News For Monday Oct 13, 2008 News For Monday Oct 13, 2008

Business Business

World stock markets soar after last week's rout - Added 8 minutes ago

Global stock markets rebounded strongly on Monday after last week's historic sell-off as governments from Europe to Australia and the U.S. intensified efforts to ease a financial crisis that threatened to the throw the...

Central banks announce liquidity boosting measures - Added 21 minutes ago

Five central banks, including the Federal Reserve and the European Central Bank, announced Monday new measures aimed at thawing frozen credit markets and bolstering funding to banks. The Bank of England, the European...

HK legislators criticize regulators over bonds - Added 32 minutes ago

Hong Kong legislators on Monday accused regulators of failing to monitor banks that sold Lehman Brothers-backed bonds that have put hundreds of millions of dollars in doubt after the U.S. investment bank failed amid the...

White House scrambles to get rescue plan moving - Added 33 minutes ago

With the world's financial markets on a stomach-churning ride, the Bush administration is scrambling to get a $700 billion rescue effort for the U.S. banking system up and running, as Europe's central banks began Monday...

IMF chief welcomes European bank rescue plan - Added 50 minutes ago

The head of the International Monetary Fund welcomed a European bank rescue plan on Monday despite its high cost, and predicted that weekend efforts by world leaders would soothe anxious global markets. "I don't think...

North Dakota grows a booming barley crop - Added 2 hours ago

North Dakota barley production jumped in 2008, thanks in large part to weather during the growing season in the east that one farmer described as "perfect." "It was cool all summer. We really had only one real hot...

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Britain to inject up to $63 billion into some of the country's biggest banks ...

Ithaca, NY, wants to be America's 1st podcar city - Added 4 hours ago

!!-- pobj:WVMOR301-0320062143 -->The thought of a driverless, computer-guided car transporting people where they want to go on demand is a futuristic notion to some. To Jacob Roberts, podcars _ or PRTs, for personal...

Oil rebounds in Asia on Europe bank rescue plan - Added 5 hours ago

Oil prices rebounded from a 13-month low to rise above US$80 a barrel Monday in Asia on expectations that a pledge by European countries to keep banks from collapsing may stabilize a tumultuous global financial system. ...

Investors face more uncertainty as bailout widens - Added 6 hours ago

Investors agonizing over whether the stock market is bottoming out or about to extend its precipitous decline face more uncertainty this week as they await action on the government's rapidly expanding effort to pull the...

Is the era of easy credit over for the long haul? - Added 7 hours ago

An inflatable gorilla beckoned from the roof of Don Brown Chevrolet in St. Louis, servers doled out free bowls of pasta and a salesman urged potential customers to "come on up under the canopy and put your hands on" a...

Final hour of trading keeps Wall Street on edge - Added 10 hours ago

The chaotic hour before Wall Street's closing bell has never been for the faint of heart. These days, it's been absolutely brutal. In grim scenes repeated day after day, investors watch as an avalanche of sell orders...

Key points of euro nations' financial crisis plan - Added 11 hours ago

European leaders agreed to several measures _ German Chancellor Angela Merkel called them a "tool kit" _ that governments will be able to use to shore up financial institutions and stop banks' financing problems from...

Bank stock purchase pushed; `no' to protectionism - Added 12 hours ago

Treasury Secretary Henry Paulson told international leaders on Sunday that isolationism and protectionism could worsen the spreading financial crisis. With a new trading week dawning, U.S. lawmakers urged quick action...

Ithaca, NY, wants to be America's 1st podcar city - Added 13 hours ago

!!-- pobj:WVMOR301-0320062143 -->The thought of a driverless, computer-guided car transporting people where they want to go on demand is a futuristic notion to some. To Jacob Roberts, podcars _ or PRTs, for personal...

Details about debt at some newspaper companies - Added 14 hours ago

Newspaper companies renegotiating debt agreements with lenders: _ AVISTA CAPITAL PARTNERS _ The owner of the Star Tribune of Minneapolis skipped a $9 million quarterly debt payment to senior creditors to conserve cash....

Liquidation unlikely as papers miss obligations - Added 14 hours ago

Newspaper companies have been skipping loan payments, missing financial targets in debt agreements and accepting higher interest rates in exchange for more flexibility _ and they're not even directly feeling the impact...

