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UK India Markets
Title:
SD
Summary: Analyst on markets, PM Brown comments from India
Story No: 551352
Source: AP TELEVISION
Aspect Ratio: 4:3
Date: 01/21/2008 04:25 PM
People: Gordon Brown, Manmohan Singh, George Bush
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SHOTLIST:

London

1. Wide of London financial district Canary Wharf

2. Mid of Canary Wharf, HSBC and Citi Group skyscrapers with storm clouds passing

3. Pan from sign to entrance of Barclays Stockbrokers building

++INTERIOR

4. Set-up of Henk Potts walking through hallway

5. SOUNDBITE: (English) Henk Potts, equity strategist, Barclays Stockbrokers:

"Well we know the markets been under pressure under the course of the last couple of weeks, but what we've been seeing today is massive selling pressure coming through. Right across the European markets. For example the FTSE down more than 4 and a half per cent today. So a big sell off coming through. We're seeing a lot of pressure coming through in the mining sector, in the financial sector, and the retail sector as well. I think investors still remain very nervous that we could be looking not only at a significant economic slow down, but there's that dreaded word recession in investors minds as well. And I think that's what's spooking them as well. And that's why we're seeing this broadway sell off during the course of the session today."

++EXTERIOR

6. Wide exterior of Barclays building

New Delhi

++INTERIOR

7. SOUNDBITE: (English) Gordon Brown, British prime minister:

"The global financial turbulence that we are seeing is affecting every continent and I think its important to say that countries like India and Britain are determined to do everything in our power to maintain the stability of our economies and we believe that we've put in place the right measures, keeping inflation and interest rates as low as possible so that we can withstand what is something that has affected all global financial markets in every continent of the world."

London

++EXTERIOR

8. Mid of Canary Wharf building

9. Wide of Canary Wharf building with other buildings

STORYLINE:

UK and Indian stock markets plunged on Monday following declines on Wall Street last week amid investor pessimism over the US President George W. Bush's stimulus plan to prevent a recession.

At one point the market was down five per cent on the day.

European stocks plummeted in a global market rout on concerns the US might be headed for recession, with analysts saying investors are now faced with the prospect of a bear market and should be braced for more downside.

The Dow Jones Stoxx 600 Index plunged 5.7% to 308.83. It now stands about 18% down on the beginning of 2008 and about 30% off its bull market high of 400.99, struck on July 13, 2007.

A 20% pullback from a market peak is a common definition of a bear market.

In terms of national markets, the UK's FTSE 100 slumped 5.5% to 5578.20, while Germany's DAX Index plunged 7.2% to 6790.19. France's

CAC-40 Index fell 6.8% to 4744.15.

The drops followed losses in Asian markets and were continued in Canada and Brazil; US markets were closed for the holiday commemorating civil rights leader Martin Luther King.

Markets have been facing mounting pressures from signals that the recent credit crisis could send the US the world's biggest economy, into recession.

Henk Potts of Barclays Stockbrokers said that "massive" amounts of selling had been taking place.

"Well we know the markets been under pressure under the course of the last couple of weeks, but what we've been seeing today is massive selling pressure coming through," Potts to AP Television.

"I think investors still remain very nervous that we could be looking not only at a significant economic slow down, but there's that dreaded word recession in investors minds as well. And I think that's what's spooking them as well. And that's why we're seeing this broadway sell off during the course of the session today," he added.

Asian markets were also hit hard.

India's benchmark stock index tumbled 7.4 percent, while Hong Kong's blue-chip Hang Seng index plummeted 5.5 percent to 23 thousand 818.86, its biggest percentage drop since the 11 September 2001 attacks.

The 30-company benchmark index of the Bombay Stock Exchange, the Sensex, fell 1 thousand 353 points to close at 17 thousand 605.35 points.

On the rival National Stock Exchange, the 50-share S&P Nifty index fell 496.5 points, or 8.7 percent, to 5 thousand 208.80.

The decline hit companies across the board, with power utility Reliance Energy Ltd. the worst hit, falling 16.4 percent to 1 thousand 776 rupees.

Engineering and construction giant Larsen & Toubro Ltd., was down 6.1 percent to 3 thousand 690 rupees (94 US dollars). Tata Consultancy Services Ltd. slipped 7.6 percent to 836 rupees (21 US dollars) and Infosys Technologies Ltd. was off 5.8 percent at 1 thousand 173 rupees (21 US dollars).

During a visit to New Delhi aimed at strengthening trade and economic ties with the emerging superpower, British prime minister Gordon Brown, sought to calm investors' nerves.

"The global financial turbulence that we are seeing is affecting every continent and I think its important to say that countries like India and Britain are determined to do everything in our power to maintain the stability of our economies and we believe that we've put in place the right measures." Brown said at a news conference attended by his Indian counterpart Prime Minister Manmohan Singh.

Brown is visiting New Delhi with a large delegation of British business leaders after spending two days in China, on his first trip to Asia as prime minister.

His whirlwind tour has focused on expanding trade and investment and on cooperation in controlling climate change.

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Subjects: Investing, Stock markets, Corporate capital, Corporate stock, Banking, Credit and Investment Services, Economic growth, Financial Services, Business, Financial markets, Economy, Stock price movements, Corporate news, Stock performance, Stock indices and averages
People: Gordon Brown, Manmohan Singh, George Bush
Locations: India
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UK Markets
Title:
SD
Summary: PM on crisis, papers, reax to efforts to curb short selling
Story No: 578971
Source: POOL, AP TELEVISION
Aspect Ratio: 4:3
Date: 09/19/2008 04:52 PM
People: Gordon Brown, Lado Gurgenidze, Nicolas Sarkozy
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SHOTLIST

AP Television

1. Various newspaper headlines

Pool

2. British Prime Minister Gordon Brown and Georgian Prime Minister Lado Gurgenidze walk into room and shake hands

3.SOUNDBITE (English) Gordon Brown, British Prime Minister:

"We took decisive action working with HBOS and Lloyds TSB, we also took decisive action yesterday when the Financial Services Authority acted on short selling. We're now working with our international partners about coordinated action that we are in a position to take. The central banks have joined together to provide liquidity for the system. I am talking to (French) President (Nicolas) Sarkozy about some of the measures that the European Union can take together. The chancellor of the exchequer is talking to the American treasury secretary about how we can work together to deal with the problems that we face in common."

