marketwatch NEWS (TT Nov08 p4-6)

Europe’s ‘comply or explain’ corporate governance codes are the best means of combining best practice with the flexibility needed by companies and should be retained, according to the EU’s commissioner for competition and the internal market, Charlie McCreevy.

The Federal Reserve again rode to the rescue of the US financial system last month. The lifeline this time around was an offer to buy debt directly from US companies unable to borrow short-term funds as the banking crisis intensified.

Reacting to criticism of the role of accounting standards in the credit crisis, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have created a global advisory group.

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