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Business News

Bank of Korea slashes interest rate

Oct. 27, 2008
South Korea's central bank slashed its key interest rate Monday by three-quarters of a percentage point -- its biggest cut ever -- to prevent Asia's fourth-largest economy from lurching into recession.
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Brown urges banks to cut mortgage costs

Brown urges banks to cut mortgage costs

LONDON, Dec. 5 (UPI) -- Banks overcharging borrowers on mortgages should cut back the rates immediately, British Prime Minister Gordon Brown said Friday.

Two European banks cut interest rates

LONDON, Dec. 4 (UPI) -- Central banks in Britain and Sweden cut their key interest rates to 2 percent Thursday to provide liquidity to financial markets.

Mortgage rates drop again

WASHINGTON, Dec. 4 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages fell dramatically during the week, the Federal Home Loan Mortgage Corp. said Thursday.

Europe expects rate cuts, more bad news

LONDON, Dec. 3 (UPI) -- European financial markets were braced for large interest rate cuts across the continent in the wake of more bad economic news.

Bank of Japan moves to free up lending

TOKYO, Dec. 2 (UPI) -- The Bank of Japan said Tuesday it would initiate a series of steps to pump $32 billion into the economy.
Bernanke says rate cuts are 'feasible'

Bernanke says rate cuts are 'feasible'

AUSTIN, Texas, Dec. 1 (UPI) -- U.S. Federal Reserve Chairman Ben Bernanke said Monday that further reductions in the current lending rate are possible.
U.S. mortgage rates mixed in week

U.S. mortgage rates mixed in week

WASHINGTON, Nov. 26 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages fell for the fourth straight week, the Federal Home Loan Mortgage Corp. said Wednesday.

Mortgage applications rise in week

WASHINGTON, Nov. 26 (UPI) -- The volume of applications for U.S. mortgages increased last week, rising by a seasonally adjusted 1.5 percent, an industry group said.

Mortgage rates fall for 3rd straight week

WASHINGTON, Nov. 20 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages fell for the third consecutive week, the Federal Home Loan Mortgage Corp. said Thursday.

Mortgage applications drop in week

WASHINGTON, Nov. 19 (UPI) -- The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 6.2 percent, an industry group said.

U.S. mortgage rates fall for second week

WASHINGTON, Nov. 13 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages declined slightly in the last week, the Federal Home Loan Mortgage Corp. said Thursday.

Britain prodded reluctant banks on rates

LONDON, Nov. 9 (UPI) -- British bankers had to be strong-armed by Chancellor Alistair Darling into passing along a Bank of England interest rate cut to consumers, sources say.

British banks to lower interest rates

LONDON, Nov. 7 (UPI) -- British banks began falling in line Friday to pass on a portion of the Bank of England's interest rate cut to their customers.

ECB rate cut falls short, France says

PARIS, Nov. 7 (UPI) -- French Finance Minister Christine Lagarde said the European Central Bank's lending rate cut this week wasn't good enough.

Mortgage applications fell in week

WASHINGTON, Nov. 5 (UPI) -- The volume of applications for U.S. mortgages declined last week, falling by a seasonally adjusted 20.3 percent, an industry group said.
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French Open tennis in Paris
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Russian Maria Sharapova signs autographs after winning her French Open womens first round match against Romanian Alexandra Cadantu at Roland Garros in Paris on May 29, 2012. Sharapova defeated Cadantu 6-0, 6-0 to advance to the next round. UPI/David Silpa