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White House to banks: Start lending now 2008-10-28 16:50:37 An impatient WhiteHouse
prodded banks
and other financial companies Tuesday to quit hoarding billions of dollars flowing into their vaults from Washington and start making more loans. Wall Street soared nearly 900 points on bargain-hunting and hopes of a hefty interest rate cut by the Federal Reserve. Read more:Start
, White House
Waxman eyes CEO pay at banks getting government cash 2008-10-28 16:48:09 WASHINGTON (Reuters) - The nine largest U.S. banks
receiving $125 billion from the government were asked on Tuesday to hand over information about their compensation and bonus plans to a Congressional panel.
Car dealers hit by sales decline, weak economy 2008-10-28 16:39:01 DETROIT (Reuters) - Auto retailers swung to a quarterly loss in the third quarter, beaten down by the decline in U.S. car sales, tight consumer credit, and a weakening U.S. economy
as well as hurricane-related damages.
Dow surges, up almost 890 points at close 2008-10-28 16:35:18 Wall Street had another astounding advance Tuesday, with the Dow Jones industrials soaring nearly 900 points in their second-largest point gain ever as late-day bargain hunters stormed into the market. The Dow and the Standard & Poor's 500 index were each up nearly 11 percent.
VW hits No. 1 in market value amid short squeeze 2008-10-28 16:34:24 FRANKFURT/NEW YORK (Reuters) - Volkswagen AG briefly became the world's largest company by market value on Tuesday as its share price almost doubled after Porsche Automobil Holding SE set plans to raise its stake, triggering a squeeze for short-sellers.
Market bets on steep rate cut as Fed meeting begins 2008-10-28 16:33:33 WASHINGTON (Reuters) - The U.S. Federal Reserve began a two-day meeting
on Tuesday that is widely expected to lead to a cut in interest rates of at least a half-percentage point to calm a global credit crisis threatening the economy.
Read more:Market
Wall Street surges on bargain hunting, rate hopes 2008-10-28 16:10:03 NEW YORK (Reuters) - Stocks rose more than 10 percent on Tuesday, the second-biggest point gain ever for the Dow and S&P, after investors scooped up beaten-down shares on optimism that the U.S. Federal Reserve and other central banks will cut interest rates further.
Read more:hunting
, Street
, Wall Street
Wal-Mart prepared to gain share despite downturn 2008-10-28 15:34:22 NEW YORK (Reuters) - Wal-Mart Stores Inc executives said on Tuesday they still expect to post growth through next year and gain market share, even as rivals dial down expectations on fears of a deep global recession.
Read more:despite
, downturn
Recession spreads to Japan, IMF needs more money 2008-11-17 03:35:04 LONDON/TOKYO (Reuters) - Japan
became the latest major economy to fall into recession on Monday with France close behind, and the IMF said it needed at least $100 billion to fight the billowing economic crisis enveloping the world.
Read more:Recession
, spreads
Oil falls towards $56 after G20 summit 2008-11-17 03:25:10 LONDON (Reuters) - Oil fell more than $1 to below $56 a barrel on Monday, close to its lowest in almost two years, after a meeting of the Group of 20 major economies ended with few concrete proposals on dealing with global recession.
GE chief eyes expansion, media assets: report 2008-11-17 02:51:48 (Reuters) - General Electric Co has the resources to capitalize on bargains in media
and other sectors as it wades through the economic downturn, chief executive Jeffrey Immelt told the Financial Times in an interview.
Read more:report
Auto executives in spotlight as U.S. weighs bailout 2008-11-17 02:37:39 WASHINGTON (Reuters) - U.S. automakers should consider executive shake-ups if it would ensure congressional backing for a bailout supporters say is needed to prevent industry collapse, an architect of the effort said on Sunday.
Read more:executives
Asia stocks slip with focus on grim outlook 2008-11-17 02:17:00 HONG KONG (Reuters) - Asia
n stocks slipped on Monday in choppy trade, despite some buying of Japanese shares by long-term investors, on expectations corporate results will reflect deteriorating economic conditions until at least the second half of 2009.
U.S. in recession, jobless to peak at 7.5 pct: survey 2008-11-17 01:31:48 WASHINGTON (Reuters) - The U.S. economy is in recession and will contract at a faster pace in the fourth quarter, extending the decline into early 2009 as high unemployment crimps consumer spending, a survey showed.
