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Wikinews Shorts: November 25, 2008

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A compilation of brief news reports for Tuesday, November 25, 2008.

Contents

  • 1 US Fed announces a US$800 billion stimulus package
  • 2 French Socialist Party declares Martine Aubry as winner
  • 3 US government to back $306 billion in Citigroup loans
  • 4 53 die in Zimbabwe after cholera outbreak
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The Federal Reserve is to inject US$800 billion into the United States economy in an effort to stabilise the financial system.

Henry Paulson, US Secretary of the Treasury, said that the stimulus package is intended to make more lending available to consumers. Approximately $600 billion of the package is to be used to buy up mortgage-backed securities, while the rest is aimed at unfreezing the consumer credit market.

US President-elect Barack Obama said that budget reform was “imperative” with the economy in its current state, saying that “it’s not an option. It’s a necessity.”

Sources

Martine Aubry has been declared the new leader of the French Socialist Party. The declaration was delayed after Martine Aubry’s rival, Ségolène Royal, made accusations of voting irregularities. A party investigation was prompted.

However, the national council of the party ratified last week’s vote, stating that Aubry’s winning margin had increased from 42 votes to 102.

Sources

The United States government has decided to rescue Citigroup, agreeing to shoulder possibly hundreds of billions in losses at the stricken bank and to inject $20 billion into the company.

Regulators hope that the bold move will bolster shaken confidence in Citigroup, as well as the nation’s financial system.

Wall Street reacted positively to the move, with the Dow Jones Industrial Average gaining over 300 points in early trading on Tuesday, and Citigroup shares rising 61.3% to $6.08 early in the day. British and German stock markets also rose higher.

Sources

The United Nations says that a cholera outbreak has killed 53 people in Zimbabwe on Monday.

According to the UN Office for the Coordination of Humanitarian Affairs (OCHA), the fatalities brought the total since August to 366. Yesterday’s report increased the number of recorded cases from last year’s report by 1,604 to 8,887.

Sources

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This page is archived, and is no longer publicly editable.

Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.