HAND IN HAND: Five major central banks are teaming up as commercial banks curb lending even to other banks, raising concerns of repercussions for economic growth
The US Federal Reserve and four other central banks announced a joint initiative on Wednesday to ease a global credit squeeze by pumping money into the global banking system with a new system of loan auctions.

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Soaring fuel prices and slowing economic growth are likely to wipe out much of the airline industry's profits next year, despite steady increases in global demand for air travel, the International Air Transport Association, a leading trade group, said on Wednesday.

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RESTRUCTURING: The Basel-based firm, one of the world's largest drug manufacturers, expects a pre-tax charge for the cuts of US$450 million
Swiss drugmaker Novartis said yesterday it plans to cut 2,500 jobs in a restructuring program aimed at generating yearly cost savings of US$1.6 billion.

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The economic outlook for the Asia-Pacific region is the most uncertain it has been since the 1997 to 1998 financial crisis because of a possible spillover from the US subprime mortgage crisis, a regional think tank said yesterday.

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Beijing has agreed to allow foreign firms to issue yuan-denominated securities in China, the US said yesterday at the close of high-level trade talks.

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■ STEEL

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