News & Current Affairs

October 7, 2008

The loss of your credit card

Filed under: Business News — expressyoureself @ 3:10 pm

Student credit card offers many other advantages that provides quick access to credit and liquidity. The card allows students to get rewards or cash back on their spending. They are allowed to build your own credit history and prepare to assume their responsibilities individually. If you are a student or a dropout, students credit card offers immediate financial assistance.

With this type of credit card, you can look ahead with the loan application credit with any lending institution. You can buy a car or rent a house as necessary. As introductory offer, the credit card arrives at 0 percent interest.

It is not necessary to pay for the use of the card initially for six months. The interest rate is applicable only when you make a purchase through your credit card. With so many benefits, all at the cost of a credit card, you must take care of it, so it is not lost or stolen or misplaced.

What if the card is lost?

First, do not worry if you lose your credit card student. To prevent someone from using it in an unauthorized fashion, follow the steps listed below:

To inform the credit card company immediately. Inform the company in writing about the loss, clearly mention the date and time when he lost the card. Under federal law, if you report the loss immediately before someone else uses it, the risk of loss is only $ 50 for the credit card. If promptly inform the authority about the loss, May you have to pay more. Therefore, act quickly, when you lose a student credit card.

To inform the card issuer to time, you are not liable if unauthorized transactions were made through the card. After a period of, say 60 days, the thief May empty your account balance. Could one day be discovered declaration on the credit card issuer asking to clear the full amount of other sanctions.

Stay in touch with the company credit, to exclude any other option for them. Made constant phone calls from this report the loss of credit card and send email reminders to show their concern about the loss.

Keep an eye on the account that you hold with the credit loan. Since that report the loss of the card, checking account regularly. If you have online access to the account, go through it and keep a copy of the latest update. Preserving revenue for the purchase, if bought by credit card before you’re lost or stolen.

Be patient:

Look around your place of residence. There are possibilities that the search of the card is in all corners of the house. If you do not find it, I know the authorities of the loss of both take steps to disable the card.

pay off debt | get out of debt

October 4, 2008

Blast outside Basque region court

Blast outside Basque region court

Map

A bomb has exploded outside a court in Spain’s north-eastern Basque region, after a warning from Eta, the armed separatist group, Spanish media report.

The small blast went off at 0115 (0015 BST) in the town of Tolosa and no injuries were reported.

The device was reportedly left in a rucksack on the steps of the court.

The attacks come at a time of increased turbulence in Basque politics after Spanish courts banned two Basque parties over their links to Eta.

Spanish public television station TVE said a man claiming to represent ETA called the Basque traffic department to warn of an imminent blast about half an hour before the explosion.

Eta’s four-decade campaign to set up an independent state straddling northern Spain and south-western France has led to more than 800 deaths.

The group resumed its campaign of violence in December 2006, following the failure of secret dialogue with Spain’s Socialist government.

Last month, eight people were arrested after a series of car bombs in northern Spain which killed a Spanish army officer and injured several others.

Send us your comments

OJ Simpson convicted of robbery

OJ Simpson convicted of robbery

OJ Simpson has been found guilty on 12 charges of armed robbery, conspiracy to kidnap and assault with a deadly weapon by a court in the US city of Las Vegas.

The former US football star and actor was accused of robbing two sports memorabilia dealers a year ago.

The armed robbery charges carry a mandatory jail sentence, and kidnapping carries a possible life term.

Simpson, 61, who denied the charges, was acquitted of murder in 1995 in what was dubbed “the trial of the century”.

CHARGES AGAINST OJ SIMPSON
Conspiracy to commit a crime: guilty
Conspiracy to kidnap: guilty
Two counts of first degree kidnapping: guilty
Burglary in possession of a deadly weapon: guilty
Two counts of armed robbery: guilty
Two counts of assault with a deadly weapon: guilty
Two counts of coercion with use of a deadly weapon: guilty

The charges in the latest trial centred on an incident in the Palace Station hotel in Las Vegas in September 2007.

