The government has ruled out, any plans of privatize public sector banks of the country. It has advised to the Forum of Bank Unions (UFBU) to call off its proposed two day strike. The bank union has announced a two day strike on September 24 and 25 against the privatization of public sector banks. The center government said that it would hold 51 percent stakes in all government banks which would not affect their character. The union government hopes that the union would call off the strike for the overall interests of the people of country.

Manila - Developing Asia's economic growth is expected to slow down in the next two years due to high oil and food prices and an economic slump in industrial countries, a report by the Asian Development Bank (ADB) said Tuesday.

The Manila-based ADB said developing Asian economies will revert to moderate growth of 7.5 per cent in 2008 and 7.2 per cent in 2009 after posting their fastest growth of 9.0 per cent in 2007.

Washington - After the worst episode yet in a devastating, year-long credit crisis plaguing the United States, the question on some analysts' minds was whether the world's largest economy was in danger of losing its dominant grip on global finance.

New York  - Lehman Brothers Holdings Inc, the 158-year-old investment bank, has become the largest institution to fail in US history after a last-minute rescue fell apart over the weekend.

A legendary US institution, Lehman employs about 25,000 people and reported debts of more than 600 billion dollars as it filed for bankruptcy Monday in a Manhattan court.

Apart from its debts, Lehman was valued at about 637 billion dollars in its bankruptcy filing. Its share price plunged 95 per cent.

London  - Staff emplo

New York, Sept. 15 : Wall Street was in turmoil on Sunday as Merrill Lynch found shelter in a 44 billion dollar takeover by Bank of America and Lehman Brothers headed towards filing for bankruptcy.

BOFA’S bid for Merrill came as the world’s top banks appeared close to abandoning efforts to save Lehman and set out to build a firewall against further financial chaos with a 50 billion dollar liquidity pool to support other vulnerable institutions.