The FT leads with the US Federal Reserve's decision to slash interest rates for the fourth time i...
The FT leads with the US Federal Reserve's decision to slash interest rates for the fourth time in four months yesterday - a move which, says the FT, signalled the central bank's intensifying concern about the rapid deterioration of the US economy.
The Fed's policy-making open market committee is said to have voted in an unscheduled session to cut its key policy instrument, the target for the federal funds rate charged on overnight loans between banks, by a half-point to 4.5 per cent.
The Bank of England's Monetary Policy Committee is reported to be considering another interest rate on the back of the US move, says the FT, to strengthen the UK economy.
NATIONWIDE, the UK's biggest building society, has fought off an attack from carpetbaggers after it emerged that the windfalls they might expect to receive as a result of demutualisation would have to be paid into a charitable foundation, according to the Times.
Andrew Muir, director of a financial recruitment company, gathered support from 2,000 other members of the society to try to force a conversion vote before Nationwide's annual meeting in July. However, the society said yesterday that the vote will not now go ahead.
And Sir Brian Pitman, chairman of Lloyds TSB Group, yesterday gave his valedictory address at Lloyds TSB's annual meeting in Edinburgh and promised that the bank would "continue to grow as a financial services company both organically and by acquisition", reports the Daily Telegraph.
Sir Brian, who yesterday retired from the position of chairman which he held for four years, described 2000 as a "successful year" in which the bank had made "two important acquisitions: Scottish Widows and Chartered Trust".
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