Simpson was accused – and convicted – of kidnapping two sports memorabilia dealers and holding them in the hotel.

The former National Football League running back seized the pair in an attempt to reclaim items in their possession related to his sporting career, which Simpson claimed still belonged to him.

Handcuffed

Asked by reporters on his way into court for the latest verdict, which was read late on Friday night local time, Simpson said he was prepared for the judgement.

“You gotta be ready,” the former Buffalo Bills star running back told journalists.

OJ Simpson in 2006

Inside the court both Simpson and his accomplice, Clarence Steward, were found guilty on all charges by the Las Vegas jury.

Simpson blew out his cheeks and nodded as the verdicts were read out.

He was then led away with his hands cuffed by police. He will be sentenced in December.

The judge refused to grant him bail pending sentencing.

In his previous trial, Simpson was accused of murdering his former wife Nicole Brown Simpson and her friend Ronald Goldman in 1994.

The not-guilty verdict came 13 years to the day before his conviction in Las Vegas, and shocked many in America.

Mr Simpson was later found liable for the deaths in a civil case and ordered to pay $33.5m (£19m) to Mr Goldman’s family.

October 3, 2008

Rowling ‘makes £5 every second’

Rowling ‘makes £5 every second’

JK Rowling

JK Rowling has sold more than 400 million copies of her books worldwide

JK Rowling is the world’s highest-earning author, making more than £5 every second over the past year, US business magazine Forbes has announced.

The Harry Potter writer, who made a total of $300m (£170m) last year, wrote the first of her best-selling books about the boy wizard in 1997.

Her income was six times more than literature’s next-biggest earner, James Patterson, of Along Came A Spider fame.

The magazine described her work as “a children’s literary sensation”.

Potter franchise

A Forbes spokesman said: “It was wizardry that transformed JK Rowling from a destitute single mother on welfare into a best-selling billionaire.

TOP 10 BEST-PAID AUTHORS
1. JK Rowling – $300m (£170m)
2. James Patterson – $50m (£28m)
3. Stephen King – $45m (£25m)
4. Tom Clancy – $35m (£20m)
5. Danielle Steel – $30m (£17m)
6. John Grisham – $25m (£14m)
6. Dean Koontz – $25m (£14m)
8. Ken Follett – $20m (£11m)
9. Janet Evanovich – $17m (£10m)
10. Nicholas Sparks – $16m (£9m)
Source: Forbes magazine

“Over on the big screen, her Potter franchise has already generated $4.5bn (£2.5bn) at the worldwide box office – and she still has three more flicks to come.”

Since the first book, Harry Potter and the Philosopher’s Stone, was published, the series has taken the world by storm.

The books have sold more than 400 million copies and been translated into 67 languages.

The final instalment of the series, Deathly Hallows, has sold 44 million copies since it came out last summer – including 15 million in the first 24 hours, the magazine said.

Elsewhere on the list was horror author Stephen King in third place, followed by Tom Clancy, best known for his 1984 novel The Hunt for Red October.

At number five was Danielle Steel, with John Grisham and Dean Koontz equal in sixth place.

Best-selling author of Pillars of the Earth, Ken Follett, was in eighth place, while Janet Evanovich, the writer behind the Stephanie Plum novels, was at number nine.

US writer Nicholas Sparks rounded off the top 10.

Biden and Palin debate

Biden and Palin debate

The two US vice-presidential candidates have traded blows on the financial crisis, climate change and foreign policy in their only TV debate.

Democrat Joe Biden sought to link Republican presidential candidate John McCain to the policies of President Bush, saying he was “no maverick”.

Republican Sarah Palin defended herself against claims of inexperience and said the McCain ticket would bring change.

Voter polls suggested Mr Biden had won but Mrs Palin did better than expected.

