GM, Chrysler pushing for rapid deal: report 2008-10-18 15:07:50 DETROIT (Reuters) - U.S. automakers Chrysler LLC and General Motors Corp are pushing for a quick merger deal ahead of the U.S. presidential election as sales continue to plummet and they cannot gain access to credit, a Detroit newspaper reported on Saturday.
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Bush to host financial summit 2008-10-18 13:56:17 WASHINGTON (Reuters) - U.S. President George W. Bush announced on Saturday he would host a global summit on the financial crisis, signing on to European proposals to coordinate strategy amid the biggest economic debacle since the Great Depression.
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Chavez says $80-$90 oil enough for Venezuela 2008-10-18 13:27:07 CARACAS (Reuters) - Oil priced at $80-$90 a barrel is more than enough for Venezuela, President Hugo Chavez said on Saturday, days before an emergency OPEC meeting where the group is set to agree to cut supply to stem crashing prices.
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Bush to host financial crisis summit 2008-10-18 13:15:34 CAMP DAVID, Maryland (Reuters) - U.S. President George W. Bush on Saturday said he would soon host a summit of world leaders to look at strategies to combat the global financial crisis to make sure it does not happen again.
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Spain govt wins backing for 2009 budget 2008-10-18 12:41:51 MADRID (Reuters) - The Spanish government has won support to pass its 2009 budget and fend off opposition efforts to block the bill on grounds it is unrealistic during the credit crisis and will stoke unemployment.
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Probe of Lehman collapse escalated: report 2008-10-18 12:36:43 NEW YORK (Reuters) - Prosecutors have stepped up the investigation into the collapse of Lehman Brothers, with at least a dozen subpoenas being issued including one to the investment bank’s chief executive, Richard Fuld, The New York Times reported on Saturday.
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Bush agrees to host financial crisis summit 2008-10-18 12:30:54 CAMP DAVID, Maryland (Reuters) - U.S. President George W. Bush said on Saturday he would soon host a summit of world leaders to look at strategies to combat the global financial crisis.
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Bush says U.S. to host global financial summit 2008-10-18 11:04:31 WASHINGTON (Reuters) - President George W. Bush will announce on Saturday that the United States will soon host a summit to discuss the global financial crisis, a senior U.S. administration official said.
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GM, Chrysler pushing for rapid deal: paper 2008-10-18 09:01:29 DETROIT (Reuters) - U.S. automakers Chrysler LLC and General Motors Corp are pushing for a quick merger deal ahead of the U.S. presidential election as sales continue to plummet and they cannot gain access to credit, a Detroit newspaper reported on Saturday.
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IMF investigates chief for abuse of power in affair 2008-10-18 07:29:02 WASHINGTON (Reuters) - The International Monetary Fund said on Saturday it was investigating whether IMF Managing Director Dominique Strauss-Kahn abused his power in an affair with a subordinate who has since left the global institution.
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ING shares down more than 15 percent 2008-10-17 00:13:38 AMSTERDAM (Reuters) - Shares in Dutch financial services group ING Groep NV dived more than 15 percent on Friday and the company said it had no comment on the share price move.
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Car market decline spurs fresh Big Three merger talk 2008-10-16 23:48:19 PARIS (Reuters) - Renault on Friday denied it was in talks to buy Jeep from Chrysler as record low auto sales and the financial crisis spur fresh merger talk about the Big Three U.S. automakers in a new global consolidation round.
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West urges financial overhaul, Asia fears slowdown 2008-10-16 23:20:23 LONDON (Reuters) - Asian policymakers held emergency talks to find ways to bolster their banks on Friday before a meeting between U.S. and French presidents that Nicolas Sarkozy said could help launch a “refoundation of capitalism.”
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Cerberus in talks with Renault, GM: sources 2008-10-16 22:46:20 DETROIT/NEW YORK (Reuters) - Private equity firm Cerberus is in talks to sell all or part of Chrysler LLC’s operations to Renault SA and General Motors Corp as it considers a range of deals that could break up the No. 3 automaker, people familiar with the talks said on Thursday. A Renault spokeswoman denied the talks.
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World equities rise, helped by earnings 2008-10-16 22:41:32 LONDON (Reuters) - Equities rose across the world on Friday after encouraging earnings signals from technology firms such as IBM and a slowly improving tone in beleaguered short-term money markets helped ease recession fears.
