Recent for 10/28/08

• UK Bans 'Preachers Of Hate' · Preachers of hate who have been banned from the UK will be refused entry to the country forever unless they make a public renunciation saying they no longer preach violent extremism. (London Times)
• Hungary Receives $25B Bailout Package · The International Monetary Fund, the European Union and World Bank agreed late Tuesday to extend a $25.1 billion economic rescue package to Hungary to alleviate stress in its financial markets.  The package is the first for an emerging market and EU-member country since the start of the global credit crisis. (FT)
• Keller: A New Breed of Sovereign Wealth Fund? [ANALYSIS] · Brett Keller of the Oxford International Review argues that French President Nicolas Sarkozy's latest proposal to establish a sovereign wealth fund to protect European industries from foreign acquisition represents an entirely new brand of economic isolationism. (Oxford International Review)
• Goldman, Morgan Stanley Hit By VW Exposure Rumors · Morgan Stanley and Goldman Sachs shares fell sharply Tuesday on speculation the Wall Street firms might have been short-squeezed by trades involving German automaker Volkswagen. Societe Generale's shares also fell amid loss rumors, but the banks denied exposure to the automaker. (Reuters)
• Brown: China, Gulf States Should Help IMF · U.K. Prime Minister Gordon Brown said Tuesday China and the Persian Gulf states should substantially increase their conributions to the International Monetary Fund 's $250 billion emergency reserve to help nations struggling with the financial crisis. (Bloomberg)
• Iceland Raises Key Interest Rate 6% In Surprise Move · Iceland's central bank unexpectedly raised its key benchmark interest rate to 18% on Tuesday, a sign it has abandoned inflation targeting, after securing a $2.1 billion loan from the International Monetary Fund. (Bloomberg)