Highlights of Paulson statement at World Bank - Added 16 hours ago

Highlights of Treasury Secretary Henry Paulson's statement Sunday to a meeting of the World Bank's development committee, as provided by the Treasury Department: We meet at a time when the global economic environment...

Amid the meltdown, economics Nobel no easy pick - Added 18 hours ago

If history is any guide, this year's Nobel economics prize will award the developers of economic theories that have had the time to take root, grow and prove resilient. The past also indicates that Monday's winner will...

Bailout managers may be buying own securities - Added 18 hours ago

The government's plan to make sure private managers of a $700 billion bailout plan are free of conflicts of interest is weak, according to some critics, and allows too much room for abuse. The Treasury Department is in...

Emirates officials say nation's banks are strong - Added 22 hours ago

Officials in the United Arab Emirates say the country's financial institutions remain healthy despite growing fears the global credit crisis will hurt the booming Gulf economy. Emirates Central Bank Governor Sultan Bin...

Analysts: GM would need cash to acquire Chrysler - Added 1 day ago

For General Motors Corp. to acquire Chrysler LLC and all of its warts, GM would have to get desperately needed cash as part of the deal. Lots of it, according to industry analysts. With both automakers struggling to...

Bush visits finance officials, urges cooperation - Added 1 day ago

Global finance leaders are pledging cooperation between rich and poor nations to deal with a severe credit crisis after President Bush discussed the seriousness of the current situation. The Group of 20 nations, which...

Key dates in Chrysler's recent history - Added 1 day ago

May 7, 1998: Stuttgart, Germany-based Daimler-Benz, the maker of the upscale Mercedes Benz, announces a $36 billion merger with Chrysler. The new company, DaimlerChrysler AG, begins trading on the Frankfurt and New York...

Acquisition talks: About the automakers - Added 1 day ago

General Motors Corp. and Chrysler LLC at a glance: GENERAL MOTORS CORP. ASSETS: GM, founded in 1908, sells its cars and trucks under the Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab,...

All that money you've lost _ where did it go? - Added 1 day ago

Trillions in stock market value _ gone. Trillions in retirement savings _ gone. A huge chunk of the money you paid for your house, the money you're saving for college, the money your boss needs to make payroll _ gone,...

Qwest reaches tentative agreement with union - Added 1 day ago

Qwest Communications International Inc. says it has reached a tentative agreement for a four-year contract with a union representing about 20,000 employees. The company made the announcement early Saturday. Members of...

Gold, silver prices plummet as fear grip markets - Added 2 days ago

Gold and silver plummeted Friday after Wall Street posted another big loss and forced investors to dump holdings in precious metals to raise badly needed cash. Gold for December delivery fell $27.50, or 3.1 percent, to...

FCC sides with NFL Network in dispute with Comcast - Added 2 days ago

The Federal Communications Commission has sided with the National Football League in a long-running programming dispute with Comcast Corp., ruling that Comcast should carry the league's NFL Network on its popular...

Mazda says no decision on Ford's stake sale - Added 2 days ago

Mazda denied Saturday that a decision had been made by troubled Ford Motor Co. to sell its stake in the Japanese automaker but it didn't rule out a possible deal. Japanese media reported Saturday that Ford was...

Text of G-7 plan of action - Added 2 days ago

Text of G-7 finance ministers and central bank governors' plan of action, as provided by the Treasury Department: ___ The G-7 agrees today that the current situation calls for urgent and exceptional action. We commit...

Automakers push key vehicles through fall TV shows - Added 2 days ago

In this fall's TV season, a secret agent speeds around in a Chevrolet Camaro, a man tries to save the world with the help of a Dodge Ram pickup, and a famous talking car returns to the streets in the form of a Ford...

Ireland's economy ends long winning run - Added 2 days ago

Davey McKeever was down to his last bet slip of the night, crumpled in a sweaty fist, at the Shelbourne Park greyhound track. The remnants of McKeever's first unemployment check would rise or fall on the ironically...