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Asia shares advance, but economy fears weigh 2008-10-16 21:46:27 HONG KONG (Reuters) - Asian shares rose on Friday after encouraging earnings signals from technology firms such as IBM and a slowly improving tone in beleaguered short-term money markets helped ease concerns about a global recession.
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World leaders grapple with crisis as recession looms 2008-10-16 21:39:36 HONG KONG (Reuters) - Policymakers around the world scrambled for ways to bolster their economies and banks with South Korean and Australian leaders holding emergency meetings in the face of mounting signs of a severe global downturn.
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Asian shares gain, but economy fears remain 2008-10-16 17:34:21 HONG KONG (Reuters) - Asian shares gained tentatively on Friday, recovering some of the steep losses in the prior session, after encouraging earnings signals from technology firms such as IBM eased some of the concerns over a global recession.
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Google defies economy to beat forecasts; shares rise 2008-10-16 16:35:38 SAN FRANCISCO (Reuters) - Google Inc profits surpassed Wall Street quarterly forecasts, sending its shares up more than 10 percent as the Internet search and advertising leader held deepening economic gloom at bay.
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IBM confident on profit, looks to emerging markets 2008-10-16 15:53:38 BOSTON (Reuters) - International Business Machines Corp , the biggest technology services company, said it expects to meet long-term profit forecasts despite economic turmoil, partly due to continued growth in emerging markets.
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Data feeds recession worry and slams Wall Street 2008-10-15 10:17:55 NEW YORK (Reuters) - Stocks dropped on Wednesday as bleak economic data fed worries that despite all the efforts to unlock credit markets, the economy is unlikely to avoid recession.
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New York’s Cuomo probes “outrageous” AIG spending 2008-10-15 09:52:01 NEW YORK (Reuters) - New York Attorney General Andrew Cuomo is investigating what he contends is “unwarranted and outrageous” spending by American International Group Inc even as the struggling insurance giant receives $123 billion of U.S. government funding to stay alive.
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Global recession fears deepen, markets tumble 2008-10-15 09:40:17 NEW YORK (Reuters) - Federal Reserve Chairman Ben Bernanke warned on Wednesday that credit market turmoil posed a “significant threat” to an already slowing American economy as new data deepened recession fears, sending stocks tumbling.
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EDF drops Constellation bid as credit tight 2008-10-15 09:30:17 PARIS (Reuters) - French state-controlled electricity giant EDF said on Wednesday it had dropped plans to table a new bid for Constellation Energy as the credit crisis has made corporate financing more difficult to obtain.
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EBay shares down 11 percent before earnings 2008-10-15 09:23:07 SAN FRANCISCO (Reuters) - Shares of eBay Inc fell as much as 11 percent on Wednesday on fears that a global recession would take a heavier toll on its online auctions business.
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Market extends losses after Fed’s Beige Book 2008-10-15 09:17:02 NEW YORK (Reuters) - Stocks extended losses in afternoon trading on Wednesday, after the Federal Reserve said economic activity weakened across the United States in September as businesses rethought capital investments, and consumers curtailed spending.
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EU leaders urge reforms, recession signs mount 2008-10-15 09:10:13 NEW YORK/BRUSSELS (Reuters) - European leaders called on Wednesday for a new world financial order to prevent future financial crises, as growing signs of global recession damped optimism over government efforts to bail out banks.
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Economic activity weak across U.S.: Fed Beige Book 2008-10-15 09:05:41 WASHINGTON (Reuters) - Economic activity weakened across the United States in September as businesses rethought capital investments, consumers curtailed spending and the general outlook darkened, the Federal Reserve said on Wednesday.
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American Air orders 42 Boeing 787 Dreamliners 2008-10-15 08:56:20 NEW YORK (Reuters) - AMR Corp’s American Airlines ordered 42 Boeing Co 787 Dreamliners on Wednesday, worth more than $8 billion at list prices, providing a badly needed boost for the plane maker as it struggles with an uncertain economy and a five-week strike by assembly workers.
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Recession worry, data drag Wall Street lower 2008-10-15 08:55:18 NEW YORK (Reuters) - Stocks slid on Wednesday as investors worried that efforts to untangle credit markets would not prevent recession and Federal Reserve Chairman Ben Bernanke acknowledged that the economy faced a significant threat.
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