4. Brown and Gurgenidze walk away

AP Television

5. Various trading floor of BGC Partners

6. SOUNDBITE (English) Howard Wheeldon, Senior Strategist, BGC Partners:

"Short selling is an investment procedure which has been with us for very many years. In its simplest form it is where an investor borrows stock from another investor. He pays a small charge for that. He has done it on the belief that that stock price will go down for whatever reason. So he has it there, he waits. When his belief, if it comes true, he sells that stock, he pockets the profit, he buys back the stock at that lower level and he gives that stock back to the original lender."

7. Set up shot Howard Wheeldon

8. SOUNDBITE (English) Howard Wheeldon, Senior Strategist, BGC Partners:

"Well, the hope is that of course the problems that we have seen with bank stocks in particular being so severely hit and the drastic manner that the market has behaved, which a lot of people have put down to short selling, although one has to say there is no actual proof short selling is the bigger culprit in this, the hope is that we will see more gradual movement in stocks based on the more traditional principles and investment concerns."

9. Various trading floor

STORYLINE

British newspaper headlines on Friday were dominated by the news that Prime Minister Gordon Brown's government had banned short selling of bank shares by speculators.

"The Times" newspaper said the ban - aimed at curbing the credit crisis - was aimed at those who "could break the banks" whilst other papers were more forthright, calling it a "crackdown on trader sharks".

Brown spoke about the latest developments following a meeting with Georgian Prime Minister Lado Gurgenidze in London.

He first mentioned the "decisive action" taken to deal with the financial crisis that had threatened to cripple the UK's biggest mortgage lender.

Lloyds TSB, Britain's largest provider of checking accounts, on Thursday announced a 21.85 billion US dollar deal to take over struggling HBOS - Britain's biggest mortgage lender - making HBOS the latest victim of the global credit crisis.

The government said it would facilitate the deal by overriding anti-monopoly regulations.

HBOS joins other institutions swept away by the credit crisis, which claimed US investment banks Lehman Brothers and Merrill Lynch on Monday, and forced the US Federal Reserve to extend an 85 (b) billion US dollar emergency loan to insurance giant AIG on Tuesday.

At his news conference, Brown told reporters that the chancellor of the exchequer was talking with his American counterpart "about how we can work together to deal with the problems that we face in common".

"We are now working with our international partners about coordinated action that we are in a position to take," he said.

The prime minister added that central banks "joined together to find liquidity for the system" and that he was in talks with French President Nicolas Sarkozy "about some of the measures the European Union can take together."

Brown also welcomed the "decisive action" taken by the financial watchdog, the Financial Services Authority, to curb "short-selling".

Howard Wheeldon, a senior strategist with BGC Partners, on Friday explained that short selling had been around for "many years" and involved an investor paying a small charge to borrow stock from another investor.

When that stock falls in value, he sells it, keeps the profit, then buys it back at the lower level before giving it back to the original lender.

Wheeldon added that he welcomed the move to curb short selling, saying it hopefully would lead to "more gradual movement in stocks based on the more traditional principles and investment concerns".

However, he did note that "there is no actual proof short selling is the bigger culprit" regarding "the problems that we have seen with bank stocks in particular being so severely hit and the drastic manner that the market has behaved".

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Subjects: Financial crisis, Banking and credit, Mortgage financing, Skin care, Financial services, Central banking, Economy, Business, Financial crisis, Financial markets, Industries, Consumer finance, Personal care, Beauty and fashion, Lifestyle
People: Gordon Brown, Lado Gurgenidze, Nicolas Sarkozy
Organisations: United Kingdom government, European Union
Locations: London, England, United Kingdom
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Europe Markets 3
Title:
SD
Summary: WRAP Major markets settle after initial hike in early trading; ADDS UK strategist
Story No: 579239
Source: AP TELEVISION
Aspect Ratio: 4:3
Date: 09/22/2008 01:11 PM
People:
Subscription:

SHOTLIST:

Moscow, Russia

1. Tilt down exterior of MICEX (Moscow Interbank Currency Exchange)

2. Mid of people walking into MICEX entrance

3. Wide of trading floor interior

4. Mid pan of traders

5. Close-up of bell

6. SOUNDBITE: (English) Aleksei Rybnikov, MICEX General Director:

"We can see that the liquidity which was provided to the market by the Russian financial authorities - the Ministry of Finance, the Central Bank - is currently coming to the market, which gives it the ability to restart functioning in a normal mode."

7. Wide of street

8. Wide of exchange office worker changing currency rates

9. Close-up of hand changing figures

10. SOUNDBITE: (Russian) Nadezhda Vladimirovna, Moscow resident:

"Anyway, I do not have enough salary. What financial crisis? Where is it? It has an impact on wealthy people. Obviously they possess bank accounts and may lose money or something else, but the average working person has the same salary as before. It is moderate and it is very hard to live on it."

Frankfurt, Germany

11. Various of Frankfurt Stock Exchange

12. SOUNDBITE: (German) Stefan Scharffetter, Trader at Baader Wertpapierhandelsbank AG:

"In Europe, this is not necessary. We have a completely different banking system, the banks in Europe and in Germany have a wider range of business. This crisis, this scenario - we will not see in Europe. I think that measures like those (the US Financial Aid package) will not be seen in Europe."

13. Wide of board in stock exchange

Paris, France

14. Various interiors of Richelieu Finance trading room, traders at desk

15. Close-up of screen showing figures for European and Asian indices

16. SOUNDBITE: (French) Nathalie Pelras, Head of Equity Management, Richelieu Finance:

"For the moment the authorities are focused on the problem of the financial stocks. It means that everything is being done to avoid a cataclysm of the financial stocks. This means that we are helping the most fragile cases and those which have taken the biggest risks. The impact it could have on the economy, all these positions short on the financials are being transferred to other industrial values, that is not being taken yet into account by the market. Today it is far too early to see clearly, what is important to see is that these exceptional measures respond with exceptional risks so it was logical that this technical increase was only technical and not fundamental because it is far too early for that."

17. Close-up of trader on phone

18. Close-up of computer screen

London, United Kingdom

19. Pan right from skyline view of London and River Thames to BGC Partners trading floor

20. Various of traders

21. SOUNDBITE: (English) Howard Wheeldon, senior strategist with BGC Partners:

"Last night we had an interesting situation, in that Morgan Stanley and Goldman Sachs are essentially applying to go under the Fed's umbrella in terms of regulation, i.e becoming larger holding commercial banks. That, I think, is another positive signal which markets will positively respond to in the US."

22. Cutaway of traders

23. SOUNDBITE: (English) Howard Wheeldon, senior strategist with BGC Partners:

"We now currently have three regulators here in the UK looking over banks. We need one regulator and that needs to be the Bank of England. So, pontificating by politicians of changing regulation, frankly, all that means is going back to the status quo in a system that actually worked very well until it was tinkered with by Gordon Brown."

