Wikinews Shorts: November 25, 2008

US Fed announces a US$800 billion stimulus package
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

French Socialist Party declares Martine Aubry as winner
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

US government to back $306 billion in Citigroup loans
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

53 die in Zimbabwe after cholera outbreak
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