Mounting recession fears grip Davos

Business and political leaders began meeting in Davos, Switzerland yesterday facing what many fear is the biggest financial crisis since World War II (WWII).

An emergency interest rate cut by the US Federal Reserve on Tuesday that followed two days of plummeting stock prices set the tone for the annual meeting of the World Economic Forum, where financial, industrial and political figures, including US Secretary of State Condoleezza Rice, are awaited.