BlackRock, Pimco bid to manage bailout assets: report 2008-10-09 00:04:36 (Reuters) - BlackRock Inc and Pacific Investment Management Co (Pimco) are bidding to manage mortgage-backed assets in the U.S.’s $700 billion financial bailout, Bloomberg news agency said, citing people familiar with the matter.
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Canada rated world’s soundest bank system: survey 2008-10-08 23:19:59 CANBERRA (Reuters) - Canada has the world’s soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as financial crisis and bank failures shake world markets.
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Some calm returns after steep losses, rate cuts 2008-10-08 22:55:07 LONDON (Reuters) - Many stock markets rose strongly on Thursday and winners during the recent turmoil, such as the yen and gold, slipped as at least temporary calm returned to markets a day after coordinated global interest rate cuts.
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Shellshocked Iceland takes control of biggest bank 2008-10-08 22:52:20 REYKJAVIK (Reuters) - Iceland took control on Thursday of its biggest bank, Kaupthing, to try to shore up a teetering banking system.
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Asia cuts rates, U.S. looks at bank stakes 2008-10-08 22:23:39 LONDON/BEIJING (Reuters) - The United States signaled it could consider buying into debt-laden banks to help get funds flowing through the financial system again after the IMF warned the world was on the brink of recession.
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Coordinated rate cuts nudge up Asia stocks 2008-10-08 22:09:06 HONG KONG (Reuters) - Asian stocks clung to small gains while the yen slipped on Thursday after central banks from China to Europe and the United States cut interest rates to support the global economy, though investors were tense with credit markets still dysfunctional.
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U.S. signals may consider buying bank stakes 2008-10-08 21:52:01 BEIJING (Reuters) - The United States signaled it could consider buying into debt-laden banks to try to restore confidence in the inter-bank lending market that remained paralyzed after an unprecedented coordinated global rate cut.
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U.S. bank National City in sale talks: report 2008-10-08 21:49:25 (Reuters) - U.S. regional bank National City Corp is in talks with a number of banks about a possible sale, the Wall Street Journal said, citing people familiar with the situation.
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Japan looks for new ways to boost economy 2008-10-08 21:00:50 TOKYO (Reuters) - Japanese Prime Minister Taro Aso sought new ways to stimulate the economy on Thursday, as a 14.5 percent dive in machinery orders provided further evidence the global financial crisis is pushing Japan into recession.
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Wachovia talks hit snag over division of assets: report 2008-10-08 20:58:31 (Reuters) - Talks between Citigroup Inc , Wells Fargo & Co and the U.S. government over a way to divide Wachovia Corp between its two suitors were hung up on several key issues Wednesday, The Wall Street Journal said citing people familiar with the situation.
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Alabama governor to present sewer-debt plan 2008-10-07 08:45:39 BIRMINGHAM, Alabama (Reuters) - Alabama’s governor on Tuesday will present state legislators from Jefferson County with newly negotiated proposals to restructure the county’s $3.2 billion of troubled sewer debt and possibly avoid a municipal bankruptcy, according to a county official.
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Stocks extend losses after Bernanke’s comments 2008-10-07 08:37:57 NEW YORK (Reuters) - Stocks extended losses on Tuesday, with the Nasdaq and the S&P 500 briefly falling more than 3 percent, after Federal Reserve Chairman Ben Bernanke cautioned that downside risks to economic growth have worsened, though he signaled a readiness to lower interest rates.
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BofA share sale two-thirds subscribed: sources 2008-10-07 08:30:17 NEW YORK (Reuters) - Bank of America Corp has received orders for about two-thirds of the $10 billion of shares it is looking to sell, and plans to price the transaction after the market’s close on Tuesday, according to two investors that spoke to the bank.
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Ex-UBS top lawyer settles insider trading case 2008-10-07 08:26:58 NEW YORK (Reuters) - A former top executive at UBS AG agreed to pay $6.5 million to settle accusations he sold his personal holdings of auction-rate securities after acquiring insider information about the collapsing market for the debt, New York’s attorney general said.
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Bernanke signals readiness to cut rates 2008-10-07 08:20:19 WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke on Tuesday signaled a readiness to lower U.S. interest rates in a dramatic shift to support an economy battered by a financial crisis of “historic dimension.”
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Stocks drop as credit concerns weigh 2008-10-07 07:58:28 NEW YORK (Reuters) - Stocks slid on Tuesday as a move by the Federal Reserve to shore up the commercial paper market failed to stem fears about the widening fallout from the credit crisis.