24. Mid of traders

25. Wide exterior of Canary Wharf

STORYLINE:

Global markets were mixed Monday after the United States Government proposed a 700 (b) billion US dollar plan to solve the world financial crisis by rescuing banks from billions (b) of dollars in risky mortgage debt.

European markets, after edging higher in early trading, had fallen by afternoon in Europe.

Britain's FTSE 100 lost 0.39 percent to 5,290.82, Germany's DAX slumped 0.30 percent to 6,170.83 and France's CAC 40 dropped 0.11 percent to 4,320.01.

Global markets had rallied on Friday at news Washington was likely to announce a bailout plan, calming investors worried that losses from bad bets on mortgages could bring about the collapse of more companies, straining an already weakened financial system and global economy.

As a rough outline of the plan took shape over the weekend, the Bush administration continued to lobby lawmakers on Sunday for authority to use 700 (b) billion to buy up a mountain of bad debt at the heart of the crisis.

In Russia, stocks inched up on Monday following big gains for all indexes last week, with the US dollar-denominated RTS adding 1.6 percent.

On Friday, Russian markets rebounded on the government's emergency measures that included more money for banks and purchases of shares.

Speaking on Monday, after the Russian market had re-opened after the weekend break, MICEX General Director Aleksei Rybnikov said the market was up due to the Russian government's emergency measures.

"We can see that the liquidity which was provided to the market by the Russian financial authorities - the Ministry of Finance, the Central Bank - is currently coming to the market, which gives it the ability to restart functioning in a normal amount," he said.

On the streets of the Russian capital, there was mixed opinion on the impact of the crisis.

Moscow resident, Nadezhda Vladimirovna said she was not paid enough for her to really feel the financial crisis.

"I do not have enough salary. What financial crisis? Where is it? It has an impact on wealthy people. Obviously they possess bank accounts and may lose money or something else, but the average working person has the same salary as before. It is moderate and it is very hard to live on it."

In Germany, one financial expert, Stefan Scharffetter, told AP Television that it was not clear whether the markets had hit their lowest point yet.

Scharffetter said the banking system in Europe was "completely different" and therefore the crisis in the US was unlikely to occur there.

"The banks in Europe and in Germany have a wider range of business. This crisis, this scenario - we will not see in Europe. I think that those measures (referring to the US Financial Aid package) will not be seen in Europe."

In France, Nathalie Pelras, Head of Equity Management at Richelieu Finance, said everything was being done to "avoid a cataclysm of the financial stocks."

"For the moment the authorities are focused on the problem of the financial stocks," she said.

"This means that we are helping the most fragile cases and those which have taken the biggest risks."

"Today it is far too early to see clearly, what is important to see is that these exceptional measures respond with exceptional risks so it was logical that this technical increase was only technical and not fundamental because it is far too early for that," Pelras added.

Cash demand showed some signs of easing as European central banks offered more liquidity to money markets.

According to the Bank of England, it offered 40 (b) billion US dollars in a one-day tender, for which the bank said it received 26 (b) billion US dollars in bids, but didn't indicate from how many banks.

But the European Central Bank said it received bids worth 82.1 (b) billion US dollars for the 40 (b) billion US dollars it offered in a one-day transaction, or more than double what it had offered.

Monday's moves come after central banks in Britain, Canada, the United States, Japan and Canada last week supplied cash to banks that had become wary of lending to one another in the aftermath of the bailout of AIG and the bankruptcy of Lehman Brothers.

Banks have been increasingly reluctant to lend to each other as distrust spread throughout the financial system.

Late on Sunday, the Federal Reserve granted Goldman Sachs and Morgan Stanley, the country's last two major investment banks, approval to change their status to bank holding companies.

That would allow the companies to set up commercial banks that would be able to take deposits, significantly bolstering the resources of both.

The change of status means both companies will come under the direct regulation of the Fed, which oversees US bank holding companies.

The banking subsidiaries of the two institutions will face the stricter regulations that commercial banks are required to meet.

Previously, the primary regulator for Goldman and Morgan Stanley was the Securities and Exchange Commission.

Howard Wheeldon, a senior strategist with BGC Partners in London, said the move was "another positive signal which markets will positively respond to in the US."

As the US government continues to try to steady the nation's financial system, Wheeldon said the UK needed to reform its banking regulation system.

"We need one regulator and that needs to be the Bank of England," he said.

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Subjects: Stock prices, Financial crisis, Banking and credit, Government aid for industry, Banking and credit regulation, Government regulations, Central banking, Commercial banking, Leading economic indicators, Economy, Business, Financial crisis, Financial markets, Financial services, Industries, Economic policy, Economic policy, Government business and finance, Government business and finance, Government and politics, Economic policy, Government policy, Financial industry regulation, Industry regulation, Industry regulation
Organisations: Russia government, Federal Reserve System, United States government
Locations: United Kingdom, Moscow, Russia, Frankfurt, Europe, London, Germany, France, Western Europe, Eastern Europe, England
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UK G20 Darling
Title:
SD
Summary: News conference by UK Chancellor Darling
Story No: 626131
Source: POOL
Aspect Ratio: 4:3
Date: 11/07/2009 05:07 PM
People: Alistair Darling, Gordon Brown
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SHOTLIST:

1. British Chancellor of the Exchequer Alistair Darling entering news conference

2. SOUNDBITE (English) Alistair Darling, British Chancellor of the Exchequer:

"The IMF too will be doing further work on the possibility of introducing a transaction tax of the sort referred to by the Prime Minister earlier today. He made it clear that this was part of a series of measures to ensure financial stability which include making sure that banks have enough capital, that they develop what is known as living wills so if they get into difficulties we can see how to resolve those minimising the exposure to the taxpayer and of course, in this country, we want to make sure that the financial services' compensation scheme is fully funded. Now these are all useful measures, but we do need to look ahead to see whether or not it will be possible to develop a transaction tax that would have to be universal, it would have to be comprehensive in its scope, and would have to be compatible with our aim of financial stability as well as making sure it was fair and didn't distort things."

3. Cutaway of photographer

4. SOUNDBITE (English) Alistair Darling, British Chancellor of the Exchequer:

"We've managed to deliver over 800 billion dollars, more money to the IMF and the World Bank, we've been able to develop a common approach in relation to bonuses. We've been able at last to have coordinated action cracking down on tax secrecy - the Liechtenstein agreement is worth, we believe, a billion pounds to the UK alone. We've got new rules in relation to bank capital. All of these things could only be made to work if they have an international agreement. We also had agreement on unprecedented and coordinated fiscal support and the one common feature that every country has that's seen a return to growth is that all had a fiscal stimulus so genuinely it has made a difference. The challenge for us now, as I said, is to make sure that we can build on what we've done in the last year, to make sure that we can replicate that effort and replicate those results over the next ten years, because it is our ability to generate growth in the future that will actually enable us to make a difference in terms of generating jobs, protecting existing jobs, and increasing the prosperity in which the world depends."