The debate at Washington University in St Louis, Missouri, was seen as particularly crucial for Mrs Palin, whose poll ratings have fallen.

Mrs Palin played to her strengths and her image as a mother in touch with ordinary Americans.

For the most part she spoke fluently but simply about the economy, climate change and the war in Iraq, our correspondent says, and there were few of the stumbling gaffes that have become the staple of late-night comedy shows.

Two polls conducted after the debate, by US networks CNN and CBS News, judged Mr Biden the winner. However, the CNN poll found a large majority thought Mrs Palin had done better than expected.

‘Hockey moms’

Asked by moderator Gwen Ifill who was at fault for the current problems with the US banking system, Mrs Palin blamed predatory lenders and “greed and corruption” on Wall Street.

It would be a travesty if we were to quit now in Iraq
Sarah Palin
Republican VP nominee

Senator McCain would “put partisanship aside” to help resolve the crisis, she said, and had raised the alarm over mortgage giants Fannie Mae and Freddie Mac long ago.

She said “Joe six-packs and hockey moms across the country” – referring to middle-class voters – needed to say “never again” to Wall Street chiefs.

Mrs Palin also accused Democratic presidential candidate Barack Obama of seeking to raise taxes but Mr Biden rejected that claim.

He said the economic crisis was evidence that the policies of the past eight years had been “the worst we’ve ever had” and accused Mr McCain of being “out of touch” on the economy.

Senator Obama’s plan to raise taxes on households earning over $250,000 was “fairness”, Mr Biden said, unlike Mr McCain’s proposals for more tax breaks for big companies.

‘Dead wrong’

On foreign policy, Mrs Palin accused Mr Obama of refusing to acknowledge that the “surge” strategy of extra troops in Iraq had worked.

He’s not been a maverick on virtually anything that people talk about around the kitchen table
Joe Biden
Democratic VP nominee

“It would be a travesty if we were to quit now in Iraq,” she said, describing Mr Obama’s plan to withdraw combat troops a “white flag of surrender”.

Mr Biden countered by saying Mr McCain had been “dead wrong” on Iraq and had yet to present a plan to end the conflict.

He said the US was wasting $10bn a month in Iraq while ignoring the real front line in the fight against terrorism, Afghanistan.

In turn, Mrs Palin said Mr Obama was naive for saying he was willing to talk directly to the leaders of Iran, North Korea and Cuba. “That is beyond bad judgment. That is dangerous,” she said.

The pair also sparred on the issue of climate change.

Mrs Palin, governor of energy-rich Alaska, said human activities were a factor in climate change but that climatic cycles were also an element. She urged US energy independence as part of the answer.

Key words used most frequently by Joe Biden in the debate

Mr Biden pointed to climate change as one of the major points on which the two campaigns differed, saying: “If you don’t understand what the cause is, it’s virtually impossible to come up with a solution.”

He said he and Mr Obama backed “clean-coal” technology and accused Mr McCain of having voted against funding for alternative energy projects and seeing only one solution: “Drill, drill, drill.”

While Mrs Palin described her party’s candidate as “the consummate maverick”, her rival argued that Mr McCain had followed the Bush administration’s policies on important issues such as Iraq.

“He’s not been a maverick on virtually anything that people talk about around the kitchen table,” Mr Biden said.

Overall, commentators highlighted Mrs Palin’s frequent use of a “folksy” style, for example using expressions like “doggone it” and telling her opponent: “Aw, say it ain’t so, Joe.”

They also noted how Mr Biden appeared emotional as he talked about raising his two young sons alone after a car crash killed his first wife.

Poll shift

According to a Pew Research Center poll, two-thirds of voters planned to follow the debate, far more than in 2004.

McCain and running mate Sarah Palin at Republican convention in St Paul on 4 September 2008

Sarah Palin was a huge hit at the Republican convention last month

A new poll by the Washington Post suggests that 60% of voters now see Mrs Palin as lacking the experience to be an effective president.