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AIG had warnings on risk: lawmaker 2008-10-07 07:53:47 WASHINGTON (Reuters) - U.S. regulators sent a letter to American International Group Inc in March warning of its lack of transparency and ability to oversee its financial products, a top Democratic lawmaker said on Tuesday.
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Stocks extend losses on credit concerns 2008-10-07 07:50:01 NEW YORK (Reuters) - Stocks slid on Tuesday, with the Nasdaq and S&P 500 briefly falling more than 2 percent, on concerns about the fast-spreading credit crisis.
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Oil rises on Australia cut, Fed move 2008-10-07 07:48:25 NEW YORK (Reuters) - Oil prices rose on Tuesday on investor optimism after a big interest rate cut in Australia and the U.S. Federal Reserve’s announcement that it would begin buying commercial paper.
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Report questions impartiality of SEC: NY Times 2008-10-07 07:42:43 WASHINGTON (Reuters) - A federal inquiry has concluded that the Securities and Exchange Commission should consider disciplining its director of enforcement and two supervisors for their role in handling an insider trading investigation, The New York Times said, citing an obtained report.
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German bank rescued, S.Korea reassures lenders 2008-10-05 19:04:33 BEIJING (Reuters) - Germany offered a blanket bank deposit guarantee as it clinched a deal to rescue lender Hypo Real Estate, while regulators from Washington to Seoul took their own steps to ensure the stability of financial firms.
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Wachovia pursues Wells Fargo deal; Citi setback 2008-10-05 18:13:35 NEW YORK (Reuters) - Wachovia Corp cleared a legal hurdle in its effort to sell itself to Wells Fargo & Co on Sunday when a New York appeals court ruled Wachovia cannot be forced to negotiate with Citigroup alone beyond Monday.
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Paulson to name adviser to oversee U.S. bailout: paper 2008-10-05 18:02:56 PHILADELPHIA (Reuters) - U.S. Treasury Secretary Henry Paulson is expected to name Neel Kashkari to oversee the $700 billion program to buy distressed assets from financial institutions, The Wall Street Journal reported on Sunday.
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Euro, stocks tumble as crisis intensifies 2008-10-05 17:02:57 HONG KONG (Reuters) - Asian stocks fell 2-3 percent on Monday, led by shares of exporters, after a hectic weekend in Europe as the financial crisis gathered steam there, knocking the euro to the lowest in a year.
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Shanghai highrises could worsen threat of rising seas 2008-10-05 16:26:22 SHANGHAI (Reuters) - Shanghai, China’s most populous city and an aspiring global financial center, is also among the world’s most vulnerable urban areas to a rise in sea levels as global warming melts polar ice.
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Judge sets hearing on Citi, Wachovia deal 2008-10-05 14:36:40 NEW YORK (Reuters) - A district court judge set a court hearing for Tuesday to decide whether an exclusivity agreement in Citigroup Inc’s bid to buy Wachovia Corp’s banking assets prevents a competing deal by Wells Fargo to go forward.
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Germany agrees bank rescue and guarantees savings 2008-10-05 14:19:03 BERLIN (Reuters) - Germany acted to stem turmoil in its financial sector Sunday, thrashing out a new rescue for imperiled lender Hypo Real Estate and, in a surprise move, pledging to guarantee private savings accounts.
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BNP clinches Fortis’ Belgian bank arm 2008-10-05 14:13:28 BRUSSELS (Reuters) - BNP Paribas took control of the Belgian and Luxembourg businesses of troubled financial group Fortis on Sunday in a complex rescue that will make Belgium the French bank’s biggest shareholder.
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Key German bank rescued, Italy revives bailout talks 2008-10-05 13:39:14 BERLIN/WASHINGTON (Reuters) - Germany offered a blanket bank deposit guarantee on Sunday in a bid to contain the spreading credit crisis as officials clinched deals to rescue Germany’s Hypo Real Estate and recapitalize two other European banks.
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BNP Paribas to buy 75 pct of Fortis Bank Belgium: PM 2008-10-05 12:54:48 BRUSSELS (Reuters) - France’s BNP Paribas will buy 75 percent of the Belgian banking arm of the troubled Fortis group as part of a deal in which Belgium will receive new shares in BNP Paribas, Belgian Prime Minister Yves Leterme said on Sunday.
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