5. Pan left of journalists

STORYLINE:

Britain called for consideration of a global tax on financial transactions to insure against another crisis, and urged world finance officials meeting on Saturday in Scotland to agree on bearing the cost of fighting climate change.

At a news conference in Saint Andrews, British Chancellor of the Exchequer Alistair Darling said it was time to

consider a global financial levy, such as a tax on transactions or an insurance fee, as "part of a series of measures to ensure financial stability."

Darling was confirming what British Prime Minister Gordon Brown earlier in the day told finance ministers from the Group of 20 rich and developing countries at their meeting in Saint Andrews.

Brown said that a global financial levy could support a "resolution fund" that could serve as a buffer against future bailouts.

In its last meeting as chair of the Group of 20 before South Korea takes over next year, Britain is attempting to push through discussion of issues it views as critical to future world economic growth.

But he said Britain would not act alone in imposing any tax, and that any measures must be implemented by all major financial centres.

Critics argue that measures such as the so-called Tobin tax - a flat tax on currency transactions named after the Nobel Prize laureate James Tobin - would just dry up world financial flows.

Supporters suggest the money could be used to protect countries from spillovers of financial crises.

The money could also be used to assist poorer countries in the battle against climate change - another issue being pushed by Britain at the gathering in Scotland.

Darling went on praising the work that had been done by the Group of Twenty meetings in the last year since the start of the global financial downturn.

"We've managed to deliver over 800 billion dollars, more money to the IMF and the World Bank, we've been able to develop a common approach in relation to bonuses. We've been able at last to have coordinated action cracking down on tax secrecy - the Liechtenstein agreement is worth, we believe, a billion pounds to the UK alone. We've got new rules in relation to bank capital. All of these things could only be made to work if they have an international agreement," Darling said.

The G-20 is comprised of Argentina, Australia, Brazil, Britain, Canada, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the rotating EU presidency.

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Subjects: Financial crisis, National taxes, Tax reform, Summits, Development banking, Employee compensation, International agreements, International organizations, Economy, Business, Financial crisis, Financial markets, Government taxation and revenue, Government finance, Government business and finance, Government business and finance, Government and politics, National taxes, National governments, General news, Summits, International relations, Banking and credit, Financial services, Industries, Personnel, Corporate news
People: Alistair Darling, Gordon Brown
Locations: United Kingdom, Liechtenstein, Scotland, Western Europe, Europe
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++UK Markets
Title:
SD
Summary: UK markets bounce in reaction to US bailout vote
Story No: 580555
Source: AP TELEVISION
Aspect Ratio: 4:3
Date: 10/02/2008 09:25 AM
People:
Subscription:

SHOTLIST

1. Wide of financial district

2. Mid of commuters

3. Pan down of building

4. Commuters coming out from train station

5. SOUNDBITE: (English) Peter Sircar, Banker:

"I think I would be quite optimistic with that because the scenario was quite depressing and I think that the bailout is a ray of hope."

6. SOUNDBITE: (English) Lauren Hills, banking employee:

"I feel it is optimistic because I think it is going to help out a lot of families and a lot of people, especially in America, they are the ones who have dealt with all of this so hopefully it's going to help everyone in the long run."

7. Mid of newspaper stand

8. Pan of newspapers

9. Various of financial analyst Jeremy Batstone-Carr

10. SOUNDBITE: (English) Jeremy Batstone-Carr, Financial Analyst, Charles Stanley stockbrokers:

"It's been a very quiet response actually. I think that many of the markets thought that the Senate would approve the package. Perhaps the extent of the approval in terms of the vote in favour was a slight surprise, and yet of course the Senate is much less exposed to the US political cycle - only one third of Senators are up for election this time round. So it was a debate based on the economics of the package rather than the politics of the package that carried the day."

11. Various of London City financial district

STORYLINE

UK markets rose on Thursday showing signs of relief over the US Senate's late night approval of a bailout package intended to rescue the US financial system.

The bill now heads back to the House of Representatives, which on Monday rejected the initial package in a stunning vote that sent global market plunging.

Commuters on the way to work in London's financial district appeared optimistic the bailout package would be pushed through and provide welcome relief to all.

However one analyst noted that the response had been quieter than expected.

Britain's FTSE 100 was up 1.1 percent in early trading on Friday.

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Subjects: Government and politics, Legislature
Organisations: United States Senate, United States Congress, United States government
Locations: London, England, United Kingdom
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UK Lehman 3
Title:
SD
Summary: Interviews with staff who have been let go, boxes being moved
Story No: 578382
Source: AP TELEVISION
Aspect Ratio: 4:3
Date: 09/15/2008 02:41 PM
People:
Subscription:

SHOTLIST

1. Pan of woman carrying box out of building

2. Lehman Brothers employees by window

3. Security outside Lehman Brothers building entrance

4. Pan of man walking with box inside building

5. Employees standing outside building

6. Pan of man carrying poster and briefcase

7. Tracking shot of man walking, UPSOUND Reporter (English) "Excuse me sir, how are you feeling," Man (English) "How do you think?"

8. Set up of fired trader Jack Reynolds

9. SOUNDBITE (English) Jack Reynolds, ex-employee of Lehman Brothers

"I don't know anything more than you, I've only been here a week, graduate scheme and so my career has been halted at the first hurdle. And that's it."

10. Mid of staff

11. SOUNDBITE (English) Burhan Uddin, Employee in Finance department:

"Things still need to be done, business as usual as far as I know."

(Reporter : "Everyone we've spoken to has said basically is that everyone's job is gone.")

"Well, that's not what we've been told in Finance."

12. Wide of assembled media around staff

13. SOUNDBITE (English) Trush Patel, Employee in Finance department:

"It's very mysterious, people just walking around not sure what's happening. Some people are wrapping up all their belongings, some spending all their credit on their canteen cards."

14. Man leaving building with box

15. SOUNDBITE (English) Edouard D'Archimbaud, Trader fired on his first day at work:

"A lot of headhunters calling us, so I think there are many possibilities but, you know, there are a lot of people at Lehman, fired today, a lot of people at Merrill Lynch probably fired in a couple of hours or days, I don't know."