One-third say they are less likely to vote for Senator McCain, as a result.

Independent voters, who are not affiliated to either political party, have the most sceptical views of the 44-year-old Alaska governor.

Another poll, for CBS News, gives Senator Barack Obama 49% to 40% for Mr McCain.

It is the latest in a series of opinion polls that have shown a significant shift in the direction of Mr Obama since the economic crisis began.

Mrs Palin, whose fiery speech at last month’s Republican convention inspired Christian conservatives, produces unusually strong feelings – both positive and negative – among voters.

Key words used most frequently by Sarah Palin in the debate

Although Mrs Palin has succeeded in mobilising conservative Republicans, her key challenge is to appeal to the swing voters who could determine who will win the battleground states, analysts say.

In particular, she needs to win over the “Wal-Mart moms” – white, working-class married women.

A recent poll of customers of discount giant Wal-Mart suggested that Mr McCain was slightly ahead with this group in Ohio and Florida, while Mr Obama was leading in Virginia and Colorado.

Meanwhile, the McCain campaign is scaling back its operations in another swing state, Michigan, effectively conceding the advantage to Mr Obama there.

Remains found in Fossett’s plane

Remains found in Fossett’s plane

US investigators say they have found what they believe may be human remains amid the wreckage of adventurer Steve Fossett’s plane in eastern California.

The remains, although minimal, are said to be enough to provide a DNA sample for identification testing.

The 63-year-old millionaire disappeared a year ago while on a solo flight from a ranch in neighboring Nevada.

His plane was finally located on Wednesday after a hiker handed items belonging to Mr Fossett to police.

‘Bone fragment’

The wreckage was found during a subsequent aerial search of a remote stretch of the Sierra Nevada mountains west of the town of Mammoth Lakes, at an altitude of around 10,000ft (3,048m).

A ground team flown into the area by helicopter later confirmed the identity of the plane, a single-engine Bellanca Super Decathlon, which officials said seemed to have struck the mountainside head-on.

“It was a hard-impact crash, and he would’ve died instantly,” said Jeff Page, emergency management co-ordinator for Lyon County, Nevada, who assisted in the search.

Most of the fuselage had disintegrated, with engine parts scattered over a debris field stretching about 150ft (46m) by 400ft (122m).

Search teams combing the site found more personal effects and what they described as a bone fragment, measuring 2 inches (5cm) by 1.5 inches (2.5cm).

SOME OF FOSSETT’S RECORDS
Steve Fossett climbs out of his cockpit after his record-breaking flight around the world in 2005
1998/2002: Long-distance for solo ballooning
2001/2002: Duration for solo ballooning
2002: First solo round-the-world balloon flight
First balloon crossings of Asia, Africa, Europe, South America, South Atlantic, South Pacific, Indian Oceans
Seven fastest speed sailing titles
13 World Sailing Speed Record Council titles
2001: Fastest transatlantic sailing
2004: Fastest round-the-world sailing
Round-the-world titles for medium airplanes
US transcontinental titles for non-military aircraft

“We found human remains, but there’s very little,” said Mark Rosenker, acting chairman of the National Transportation Safety Board. “Given the length of time the wreckage has been out there, it’s not surprising there’s not very much.”

DNA tests would be performed on the material on a lab in California, he said.

Earlier, Madera County Sheriff John Anderson confirmed the find but injected a note of caution. “We don’t know if it’s human. It certainly could be,” he said.

Officials now plan to remove the wreckage of the plane for reassembly and examination, and search for further human remains. But snow is expected over the weekend, which could potentially hamper the investigation.

Steve Fossett became the first person to circle the globe solo in a balloon in 2002 and had about 100 other world records to his name.

He vanished in September 2007 after taking off from a Nevada ranch for a solo flight.

For more than a year there was no trace of him, despite an intensive search.

