ITR - BUSH PROMISES AMERICA - BBC World News for InTouchRadio.net ITR-UK GLOBAL
President George W Bush has promised the American people the US government is working "aggressively" to restore stability to the economy.
Speaking from the White House, Mr Bush said recent market turmoil was being driven by "uncertainty and fear".
He spoke as world markets tumbled amid rising fears of a global recession, despite interest rate cuts and huge cash injections by central banks.
He also defended the recent $700bn (£409bn) rescue plan for Wall Street.
Mr Bush said the bail-out package was big enough but would take time to work.
He said: "We are a prosperous nation with immense resources and a wide range of tools at our disposal. We are using these tools aggressively."
Acknowledging mounting worry among people about their retirement and investment accounts, he pledg
ed: "We can solve this crisis, and we will."
He said the US was working "closely with our partners from around the world" to steady the panicking markets.
"Through these efforts, the world is sending an unmistakable signal. We're in this together and we'll come through this together," he said.
His statement came as finance ministers from the Group of Seven most industrialised nations - the US, Japan, Britain, Germany, France, Italy and Canada - gathered in Washington.
Talks will also be held at the International Monetary Fund (IMF) in the US capital.
Bush Promises America
Wall Street has lost more than a fifth of its value in the past 10 trading days and is heading for one of its biggest weekly falls since the Dow Jones index was created 112 years ago.
Some European markets regained ground after Wall Street opened on Friday, having registered big drops earlier in the day.
Shares in Asia closed down sharply, with Japan's main Nikkei index suffering its biggest fall in more than 20 years.
MARKET DATA - 16:58 UK
| FTSE 100 | 3947.78down | -366.02 | -8.48% |
| Dax | 4544.31down | -342.69 | -7.01% |
| Cac 40 | 3176.49down | -266.21 | -7.73% |
| Dow Jones | 8249.92down | -329.27 | -3.84% |
| Nasdaq | 1592.71down | -52.41 | -3.19% |
| BBC Global 30 | 4365.77down | -219.91 | -4.80% |
There have been suspensions in trading in at least seven countries: Russia, Austria, Iceland, Romania, Ukraine, Brazil and Indonesia.
The volatile trading continued despite moves on Wednesday by six of the main central banks to cut interest rates by half a percentage point.
BBC World News in conjunction with InTouchRadio.net ITR-UK/GLOBAL
For World Distribution
Labels: In Touch Radio Update
posted by InTouchRadio.Net at
16:45
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