16. Media with D'Archimbaud

17. Mid of woman selling newspapers - headline reading "5000 jobs go as banks crash."

18. Headline of London daily newspaper Evening Standard reading "Black Monday."

19. Tracking shot of fired employee carrying box walking down to escalator on London Tube

STORYLINE

The British operations of US investment bank Lehman Brothers were placed in administration on Monday to protect them from creditors, the accounting firm PricewaterhouseCoopers said, while Lehman's parent company in the United States filed a bankruptcy petition there.

Lehman Brothers employs about 5-thousand people in the United Kingdom.

Employees carrying boxes and bags were filmed walking out of Lehman's London offices on Monday.

Employees of the bank, some fired, some still with jobs told of their surprise and confusion at the job losses and they spoke to the media outside their London headquarters in Canary Wharf.

"I don't know anything more than you, I've only been here a week, graduate scheme and so my career has been halted at the first hurdle. And that's it," explained Jack Reynolds.

"It's very mysterious, people just walking around not sure what's happening. Some people are wrapping up all their belongings, some spending all their credit on their canteen cards," said Trush Patel, an employee in finance department.

While many employees lost their jobs Monday morning, some in the finance department said that they expected to stay on at work for a little time yet.

"Things still need to be done, business as usual as far as I know," Burhan Uddin, a 30-year old employee in Finance department told reporters.

One French employee, trader Edouard D'Archimbaud, who arrived from France yesterday for his first day of work, said that headhunters had been on the phone in the morning, and that he felt confident other jobs would turn up for those fired.

However, he warned "there are a lot of people at Lehman, fired today, a lot of people at Merrill Lynch probably fired in a couple of hours or days."

European stock markets dropped sharply on Monday following sharp losses across Asia after news that Lehman Brothers had filed for bankruptcy and Merrill Lynch would be sold to Bank of America.

Hopes that the 158-year-old Lehman would survive faded away Sunday afternoon after British bank Barclays PLC withdrew its bid to buy the investment bank, which is foundering under the weight of 60 (b) billion (US) dollar in soured real estate holdings.

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Locations: United Kingdom, London, Western Europe, Europe, England
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Europe Markets
Title:
SD
Summary: Stock markets rise strongly, reax, analysis
Story No: 581962
Source: AP TELEVISION
Aspect Ratio: 4:3
Date: 10/14/2008 12:17 PM
People: George W. Bush
Subscription:

SHOTLIST

London, Britain

1. Tilt down of skyscraper in Canary Wharf district

2. Wide of newspapers

3. The Guardian newspaper headline reading "Day the markets breathed again"

4. The Times newspaper headline reading "Markets soar as world acts to rescue banks"

5.Tilt down from skyscrapers, to Underground station, commuters emerging

6. Electronic strip showing share prices

7. Various of trading floor at BGC Voice and Electronic Brokerage firm

8. SOUNDBITE: (English) Howard Wheeldon, Senior strategist, BGC Partners:

"I think the confidence levels that the capital markets' problems are being sorted, that governments have come together, they're doing a similar job to sort out the problem will work, and it's going down well in markets. I am not surprised by it, I welcome it, and I take my hat off to them in terms of the job they have announced. Now, of course, the real work begins."

9. Various of brokers in BGC office

10. People walking in Canary Wharf area

11. SOUNDBITE (English) Vox Pop, Juan Duplessis, Canary Wharf worker:

"I think it's definitely going to bring some rescue, it's going to bring some relief between inter-bank lending, which is going to be great. I also think that this might be a turning point for the banking industry. So let's hope it's working out."

Frankfurt, Germany

12. Wide of German Stock Exchange

13. Mid of traders

14. Close of electronic board showing index rising

15. SOUNDBITE: (German) Dirk Mueller, trader at MWB Fair Trade:

"We are working on the fact that the banks aren't endangered acutely, I mean they are still endangered but that the state stands for and supports them, this is more than what we could have hoped for two weeks ago. This will be celebrated and processed now, afterwards when we come back to the real problems, there will be disillusion again."

16. Wide of board showing DAX stock market index high opening

Moscow, Russia

17. Exterior of Moscow Interbank Currency Exchange (MICEX) building

18. Various of trading floor inside MICEX

Kiev, Ukraine

19. Various of traffic on main street in Kiev

20. Mid of UniCredit Bank

21. Various of woman by cash machine

22. Close-up of sticker reading (in English) "Crisp new banknotes"

23. Wide of street

STORYLINE:

Stock markets in Europe and Asia rose strongly for a second straight day on Tuesday after Wall Street rallied from its worst week ever on mounting evidence that government attempts to shore up the world's battered financial system are beginning to thaw frozen credit markets.

The gains on Europe's markets came in the wake of the strongest ever daily performance on Japan's benchmark Nikkei 225 index, which surged 1,171.14 points, or 14.15 percent.

In London, the FTSE 100 index of leading shares was up 255.08 points, or 6.0 percent, at 4,511.98, despite news that inflation in Britain is running at a 16-year high.

Germany's DAX was up 257.46, or 5.1 percent, at 5,319.91 even though a group of leading German economic think tanks said Tuesday that Europe's largest economy is on the brink of a recession.

The CAC-40 in France was 199.21 points, or 5.6 percent, stronger at 3,730.71.

Russia's stock markets joined the surge on Tuesday, prompting regulators to suspend trading on one of the two major exchanges.

The MICEX, where most of Russia's trading takes place, climbed 11.2 percent before trading was halted for an hour.

The RTS climbed 6.4 percent.

Britain's government injected an unprecedented 37 (b) billion pounds (63 (b) billion US dollars) into some of the country's leading banks to avoid a full-scale collapse of the sector and restore confidence.

In return for the rescue, the Royal Bank of Scotland Group PLC, Lloyds TSB Group PLC and HBOS PLC will cede major stakes to the government and halt cash bonuses for bank board members this year.

The banks also will be required to lend more money to small- and medium-sized businesses and homeowners in a bid to rescue the country's housing market.

The deal will leave taxpayers owning as much as 60 percent of RBS and 43.5 percent of the merged Lloyds HBOS bank - the two are in the process of combining.

While concerns still linger, investors were encouraged that governments appeared to be taking steps to tackle one of the core problems, helping to revive bank-to-bank lending, which has almost ground to halt because of fears about repayment due to enormous losses from souring mortgage-linked debt.

Howard Wheeldon, a senior strategist at BGC Partners in London, said on Tuesday that the steps in Europe and the US have gone down well with the markets, but said that recession and high interest rates would still have to be addressed in order to avoid job cuts in the short term.