But on Monday the hiker found identification documents belonging to him in undergrowth about 0.25 miles (0.4km) from the crash site, triggering an aerial search of a new area.

“The uncertainty surrounding my husband’s death over this past year has created a very difficult situation for me,” Mr Fossett’s widow, Peggy, said in a statement. “I hope now to be able to bring to closure a very painful chapter in my life.

“I prefer to think about Steve’s life rather than his death and celebrate his many extraordinary accomplishments.”

British entrepreneur Sir Richard Branson also paid tribute to his friend and fellow adventurer.

“He led an extraordinary, absolutely remarkable life, and now we can remember him for what he was and move on,” he said.

Map

House set for fresh bail-out vote

House set for fresh bail-out vote

Pedestrians outside the New York Stock Exchange on Wall St (02/10/2008)

President Bush has said the bill is the best chance of rescuing the economy

The US House of Representatives is preparing to vote on a $700bn (£380bn) plan to rescue the US financial sector.

Party leaders are hoping the House, which stunned global markets by rejecting the initial plan, will follow the Senate and back a new version.

The House began debating the deal on Friday morning and is expected to vote later in the day.

The Senate bill added about $100bn in new tax breaks in the hope of gaining more support from House Republicans.

The New York stock exchange opened shortly after the debate began and the Dow Jones Industrial Average jumped more than 100 points in early trading.

But earlier in Japan, shares fell to a three-year low. The Nikkei index closed down more than 1.9%, its lowest level since May 2005.

In Europe, shares were relatively flat. In early afternoon trading the UK’s FTSE 100 was down just 18 points, France’s Cac 40 was down nine and Germany’s Dax up seven.

The financial volatility continued on Friday as US bank Wells Fargo announced it would buy troubled rival Wachovia in a $15.1bn (£8.5bn) deal.

The US also reported its biggest monthly job loss in more than five years.

Bush plea

In Washington, House Speaker Nancy Pelosi, a Democrat, has said no vote will be scheduled until the party feels it will pass.

NEW MEASURES IN BAIL-OUT BILL
Increased protection for saving deposits
Increased child tax credits
More aid for hurricane victims
Tax breaks for renewable energy
Higher starting limits to alternative minimum tax

“We’re not going to take a bill to the floor that doesn’t have the votes. I’m optimistic that we will take a bill to the floor,” she said.

When the House first rejected the plan on Monday – by 228 votes to 205 – legislators had concerns about both the content of the plan and the speed with which they were being asked to pass it.

President George W Bush has since urged the House to back his revised bill.

The package is aimed at buying up the bad debts of failing institutions on Wall Street.

Both the Democratic and Republican parties are pressing their members in the House to swing behind the revised bill and party leaders expect it to pass.

This thing, this issue, has gone way beyond New York and Wall Street
President George W Bush

Some members have called for more amendments, which opens up the prospect of further horse-trading up to the point at which votes are cast.

Pressure will particularly be applied to the 133 House Republicans who went against party affiliation to reject President Bush’s bill, correspondents say.

Tennessee Republican Zach Wamp, one of those who voted against the bill on Monday, said he would now vote in favor of the measure despite ordinary Americans remaining “as mad as heck” at the situation on Wall Street.

“You have got to do what you think is right. I thought the right thing Monday was to vote no. And I think the right thing to do tomorrow is to vote yes.”

The bill successfully passed through the Senate on Wednesday after it was amended to raise the government’s guarantee on savings from $100,000 to $250,000.

It also now includes tax breaks to help small businesses, expand the child tax credit and extend help to victims of recent hurricanes.

Most importantly, it extends the tax break aimed at boosting the provision of alternative energy such as wind farms.

It also includes a number of so-called “pork-barrel” measures including tax cuts for rum manufacturers in Puerto Rico and the owners of racetracks.

The additional cost of these unrelated tax breaks – which could add $100bn to the bill – have worried some fiscally conservative Democrats in the House of Representatives.

