US treasury sells bail-out bonds

US Treasury says the bonds are needed to manage rising debt levels

The United States government plans to sell bonds worth $55bn (£34bn) next week in an effort to finance its bank rescue programme.

In a first $25bn auction on Monday, the Treasury Department will launch a new type of bond, which will reach maturity after three years.

The rest of the amount will be raised later next week through the sale of traditional 10-year and 30-year bonds.

US bonds earn a fixed rate of interest every six months until maturity.

US treasury sells bail-out bonds

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Face-to-face with DR Congo rebel chief

Laurent Nkunda claims to be protecting his Tutsi community from attacks

High above sea level, nestling on the stunningly beautiful Massisi Plateau of eastern Congo, lies the village of Kerolewe.

The dirt roads leading the way, lined with eucalyptus trees, are cut out of black volcanic earth.

It is a place of soaring hills and verdant green pastureland, often covered in mountain mists.

It is also just a few kilometres from the headquarters of one of the country's most feared rebel leaders, General Laurent Nkunda, whose recent military offensive in the region has displaced a quarter of a million people.

I reached Kerolewe by crossing the front line between government troops and rebels, which in this area lies just outside the town of Sake, 25km (15 miles) west of Goma.

Here, the government forces have a checkpoint just 2km away from the first rebel position.

Face-to-face with DR Congo rebel chief

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Pakistani currency dealers held

Munaf Kalia is at the centre of a nationwide investigation

Two directors of a Pakistani currency company have been remanded in custody over allegations that they illegally transferred millions of dollars abroad.

The two directors of Khanani and Kalia International (KKI), one of the biggest foreign exchange companies, were arrested on Saturday.

Their company's license to trade has also been suspended for a month and its offices have been searched.

Pakistan's economy is in crisis and the IMF is preparing a rescue package.

Pakistani currency dealers held

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IMF approves $16.4bn Ukraine loan

Ukraine's economic outlook has worsened

The International Monetary Fund (IMF) has approved a $16.4bn (£10.3bn) loan to Ukraine to bolster its economy, shaken by global financial turmoil.

The financial body said it would make $4.5bn immediately available as part of the two-year package.

The plan includes "monetary and exchange rate policy shifts, banking recapitalisation and fiscal and incomes policy adjustments".

The IMF has agreed loans to several nations to restore their economies.

http://news.bbc.co.uk/2/hi/business/7712387.stm

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Emerging economies want new role

The G20 says there must be a global solution to current problems

World finance chiefs are looking to increase the role of emerging nations, as part of reforms to tackle the current crisis.

Finance ministers and central bank presidents from the world's 20 major economies have been meeting at a G20 summit in Sao Paulo in Brazil.

World Bank President Robert Zoellick said countries see the need for better coordination towards economic issues.

"All of us know it's a meeting at a time of historic challenge," he said.

" Emerging economies want new role

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Stocks surge after China stimulus

Japan saw one of Monday's biggest early bounces

Asian markets have risen sharply, a day after China announced a huge investment plan to kick-start its slowing economy.

Stocks leapt in Japan, China and Hong Kong, buoyed by China's efforts to sustain its growth rates, on which many Asian economies depend.

About $586bn (£370bn) is to go into housing, infrastructure and post-earthquake reconstruction in China over the next two years.

Correspondents say the package is a response to falling growth and exports.

Stocks surge after China stimulus

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Obama meets Bush at White House

President Bush welcomes Barack Obama to the White House

US President-elect Barack Obama has held his first meeting with incumbent George W Bush since his last week's decisive election victory.

Both sides described the White House talks, which lasted just under two hours, as friendly and productive.

Few details were revealed as to their content but Iraq, the financial crisis and the issue of a smooth transition had all been expected to come up.

Meanwhile, reports suggest Mr Obama is set to tackle the Guantanamo Bay issue.

http://news.bbc.co.uk/2/hi/americas/us_elections_2008/7720137.stm

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Tax cuts can help economy - Brown

Gordon Brown wants to maintain the initiative on the economy

Gordon Brown has fuelled talk of possible tax cuts by saying they could help to support consumer spending.

In a speech in London, Mr Brown referred to planned tax cuts in the US and Germany, saying countries must "work together" to tackle the downturn.

Earlier, the PM said he was looking "at everything" that could help the economy and would announce details within days.

David Cameron says the Tories will announce "tax changes to encourage businesses to take on workers".

Tax cuts can help economy - Brown

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