GENEVA - THE former head of the Swiss bank UBS said on Sunday he was giving up 12 million Swiss francs (S$15 million) to which was contractally entitled as a 'gesture of solidarity' to the bank's staff.

'I have in all given back 12 million francs which were coming to me under my contract,' Mr Peter Wuffli, who served as UBS president, told the weekly NZZ am Sonntag.

SAO PAULO - THE world's biggest economies turned to China on Sunday to help soften an expected recession in many countries as Beijing approved a huge stimulus plan, the latest twist in a global effort to boost growth.

Finance ministers, senior officials and leading central bank governors from the Group of 20 were meeting in Brazil to discuss ways to bolster their economies, which represent about 90 per cent of global output.

TAIPEI - TAIWAN'S central bank unexpectedly cut interest rates by 25 basis points on Sunday, its fourth reduction in just over a month as fears of a global recession threatens the export-led economy.

The move, which put the benchmark discount rate at 2.75 per cent, the lowest level since March 2007, came after the world's leading economies agreed on the need to take measures to spur growth.