October 2, 2008

Toyota eyes European growth

Toyota eyes European growth

Toyota Avensis

The launch of the Avensis was a low-key affair

Given its significance, the Monday night preview of Toyota’s new Avensis was a remarkably low-key affair.

A few dozen journalists and company executives witnessed the car’s unveiling at the event at the Pavillon Gabriel in Paris.

Tadashi Arashima, president and chief executive of Toyota Motor Europe, started out by bemoaning the “current business situation”.

By the time he got around to talk about the Avensis – a model that is not only designed for and built by Europeans but also kick-starts a frantic launch period as Toyota aims to bring 18 new models to market by the end of 2009 – any celebratory mood had been replaced by earnest concern.

However, Toyota’s new models will include a few attention-grabbing cars. These include the next generation Prius, which will have its global premiere at the Detroit motor show in January, and Paris premieres of the iQ mini-car and the Urban Cruiser.

We expect to grow our market share month by month in 2009
Tadashi Arashima, chief executive, Toyota Motor Europe

“We have a lot of new products that are meeting the current market conditions,” says Mr Arashima, pointing to how cars developed to meet stricter emission regulations in Europe are also delivering the fuel economy currently demanded by frugal consumers.

So does this mean the Japanese carmaker is set to take advantage of the economic downturn by boosting its market share in Europe?

When BBC News posed the question during a pre-launch briefing, Mr Arashima responded with a modest smile.

“Maybe by accident,” he said. “We didn’t really expect the market to go down so quickly.”

Bouncing back

In Toyota’s case, sales have slipped 15% so far this year in Western Europe, though a 25% rise in sales in Russia helped to compensate for the slump.

Nevertheless, its European market share has shrunk to 5.3% during the year to date, down from 5.6% a year ago.

Mr Arashima acknowledges that in 2008 it will be “tricky” to match the sales seen in 2007, when Toyota hit its 11th consecutive sales record in Europe.

However, he insists the tables will turn come the New Year.

“I am fully convinced there is no better time for our new line-up to hit Europe,” Mr Arashima says.

“We expect to grow our market share month by month in 2009.”

Shrinking markets

Globally, Toyota hopes to add 200,000 sales to its books during 2009, to 9.7 million cars and other vehicles.

Western Europe is definitely going to go down
Thierry Dombreval, chief operating officer, Toyota Motor Europe

That would be no mean feat at a time when pretty much all its rivals are cutting back.

In Western Europe, total car sales by the industry as a whole are set to fall 10% in 2009, according to Toyota’s own internal forecast.

“Western Europe is definitely going to go down,” Thierry Dombreval, executive vice president and chief operating officer of Toyota Motor Europe, told journalists during a briefing.

“Spain is now down 32% in September, and the UK is very fragile.”

In Russia, Europe’s fastest-growing market, growth is set to slow to 5% next year, from some 25-30% growth so far this year, Mr Dombreval added.

This latest prediction is much lower than Toyota’s previous forecast of 15% sales growth in the Russian car market during 2009.

Long-term growth

Toyota’s optimism is not limited to its growth in market share in 2009. Over time, regardless of whether or not the current economic downturn is lengthy or not, the company predicts that global demand for cars will grow fast.

“Cars are indispensable anywhere in the world for people to move, and the current financial situation does not change that,” says Mitsuo Kinoshita, executive vice president, Toyota.

World’s heaviest man set to marry

World’s heaviest man set to marry

The world’s heaviest man says he is to marry his girlfriend later this month after losing nearly half his original body weight.

Mexican Manuel Uribe said he and Claudia Solis would wed in his home town of Monterrey on 26 October.

The 43-year-old entered the Guinness Book of Records in 2006 after tipping the scales at 560kg (88 stones).

Manuel, who has lost around 250kg (39 stones), said he would be steering clear of the wedding cake.

