cuts Thursday as monetary authorities around the world stepped up efforts to trim the cost of money.

While the European Central Bank (ECB) meeting in Frankfurt lopped 50 basis points off its benchmark refinancing rate, the Bank of England meeting in London announced a more dramatic 150-basis-point reduction.

Frankfurt - Stocks plunged in Germany on Thursday amid tumbling factory orders and profit-taking following a cut in interest rates by the European Central Bank (ECB).

The blue chip DAX index slumped to 4,813 at the close, a drop of 6.8 per cent from the previous day.

All but one of the 30 companies listed on the index posted losses. Among the biggest losers were Deutsche Bank, down 12.8 per cent to 30.16 euros and Siemens, down 10 per cent to 40 euros.

Sporting goods manufacturer Adidas was off 9.6 per cent at 26.64 after withdrawing its forecast for 2009 because of the uncertain economic outlook.

Frankfurt - A record number of competing nations are expected at the alpine ski and Nordic ski world championships early next year, the international ski federation FIS said Thursday.

Athletes from 67 nations will be competing at the alpine ski world championships at the French resort of Val d'Isere between February 2 and 15.

The Nordic ski event at the Czech resort of Liberec between February 18 and March 1 has attracted competitors from 55 nations.

Frankfurt  - A correspondent for the German daily Frankfurter Allgemeine Zeitung (FAZ) has been taken captive by armed militiamen in the conflict region in the eastern part of the Democratic Republic of Congo, the newspaper confirmed Thursday.

The FAZ confirmed an earlier report in the Belgian daily Le Soir that correspondent Thomas Scheen, 43, had fallen into the hands of Mai-Mai militias.

Frankfurt - Tens of thousands of workers belonging to Germany's powerful engineering workers trade union IG Metall staged a sixth day of strikes Thursday for more pay.

Carmaker Ford, electrical and engineering giant Siemens and auto suppliers Bosch were among the dozens of firms targeted by token stoppages across the country.

The union has been stepping up its strikes each day to raise the pressure, but a strike in all plants at the same time has not begun yet.

"Employers can avert an all-out strike if they make us an offer" we can can discuss, IG Metall chairman Berthold Huber told a rally of 7,000 Ford workers in Cologne.