Other London bank workers were also cautiously optimistic, saying Tuesday's development was hopefully a turning point for the markets.

The resurgence in the markets followed the announcement Monday by European government of 1.7 (t) trillion Euro set of national packages to save ailing banks, and the confirmation that the US will follow suit and buy stakes in nine US financial institutions.

The action by Germany, France, the Netherlands, Spain, Portugal, Austria and Britain came after weeks in which the governments often acted independently - a piecemeal approach that failed to stop steep and frightening slides on financial markets.

In the Ukraine, meanwhile, the central bank on Monday limited bank lending and restricted withdrawals from some kinds of retail accounts as the government tried to stem growing doubts among citizens about the country's troubled banking sector.

The National Bank said it has has prohibited early withdrawals of bank deposits with maturity dates and has imposed limits on lending money, after worried depositors withdrew more than 1.3 (b) billion US dollars from their accounts since the beginning of the month.

It also imposed limits on trading of foreign currency, with no more than a 5-percent difference between buying and selling prices allowed, in order to shore up the battered hryvna, which has fallen nearly 20 percent in recent weeks.

Late Monday in the US, government officials and industry executives said the Bush administration would use 250 (b) billion US dollars of the 700 (b) billion US dollar bailout program recently passed by Congress to buy into American banks.

The government initially will buy stock of nine large banks, but the program is expected to be expanded to many others.

US President George W. Bush planned to announce the details before Wall Street opens.

The long-term key is whether the flurry of activity can actually break the logjam in credit markets and the early indications are that there has been some easing in rates and spreads.

The interbank lending rate for three-month euro loans, known as the Euro Interbank Offered Rate, or Euribor, fell 0.08 percentage points to 5.24 percent from 5.32 percent the day before.

Rates had fallen on Monday as well, but by a more modest 0.06 percentage points.

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Subjects: Stock prices, Banking and credit, Economy, Stock indices and averages, Recessions and depressions, Leading economic indicators, Business, Financial services, Industries, Stock markets, Financial markets
People: George W. Bush
Locations: United Kingdom, Moscow, Europe, London, Germany, Russia, Ukraine, Western Europe, Eastern Europe, England
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World Lehman
Title:
SD
Summary: Look at impact of collapse on world economy, one year on
Story No: 619488
Source: AP TELEVISION
Aspect Ratio: 4:3
Date: 09/14/2009 06:08 PM
People:
Subscription:

SHOTLIST:

London, UK - 10 September 2009

1. Former Lehman Brothers skyscraper under cloudy skies

2. Bicycles parked outside former Lehman Brothers building

3. People on plaza in front of former Lehman Brothers building

FILE: London, UK - 15 September 2008

4. Newspapers announcing collapse of Lehman Brothers

5. Policewoman shields sacked Lehman worker from media

6. Sacked employee with box walks past media into train station

London, UK - 10 September 2009

7. Caroline White walks across design studio

8. Various of White looking at different kinds of fabrics

9. Artwork on wall inspired by collapse of Lehman Brothers

10. White's employee pass for Lehman Brothers

11. SOUNDBITE (English) Caroline White, banker turned designer:

"I think it's quite unique in that it's been born out of a quite catastrophic event. Its creation and its early drive has been behind a concoction of different emotions. I think I'm looking to use those to create some beautiful and unique pieces."

FILE: New York, US - 15 September 2008

12. Exterior of Lehman Brothers building in New York

FILE: New York, US - 15 September 2008

13. Lehman employees removing personal belongings in boxes

Arlington, Virginia, US - 8 June 2009

14. Jobless pilot Trent Bliven filmed through window of Arlington Employment Centre

15. SOUNDBITE (English) Trent Bliven, jobless pilot:

"We were doing flying, mainly operating planes for relief stuff. Then the company lost their contract from the government, so we couldn't fly any more. So we had to come back. "

16. Various of pilot talking with employment advisor

17. SOUNDBITE (English) Fernando Delgardo, employment advisor:

"Personally I have had people crying, I've had people very concerned about losing their homes, having to move, being homeless."

Tokyo, Japan - 14 September 2009

18. Unemployed people hand out leaflets demanding better treatment

19. Jobless demonstrators standing beside banners

20. SOUNDBITE (Japanese) Tomoaki Okada, sacked car worker:

"I am trying to make the best of this difficult situation. But I can't help wondering if there's a way to help us a bit more. I spent a week on the streets and I was lucky it wasn't longer. Being homeless is so tough."

Yokohama, Japan - 14 September 2009

21. Nissan factory sign

22. Exterior of Nissan factory

STORYLINE

The demise of Lehman Brothers a year ago sparked the near-collapse of the international financial system, and triggered the worst recession for decades.

It also cost thousands of people their jobs - causing personal and professional traumas that continue to this day.

The Lehman Brothers skyscraper is one of the defining features of London's financial hub, Canary Wharf.

People still work in the building, either as accountants or lawyers drafted in to deal with the aftermath of Lehman's implosion, or as bankers for Nomura who bought Lehman's European assets.

But it's a shadow of its former self, a monument to a once-mighty bank that fell into the abyss.

A far cry from the tumultuous events of 15 September 2008 when the world woke up to news that Lehman was about to bite the dust.

Bankers turned up for work and were immediately told to clear their desks and leave, running the gauntlet of the media as they carried out their belongings in cardboard boxes.

One of the banker who left Lehman Brothers that day was Caroline White. She earned hundreds of thousands of pounds a year, trading derivatives and other financial products.

Now she's traded her entire career - and begun a new life as a designer.

From a tiny studio in East London, White designs handbags and other high-end accessories.

The studio is crammed with mementoes of her Lehman days - from her staff pass to an artwork commissioned in the aftermath of the bank's collapse.

White says her designs are directly inspired by the trauma of losing her job in banking.

"It's been born out of a quite catastrophic event," she says. "Its creation has been behind a concoction of different emotions. I think I'm looking to use those to create some beautiful and unique pieces."

Across the Atlantic, former Lehman employees in New York are marking the anniversary.

But the impact of the bank's collapse goes far beyond the lives of sacked Lehman staff, and beyond the financial sector generally.

The global recession triggered by the financial crisis has affected just about every aspect of American life.

Trent Bliven is a pilot. Until the recession he worked for a US-funded charity in Africa, flying relief aid to some of the poorest countries on earth.

Then the funding stopped as the US government sought to combat the recession by reminding itself that charity begins at home.

A move that left Bliven grounded - and unemployed.

"We were doing flying, mainly operating planes for relief stuff," Bliven recalls. "Then the company lost their contract from the government, so we couldn't fly any more. So we had to come back."