Genworth in deal to buy bank, seeks TARP money 2008-11-17 00:37:14 NEW YORK (Reuters) - Life and mortgage insurer Genworth Financial Inc said on Sunday it applied for capital under a U.S. government program, after reaching a deal to buy a bank, bringing it under federal regulation.
Mall owner almost a billion in debt 2008-11-16 23:56:22 General Growth Properties Inc. shares plummeted Tuesday after the mall owner warned it faces solvency trouble and may be forced to file for bankruptcy if it can't refinance or extend nearly $1 billion
in debt ...
UPS: outlook unclear, so no peak package forecast 2008-11-16 23:23:16 CHICAGO (Reuters) - United Parcel Service Inc , the world's largest package
delivery company, will not issue a peak shipping volume forecast for the coming holiday season, saying that the current economic environment makes it difficult to issue an accurate projection.
Does iPhone Taiwan Deal Portend a China Deal? 2008-11-16 22:13:05 Late Friday Chunghwa Telecom, Taiwan
's largest wireless carrier, has signed an agreement to become the sole distributor of the iPhone
in Taiwan. While this in and of itself is great for Apple, which continues to want to expand its iPhone 3G presence across the globe, the more interesting question is: will this mean a possible iPhone expansion to China
soon?
Auto bailout focus shifts to Senate 2008-12-11 00:22:16 WASHINGTON (Reuters) - A proposal to bail out the big three U.S. automakers passed the House of Representatives but its prospects looked grim in the Senate
where supporters faced an uphill struggle on Thursday to keep it alive.
Retail sales post big drop in November 2008-12-10 23:38:42 NEW YORK (Reuters) - U.S. retail sales excluding autos posted their biggest monthly drop in five years November
, as consumers, spooked by a deepening recession, pared spending for a third straight month, a private report released on Thursday showed.
Read more:Retail
Oil steady under $44 after 3 percent rise overnight 2008-12-10 21:43:02 SINGAPORE (Reuters) - Oil was steady below $44 a barrel on Thursday, after rising more than 3 percent overnight
on signs that top oil exporter Saudi Arabia has slashed January supplies ahead of next week's OPEC meeting.
Lawmakers rap Treasury on bailout plan 2008-12-10 21:25:13 WASHINGTON (Reuters) - U.S. lawmakers on Wednesday threatened to withhold the remaining half of the $700 billion of financial bailout cash unless Treasury
Department officials do more to help homeowners avoid foreclosure and push banks to extend more credit to consumers.
Yahoo changes severance plan in settling lawsuit 2008-12-10 21:24:24 SAN FRANCISCO (Reuters) - Yahoo
Inc on Wednesday revised an expensive employee and executive severance plan it had adopted following a takeover bid by Microsoft Corp, settling a lawsuit brought by shareholders.
Read more:changes
Pentagon approves Iraq sales worth up to $6 billion 2008-12-10 18:52:29 WASHINGTON (Reuters) - The U.S. Defense Department on Wednesday said it had approved the sale to Iraq
of weapons valued at up to $6 billion
, including 400 Stryker wheeled vehicles, military radios, training aircraft, 20 coastal patrol boats and 140 M1A1 Abrams tanks.
Read more:Pentagon
California budget woes worsen 2008-12-10 18:42:10 SAN FRANCISCO (Reuters) - California
's budget
crisis is growing worse as its shortfall for its current fiscal year has increased to an estimated $14.8 billion from a previously estimated $11.2 billion, Gov. Arnold Schwarzenegger said on Wednesday.
GMAC bond exchange flop threatens bank bid 2008-12-10 17:24:52 NEW YORK (Reuters) - Auto and mortgage lender GMAC said on Wednesday that only a fraction of its bondholders agreed to swap their debt, raising doubts over the company's efforts to become a bank holding company and stay solvent.
Wall Street rises in choppy day on resource boost 2008-12-10 16:43:36 NEW YORK (Reuters) - Stocks rose in a choppy session on Wednesday as a rebound in oil prices and other commodities lifted energy, mining and materials shares, offsetting nervousness over whether Washington will agree on a bailout for ailing car makers.
Read more:Street
, Wall Street
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