Aggressive Mars breathes down Hershey's neck in US - Added 2 days ago

This stretch of rolling dairy country has long been Milton Hershey's turf, where he first found success making chocolate more than a century ago and earned a name synonymous with chocolate in America. But...

G7 endorses plan to battle financial crisis - Added 2 days ago

Finance officials from the world's top economic powers endorsed a plan Friday to stem the worst financial crisis in more than a half-century. The officials from the Group of Seven countries issued the five-point plan...

Quotes on G-7 actions regarding meltdown - Added 2 days ago

Selected quotes on actions taken by the Group of Seven major industrial countries on Friday to combat the worldwide financial crisis: ___ "We finalized an aggressive action plan to address the turmoil in global...

Paulson endorses bank stock purchase plan - Added 2 days ago

!!-- AUDIO:0810A265,0810A264,0810A263 -->Treasury Secretary Henry Paulson said Friday that the Bush administration will move ahead with a plan to buy stock in financial institutions. Paulson said the program to...

Stocks end worst week mixed after wild session - Added 2 days ago

Wall Street capped one of its worst weeks ever with a wild session Friday that saw the Dow Jones industrials gyrate within a 1,000 point range before closing with a relatively mild loss and the Nasdaq composite index...

Banking basics pay off for Wells Fargo amid chaos - Added 2 days ago

With its iconic stagecoach, Wells Fargo & Co. has evoked images of the wild West throughout its 156-year history. Now it's finally expanding east of the Mississippi with a $12.2 billion acquisition of Wachovia...

GE 3Q profit off 22 pct, but meets lower forecast - Added 2 days ago

General Electric Co. spared investors any nasty surprises as it reported a 22 percent drop in third-quarter earnings on Friday, meeting its own lowered forecast and blaming the decline on its struggling finance arm. The...

Text of G-7 plan of action - Added 2 days ago

Text of G-7 finance ministers and central bank governors' plan of action, as provided by the Treasury Department: The G-7 agrees today that the current situation calls for urgent and exceptional action. We commit to...

Federal regulators clear Wells Fargo-Wachovia deal - Added 2 days ago

Federal antitrust regulators on Friday cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp., capping a weeklong battle for the Charlotte, N.C.-based bank. The rapid approval comes a day after Citigroup...

Gold, silver prices plummet as fear grip markets - Added 2 days ago

Gold and silver plummeted Friday after Wall Street posted another big loss and forced investors to dump holdings in precious metals to raise badly needed cash. Gold for December delivery fell $27.50, or 3.1 percent, to...

Stock traders: It's the ugliest market ever seen - Added 2 days ago

"There's nothing that's come anywhere near this." Alan Valdes, a trader for brokerage and financial services firm Hilliard Lyons, said past market crises _ the 1987 crash, the dot-com bust, the savings and loan...

Developing nations worried about financial crisis - Added 2 days ago

Developing countries warned on Friday that the global financial crisis could dampen their growth prospects and recommended an international response to prevent "the most difficult situation in years" from worsening. ...

Meltdown 101: Bankruptcy won't help borrowers much - Added 2 days ago

Can filing for bankruptcy help homeowners facing foreclosure? For most people, trying to negotiate changes in their loan with help from a housing counselor or lawyer is a far better option. While bankruptcy judges can...

PepsiCo to renew effort on soft drinks sales - Added 2 days ago

PepsiCo, the nation's second-largest beverage company, said Friday it was launching a new marketing campaign to refocus attention on soft drinks, which have seen lagging sales. Carbonated soft drinks are "an important...

AP source: GM could announce production cuts soon - Added 2 days ago

General Motors Corp. is likely to announce further production cuts and possible plant closures as early as next week as it deals with slumping sales and a collapse in its stock price, a person with knowledge of the...

Walgreen Chairman and CEO Jeffrey Rein retires - Added 2 days ago

Drugstore chain Walgreen Co. said Friday Chairman and CEO Jeffrey Rein has retired from the company after 26 years. Rein, 56, will be replaced as company chairman by Alan McNally, 62, lead director on Walgreen's board....

What rate cut? Interbank lending rates keep rising - Added 2 days ago

Governments around the world have slashed interest rates and ramped up their lending to unprecendented levels, but banks are still charging each other extremely high borrowing rates _ a bad sign for the credit markets...