Bliven was stunned by his misfortune, but for his employment advisor, Fernando Delgardo, such stories are nothing new. "Personally I have had people crying, I've had people very concerned about losing their homes, having to move, being homeless," he says.

That experience is echoed in Japan, where the recession has struck hard, pushing unemployment up to 5.7 per cent in July, a post-war record.

Tomoaki Okada worked for Nissan in Yokohama until he lost his job as demand for cars plummeted in the face of the global downturn.

Then he was evicted from his company apartment and found himself on the streets for a week.

Now he's campaigning for a better deal for people out of work in the world's second-biggest economy.

"I can't help wondering if there's a way to help us a bit more" he reflects. "I spent a week on the streets and I was lucky it wasn't longer. Being homeless is so tough."

Now Okada is hoping the stimulus packages agreed by world governments will lead to a global recovery.

But like many people whose lives were traumatised by the Lehman collapse and by everything that resulted from it, his personal scars will take a long time to heal.

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Subjects: Financial crisis, Government contracts, Recessions and depressions, Homelessness, Economy, Business, Financial crisis, Financial markets, Contracts and orders, Corporate news, Government contracts, Government business and finance, Government business and finance, Government and politics, Poverty, Human welfare, Social issues, Social affairs
Locations: London, Japan, New York, England, United Kingdom, Western Europe, Europe, East Asia, Asia, United States, North America
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UK G20 Summit Reax
Title:
SD
Summary: Developing countries, action groups; UK ministers
Story No: 601341
Source: AP TELEVISION
Aspect Ratio: 4:3
Date: 04/02/2009 02:35 PM
People: Alistair Darling, Nicolas Sarkozy, Angela Merkel
Subscription:

SHOTLIST

1. Wide of media centre at G20 summit

2. Set up of Oxfam spokesperson, Alison Woodhead

3. SOUNDBITE (English) Alison Woodhead, Oxfam spokesperson:

"There's going to be definitely some concrete action on tax havens which is going to be probably baby steps towards what we need, towards closing down those tax havens and maybe some language around climate change, but probably not nearly enough."

4. Mid of media centre with sign reading: (English) "G20 Voice"

5. SOUNDBITE (English) Kumi Naidoo, Global Call to Action Against Poverty blogger for South Africa:

"They have to be able to put concrete figures on the table, concrete actions and concrete timelines. If they fail to do that then I think that what you are going to see is that the anger on the streets are going to rise across the world and that the legitimacy of these governments that are around the table are going to be severely eroded and will decline."

6. Mid of woman looking at monitor in media centre

7. Wide of media

8. SOUNDBITE (Spanish) Helena Suarez, Global Call to Action Against Poverty blogger for Latin America:

"The majority of the countries really affected by the crisis are countries that are not in the G20. They are the countries who are poorest and which need the most development. Also, the people who are most affected are women, because they are in a situation of poverty, and they are poorly represented in this summit. Therefore we need concrete decisions to take steps forward. Also that these decisions look toward the United Nations, to look for solutions that represent everybody and take in account people that are most affected."

9. Wide of media centre

10. Crowd of journalists inside media room at ExCel Centre, venue of G20 summit

11. Journalists surrounding British Chancellor of the Exchequer Alistair Darling

12. Darling and officials walking inside media centre

13. SOUNDBITE: (English) Alistair Darling, Britain's Chancellor of the Exchequer:

"I think we all know that the system has got to be more intrusive, we've got to ask more searching questions, we've got to make sure there's more international monitoring and supervision to spot, in an early way, problems that may emerge - and we've got to make sure that some of the offshore measures - things like hedge funds that may be important to the financial system - that we make sure that we are monitoring them as well."

14. Wide of journalists working in media centre

15. SOUNDBITE: (English) Alistair Darling, Britain's Chancellor of the Exchequer:

"The regulatory regime, by its very nature, is one where you either comply with it, or there is a sanction. But we've got to make sure that we get that supervisory, that regulatory regime right. And what we conceive all too clearly now is that it has to be a global system because we do have a global banking system."

16. Journalists in media centre

17. SOUNDBITE: (English) Lord Malloch-Brown, British Foreign Office Minister and special envoy for the G20:

"One reason why we're trying to increase the resources of the IMF today is to make sure that countries all over the world have access to the liquidity they need. Also, you'll see strong, tough language today about the need to go on cleaning out the toxic assets of banks everywhere, because you won't get banks lending to each other unless they are convinced that they are lending to partner who is whole and strong."

18. Journalists listening

STORYLINE

Leaders from around the globe made headway on Thursday on tackling the world's worst financial crisis since the 1930s, with signs of agreements to give more money to the International Monetary Fund (IMF), clamp down on tax havens and tighten regulation over freewheeling hedge funds.

A British official said the Group of 20 rich and developing countries would likely approve giving more than 500 (b) billion US dollars to the IMF so it can increase its loans to governments struggling because of the financial crisis.

The plight of developing countries is the third priority on the main agenda at Thursday's meeting, coming in behind the debate over economic stimulus and regulatory reform.

However, momentum is growing to ensure discussions on those issues include acknowledgment of the world's poor, as many developing countries suffer from withdrawal of lending by risk-averse banks, flight of the foreign investment and skyrocketing interest rates.

Groups like Oxfam anticipated poorer countries would receive funds as a result of the summit but added that while the leaders planned on cracking down on tax havens, nothing much would get done.

Tax evasion alone is estimated to cost developing countries 160 (b) billion US dollars each year - more than the 100 (b) billion US dollars they receive in aid.

Social groups attending the summit also had firm ideas about they were expecting from the G20 leaders.

Those close to the negotiations said France and Germany had successfully persuaded the Group of 20 leaders to back stronger financial regulations to avoid a repeat of the current crisis.

Addressing tax havens and other regulatory issues had threatened to derail the summit, with French President Nicolas Sarkozy and German Chancellor Angela Merkel insisting the meeting must take concrete steps on tougher financial regulation.

Sarkozy and Merkel want the G-20 to publish a blacklist of tax havens and announce sanctions at the end of Thursday's meeting.

A French official, speaking on condition of anonymity, said that leaders were moving "slowly together" on the regulation issue.

Sarkozy and Merkel have tried to push regulation to the fore, calling for new scrutiny of ratings agencies and lightly regulated hedge funds.

The British Chancellor of the Exchequer Alistair Darling struck a positive note about a concrete agreement being reached on financial regulation.

"I think we all know that the system has got to be more intrusive," Darling said.

Britain's Finance Secretary Stephen Timms, a deputy to Darling, earlier said morning talks had included discussions on when a blacklist of tax havens will be published.

