October 16, 2008 (Thursday): Hungary Can Bank on Some Euros; Oil Gets Cheaper

Hungary and the European Central Bank today announced that the Eastern European country could borrow up to 5 billion euros as markets there remain weak, public debt high, and exports slow. The loan will help promote liquidity in the rest of the European market, the bank said, because borrowers in Hungary have taken out loans in other currencies to avoid the high interest rate of the Hungarian currency, the forint. Hungary is hoping to avoid an Iceland-like calamity in the financial system. (For more on this news, click here and here.)

Fox announces it’s hiring Glenn Beck away from CNN to host a talk show on Fox News beginning in the spring. Beck was previously the host of “Glenn Beck,” a talk show on CNN Headline News that saw big success with conservative viewers. Roger Ailes, Fox News’s head, cites Beck’s “thought-provoking commentary” in the press release announcing his hiring. (For more on this news, click here and here.)

For the first time in over a year, oil prices fall below $70 a barrel today. The price has been dropping as market players expect the economic meltdown to hamper global energy demand. At $69.85 a barrel, the closing price is the lowest since Aug. 23, 2007, when the barrel price was $69.83. In response, OPEC calls for a meeting to encourage price stability. Consumers, meanwhile, can look for lower energy bills this winter and more affordable gas. (For more on this news, click here, here and here.)