The European Central Bank was forced today to wade into the eurozone's money markets and inject €94.8 billion of funds to stabilise overnight interest rates after a new bout of credit jitters saw these spike upwards, the Times reports.
In a highly unusual move, the ECB stepped in to offer banks immediate and unlimited access to short-term cash at its main 4 per cent lending rate after overnight money market interest rates suddenly leapt to 4.7 per cent, their highest since October 2001, in the turbulent aftermath of September 11 terrorist attacks on the US.
LONDON'S BLUE CHIP SHARES opened more than 100 points lower this morning, taking the FTSE 100 index below the 6,200 level for the first time since March, amid mounting fears over the US sub-prime lending market, the Times reports.
The FTSE 100 index was trading down 129 points just minutes into the session, marking a 500 point fall from its recent peak, and back to the level it traded at in January. At 9.20am the index had recovered some ground, trading down 91.2 points at 6,180.
A DEBT MANAGEMENT COMPANY claims people should not be allowed to apply for credit cards until they are 21, the Daily Record reports.
Debtmatters wants the government to raise the age people are eligible for credit from 18, claiming at such a young age they are only just earning money and are financially vulnerable.
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Record numbers of people aged 90 plus
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