Washington - Federal Reserve board members believe the US economy will contract between now and mid-2009, and suggested more interest rate cuts could be necessary, according to the minutes of the central bank's October meeting that were released on Wednesday.
The minutes made no mention of a recession, though two straight contracting quarters is typically defined as a recession. The world's largest economy contracted by 0.3 per cent in the third quarter, according to an initial government estimate.
Bangkok - In one of the first blows to be felt from the "Hamburger Crisis" in Thailand, General Motors Thursday announced plans to close its Thailand plant for two months, paying employees 75 per cent of their wages.
Washington - Chief executives from the United States' iconic Big Three automakers faced a skeptical audience this week as they took their plea for a 25-billion-dollar bail-out to US lawmakers.
Washington - US central bank officials believe the US economy will contract between now and mid-2009 and suggested more interest rate cuts could be necessary, according to the minutes of the Federal Reserve's October meeting that were released on Wednesday.
Berlin - The global financial crisis could present the international community with the chance to lay aside the recent tensions that have emerged with Russia, World Bank chief Robert Zoellick said in a speech delivered in Berlin Wednesday.