On the issue of sanctions against those who do not comply with regulatory reform, Darling added "We've got to make sure that we get that supervisory, that regulatory regime right."

British Foreign Office Minister Lord Malloch Brown said increasing IMF resources was essential for financial liquidity, saying he expected "strong language" from G20 leaders on toxic assets.

The summit will also examine ways to get so-called toxic assets, unsellable securities such as mortgage-backed bonds, off banks' balance sheet where they are impeding lending to consumers and businesses.

The British official said the boost to the IMF would include significant pledges from China, and in return there would be increasing efforts to give China and other emerging countries greater clout on the IMF.

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Subjects: National taxes, Summits, Government regulation and licensing, Financial crisis, Banking and credit, Investment, Development banking, International organizations, Poverty, Government taxation and revenue, Government finance, Government business and finance, Business, Government business and finance, Government and politics, National taxes, National governments, International relations, Summits, General news, Economy, Financial crisis, Financial markets, Financial services, Industries, Human welfare, Social issues, Social affairs
People: Alistair Darling, Nicolas Sarkozy, Angela Merkel
Locations: France, United Kingdom, Germany, European Union, Europe, France, Western Europe, United Kingdom, Germany
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UK G20 UK
Title:
SD
Summary: UK PM Brown gives closing news conference
Story No: 601336
Source: POOL
Aspect Ratio: 4:3
Date: 04/02/2009 04:19 PM
People: Gordon Brown, Angela Merkel, Nicolas Sarkozy, Barack Obama
Subscription:

SHOTLIST

1. British Prime Minister Gordon Brown walking onto stage

2. SOUNDBITE (English) Gordon Brown, British Prime Minister:

++Audio partly overlaid with side view of Brown at podium++

"Can I welcome you to this conference following this G20 summit. This is the day that the world came together to fight back against the global recession, not with words but with a plan for global recovery and for reform and with a clear timetable for its delivery. And our message today is clear and certain. We believe that in this new global age, our prosperity is indivisible. We believe that global problems require global solutions. We believe that growth to be sustained must be shared and that trade must once again become an engine of growth. The old Washington consensus is over. Today we have reached a new consensus that we take global action together to deal with the problems we face, that we will do what is necessary to restore growth and jobs, that we will take essential action to rebuild confidence and trust in our financial system and to prevent a crisis such as this ever happening again. There are no quick fixes but with the six pledges that we make today we can shorten the recession and we can save jobs."

3. Wide of Brown on stage

4. SOUNDBITE (English) Gordon Brown, British Prime Minister:

++Audio partly overlaid with side view of Brown at podium++

"We will complete the implementation of international colleges of supervisors of financial institutions and we will implement new rules on pay and bonuses at a global level that reflect actual performance with no more rewards for failure. We want to encourage corporate responsibility in every part of the world. Secondly, we will clean up the banks so that they increase lending to families and businesses and to enable this we've agreed for the first time a common, global approach to how we deal with impaired or toxic assets."

5. Wide side view of Brown on stage

6. SOUNDBITE (English) Gordon Brown, British Prime Minister:

"Since our last meeting in Washington and as part of this process from Washington, G20 countries have announced and are now implementing the largest macro-economic stimulus the world has ever seen. We are in the middle of an unprecedented fiscal expansion which will by the end of next year amount to an injection of five (tr) trillion dollars into our economies and it will save or create (m) millions of jobs in a period where we must combat unemployment."

7. SOUNDBITE (English) Gordon Brown, British Prime Minister:

++Audio overlaid with wide zoom in of Brown on stage++

"And we have today called on the International Monetary Fund to monitor our progress towards this objective and to report on whatever further actions may be necessary."

8. Mid of Brown at podium

9. SOUNDBITE (English) Gordon Brown, British Prime Minister:

++Audio begins on side view of Brown at podium++

"We will act also to make our global recovery fair and more sustainable. This time of financial crisis is no time to walk away from our commitment to the world's poorest. So when people are suffering and yet it is within our capacity to help we will not pass by on the other side."

10. Cutaway of reporter

11. SOUNDBITE (English) Gordon Brown, British Prime Minister:

"I think a new world order is emerging and with it the foundations of a new and progressive era of international cooperation. We have resolved that from today we will together manage the process of globalisation to secure responsibility from all and fairness to all. And we've agreed that in doing so we will build a more sustainable and more open and a fairer global society."

12. Wide of Brown leaving stage

13. Brown walking off stage

STORYLINE

G20 leaders on Thursday pledged an additional one (tr) trillion US dollars to restore credit, growth and jobs in the world economy, announcing a broad raft of measures designed to hasten the end of the global financial crisis.

The leaders also declared a crackdown on tax havens, regulation of hedge funds and a new supervisory body to flag problems in the world financial system.

"This is the day that the world came together to fight back against the global recession, not with words but with a plan for global recovery and for reform and with a clear timetable for its delivery," said the summit's host, British Prime Minister Gordon Brown.

While they did not announce any new stimulus measures - as some in the United States had hoped - Brown said the one (tr) trillion US dollar deal to boost funds for the International Monetary Fund, World Bank and other global institutions was unprecedented.

"This time of financial crisis is no time to walk away from our commitment to the world's poorest. So when people are suffering and yet it is within our capacity to help we will not pass by on the other side," Brown said.

The G20 leaders also said that developing nations - hard-hit and long complaining of marginalisation - would have a greater say in world economic affairs.

They said they would renounce protectionism and pledged 250 (b) billion US dollars in trade finance over the next two years - a key measure to help struggling developing countries.

The leaders also agreed to new rules on linking executive pay to performance, Brown said.

The sweeping G20 communique appeared to bridge the gap between the United States and major European countries over how far to push changes on regulation to curb the market excesses that led to the current crisis.

The result of the dramatic one-day gathering was swiftly praised by German Chancellor Angela Merkel and French President Nicolas Sarkozy.

Sarkozy praised President Barack Obama and Brown at the end of the meeting, despite having threatened earlier to walk out if unsatisfied with the outcome.

The French leader said Obama helped in creating consensus and in persuading China to agree to publish lists of tax havens.

European and US markets surged ahead on Thursday as the outcome of the summit came into view.

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Subjects: Summits, Financial crisis, Economy, Recessions and depressions, International organizations, International relations, Government and politics, Summits, General news, Business, Financial crisis, Financial markets
People: Gordon Brown, Angela Merkel, Nicolas Sarkozy, Barack Obama
Locations: United Kingdom, United States, Western Europe, Europe, United Kingdom, European Union, North America
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