Canada cuts rates further

Canada's central bank cut its key interest rate by a quarter-point on Tuesday, saying the country's economy needs the stimulus to ward off the effects of a recession in the United States.

The cut took rates to 2.25% and follows an unscheduled half-point reduction on 8 October in cooperation with other major central banks. The Bank of Canada is the first central bank to make a further cut since that coordinated move.

"The global economy appears to be heading into a mild recession, led by a US ec