Economy

BOE Considered Bigger Rate Reduction When It Lowered Borrowing Costs to 3% Bank of England policy makers considered an even bigger reduction in the benchmark interest rate than the 1.5 percentage-point cut announced on Nov. 6 as their forecasts pointed to a deepening recession.

India Has Scope to Cut Rates as Growth, Inflation Slow, Chidambaram Says India's central bank has scope to cut borrowing costs further as growth slows and inflation approaches a level ``we can live with,'' Finance Minister Palaniappan Chidambaram said.

Russia Suffers Plummeting Reserves in Defense of Ruble as Growth Declines Russia's foreign-exchange reserves are draining fast and may take almost a decade of economic stability with them.

ECB's Ordonez Forecasts `Enormous' Decline in Euro-Region Inflation Rate European Central Bank council member Miguel Angel Fernandez Ordonez forecast an ``enormous'' drop in euro-region inflation.

Europe Construction Output Declines the Most in Nine Months, Led by Spain European construction output declined the most this year in September, led by countries including Spain where a real-estate boom has collapsed.

Bernanke's Cash Injections Risk Eclipse of Fed's Benchmark Interest Rate The Federal Reserve's efforts to rescue the U.S. from financial collapse risks the eclipse of the central bank's benchmark interest rate as the most important signal of monetary policy.

Spain Consumption Shrinks as Economy Heads Into First Recession Since 1993 Spanish household spending fell in the third quarter as the global credit crunch combined with the collapse of a domestic housing boom to edge Spain toward its first recession in 15 years.

ECB's Trichet Says World Suffering Worst Financial Crisis of Postwar Era European Central Bank President Jean-Claude Trichet said the world is experiencing its worst financial crisis since the aftermath of World War II.

Australia Risks Talking Itself Into a Recession, Says RBA Governor Stevens Australia risks talking itself into a recession even though the central bank has scope to cut interest rates and federal and state governments have the capacity to boost spending by borrowing, bank Governor Glenn Stevens said.

India Economy Buffered by Rural Roads as Hindustan Unilever Shares Benefit The 100 kilometers (62 miles) of rural roads India is adding each day may save Asia's third- largest economy from the worst of a global recession.

U.S. Producer Prices Fell the Most on Record in October: Table of the Day Following is a summary of the Oct. producer price report from the Labor Department.

Fed Watch

Bernanke's Cash Injections Risk Eclipse of Fed's Benchmark Interest Rate The Federal Reserve's efforts to rescue the U.S. from financial collapse risks the eclipse of the central bank's benchmark interest rate as the most important signal of monetary policy.

Obama Embrace of Wall Street Insiders Points to Politic Regulatory Reforms During the height of the financial crisis in late September, some of Barack Obama's campaign advisers pushed him in a conference call to distance himself from Treasury Secretary Henry Paulson. The former Goldman Sachs Group Inc. chief executive officer, they warned, was too close to President George W. Bush and Wall Street.

Rubin's Failure to Curb Swaps Dims Chances Obama Will Rein In Wall Street During the height of the financial crisis in late September, some of Barack Obama’s campaign advisers pushed him in a conference call to distance himself from Treasury Secretary Henry Paulson. The former Goldman Sachs Group Inc. chief executive officer, they warned, was too close to President George W. Bush and Wall Street.

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