He would have just one bite for the cameras, but no more, he was quoted as saying.

“It will be a hefty wedding, on a large scale, but with a low-calorie banquet,” he told the AFP news agency.

Proud fiance

Manuel Uribe has attributed his weight loss to the love and encouragement he has received from Claudia, whom he has known for four years. The couple have been engaged for two years.

He is currently only able to leave his house by being towed through the streets on his specially-made bed – and dreams of being able to walk again.

Manuel has been following something called the Zone Diet – eating carbohydrates, proteins and fats in a ratio of 40:30:30, supervised by a team of scientists and nutritionists.

However, some experts warn that not enough is known about the long-term effects of diets high in proteins.

Claudia is nevertheless proud of the progress her husband-to-be has made.

“Sometimes he is sad and cries because he cannot get off his bed,” she told the BBC in July.

“But he is an example for other obese people to move forward. As he says: ‘If I can, you can’.”

US markets wary over rescue deal

US markets wary over rescue deal

Wall Street trader

The markets remain nervous

US shares have fallen sharply with investors cautious over whether the House of Representatives will back the revised bank rescue plan.

The House is due to discuss the scheme later, with a vote expected on Friday. The bill successfully passed through the US Senate on Wednesday.

On Wall Street, the Dow Jones index was down 263 points or 2.4% at 10,571, a slide dragging European shares lower.

The falls came as France said it would host a summit on the financial crisis.

The UK’s FTSE 100 closed was down 1.8% to 4,870.3 points while Germany’s Dax index shed 2.5% and France’s Cac 40 lost 2.3%.

Sentiment was further hit by glum economic data – showing that the number of people filing for new unemployment benefit claims rose to a seven-year high, while factory orders had seen a steeper-than-expected drop in August.

European talks

The office of French President Nicolas Sarkozy said the special meeting on Saturday would discuss a co-ordinated response to the financial turmoil amongst European members of the G8 ahead of a meeting of world finance leaders in Washington next week.

UK Prime Minister Gordon Brown is due to attend, together with German Chancellor Angela Merkel, Italian Prime Minister Silvio Berlusconi and European Central Bank President Jean-Claude Trichet.

Investors are still concerned about the efficiency of this rescue plan and how it can help the global economy
Aric Au, Phillip Securities

But with just two days to go before the talks start, EU members are deeply divided, correspondent said.

France and Holland favor a European response to help banks hit by the credit crisis while Germany and Luxembourg believe a joint rescue plan is not necessary.

European leaders have denied speculation that they wanted to establish a unified 300bn euro ($418.4bn; £236bn) banking rescue deal along the same lines as the US plan.

The rescue idea was said to be being proposed by France, but Mr Sarkozy insisted that there were no such plans.

“I deny both the amount and the principle [of such a plan],” he said.

‘Essential’

In the US, a number of changes had to be made to the $700bn (£380bn) bail-out plan in order to help win approval in the Senate.

These include raising the government’s guarantee on savings from $100,000 to $250,000, tax breaks to help small businesses, expansion of child tax credit, and help for victims of recent hurricanes.

President George W Bush said that the package was “essential to the financial security of every American”.

However, economists said doubts remained about how effective the package would be.

“Investors are still concerned about the efficiency of this rescue plan and how it can help the global economy,” said Aric Au of Phillip Securities in Hong Kong.

McCain and Obama

US presidential hopefuls John McCain and Barack Obama, who both returned from the campaign trail for last night’s Senate debate, voted in favor of the rescue plan.

Senate majority leader Harry Reid, a Democrat, said he was happy with the result and praised both presidential candidates for voting.

“I think it shows that when we work together we can accomplish good things,” he said.

Mitch McConnell, leader of Republican senators, was also in jubilant mood.

“This was a measure that was much needed, to unfreeze the credit markets and get America’s economy working again,” he said.

« Newer PostsOlder Posts »

Create a free website or blog at WordPress.com.