FINANCIAL CRISIS / Partial nationalisation of bank mooted
G7 put forth rescue panchsheel United States and six other nations that are among the world's richest agreed, on Friday, to a coordinated plan to rescue the financial industry, but fell short of offering concrete steps to backstop bank lending.
General Motors & Chrysler talking merger In a deal that could reshape the auto industry globally, American giant General Motors (GM) is in preliminary talks with rival Chrysler to explore the possibility of a merger.
BANKING / System is quite sound
Deposits are safe, says RBI Assuring depositors that their money was safe in banks, Reserve Bank of India Governor D Subbarao, on Saturday, said the RBI was geared to inject more liquidity into the countrys financial system and that there was no cause for anxiety.
CRISIS TO HIT INDIAN IT The current financial crisis may cast a pale of gloom over the country's IT sector, as 15-18 per cent business of the Indian outsourcing companies from banking, insurance, and the financial sectors has now become uncertain, a senior RBI official said.
FE kitty falls by $7.9 b India's foreign exchange reserves dipped by US$7.87 billion to US$283.941 billion for the week ended October 3 from US$291.819 billion in the previous week.
From left: French Finance Minister Christine Lagarde, French Central Bank Governor Christian Noyer, German Finance Minister Peer Steinbrueck, German Central Bank Chairman Axel Weber, and US Treasury Secretary Henry Paulson during the G7 Finance Ministers & Central Bank Governors in Washington. - AP
