7 April 2008
On Monday, US regulators filed fraud charges against 5 former San Diego officials who played key roles in pension fundscandal that caused the city's financial meltdown.
Reuters
Showing posts with label Business News. Show all posts
Showing posts with label Business News. Show all posts
Asian stocks plunged
17 March 2008
On Monday, Asian stocks tumble and the dollar sank after JPMorgan Chase said it would acquire troubled US bank Bear Stearns, signaling to investors the depths of the credit crisis.
On Monday, Asian stocks tumble and the dollar sank after JPMorgan Chase said it would acquire troubled US bank Bear Stearns, signaling to investors the depths of the credit crisis.
Fed's bank booster
11 March 2008The Fed promised a $200 billion booster for ailing markets, and Wall Street reacted with its biggest bounce in more than five years.
As an attempt to ease the credit crisis, the Fed, acting with the European Central Bank, the Bank of Canada and the Swiss National Bank, agreed to loan investment banks money in exchange for debt, including slumping mortgage-backed securities.
AP
Wall Street fell
27 February 2008
In early trading on Wednesday, Wall Street fell as the dollar plunged against the euro, sending oil and gold to record highs.
AP
In early trading on Wednesday, Wall Street fell as the dollar plunged against the euro, sending oil and gold to record highs.
AP
Wall Street finished higher
12 February 2008
NEW YORK : On Tuesday, Wall Street finished higher (mostly) after Warren Buffett offered to help out troubled bond insurers, easing some of the market's concerns about further deterioration in the credit markets. The Dow Jones industrials rose more than 130 points.
NEW YORK : On Tuesday, Wall Street finished higher (mostly) after Warren Buffett offered to help out troubled bond insurers, easing some of the market's concerns about further deterioration in the credit markets. The Dow Jones industrials rose more than 130 points.
17,000 jobs cut in January
1 February 2008
WASHINGTON: In January 2008, nervous employers cut 17,000 jobs. This is the first such reduction in more than four years and a fresh trouble sign that the U.S economy is in danger of stalling.
Fears of a recession have grown.
Employers have grown cautious as they try to cope with fallout from housing and credit problems and the rising worry about the ailing U.S economy.
AP
WASHINGTON: In January 2008, nervous employers cut 17,000 jobs. This is the first such reduction in more than four years and a fresh trouble sign that the U.S economy is in danger of stalling.
Fears of a recession have grown.
Employers have grown cautious as they try to cope with fallout from housing and credit problems and the rising worry about the ailing U.S economy.
AP
New home sales down
28 January 2008
Washington: New home sales is down in 2007 by the largest amount on record, and home prices tumbled sharply in December.
AP
Washington: New home sales is down in 2007 by the largest amount on record, and home prices tumbled sharply in December.
AP
US economy will continue to grow
27 January 2008
US Treasury Secretary Henry Paulson said that he believes that the US economy will continue to grow, but he emphasized the need to quickly implement an emergency stimulus package.
AFP
US Treasury Secretary Henry Paulson said that he believes that the US economy will continue to grow, but he emphasized the need to quickly implement an emergency stimulus package.
AFP
Tax rebates
24 January 2008On Thursday, Congress and the White House forged a deal to begin rushing tax rebates of $600 up to $1,200 to most tax filers, hoping that they will spend the money and jolt the ailing economy to life.
AP
General Motors vs Toyota
23 January 2008General Motors (GM), the world's top seller of vehicles has been all-but-overtaken by Toyota. On Thursday, Toyota said it sold 9.366 million vehicles globally last year, only about 3,000 vehicles fewer than General Motors.
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Detroit auto show
19 January 2008After the buildup of press previews and black tie charity events, the North American International Auto Show is finally open to the public.
AP
Stocks fall sharply because of economic woes
15 January 2008The growing conviction that U.S. is headed toward recession sent Wall Street plunging on Tuesday, with weak retail sales figures and disappointing results from Citigroup Inc. exacerbating investors' pessimistic mood. Dow Jones industrials tumbled nearly 280 points.
AP
Bank of America to purchase Coutrywide Financial Corp.
11 January 2008WASHINGTON: Bank of America's anticipated proposal to purchase mortgage lender Countrywide Financial Corp. would also come as a relief to federal regulators.
By purchasing Countrywide Financial Corp, Bank of America would prevent the largest US Mortgage lender from fillinf for bankruptcy and also avert a significant damage to the home loan market.
AP
Recession in 2008
9 January 2008
NEW YORK: On Wednesday, Goldman Sachs said it expects the U.S. economy to drop into recession this year, prompting the Federal Reserve to slash benchmark lending rates to 2.5 percent by the third quarter.
Reuters
NEW YORK: On Wednesday, Goldman Sachs said it expects the U.S. economy to drop into recession this year, prompting the Federal Reserve to slash benchmark lending rates to 2.5 percent by the third quarter.
Reuters
Wall Street fell sharply
4 January 2008New York: On Friday, Wall Street fell sharply after the goverment's employment report showed weaker-than-expected job growth and an increasing unemployment rate.
AP
Netflix to deliver movies directly to TV
3 January 2008DVD by mail service Netflix will begin delivering movies and other programming directly to televisions later this year through a set-top box that will deliver entertainment over a high-speed Internet connection.
The set-top box, will be made by LG Electronics as part of a partnership, is designed to broaden the appeal of a year-old streaming service that Netflix provides to its 7 million subscribers at no additional charge.
LG Electronics didn't reveal how much the set-top box will cost when it hits the market in the summer or early autumn. Similar devices made by Apple Inc. and Vudu Inc. cost $299 to $399.
AP
Wall Street wraps up 2007
1 January 2008
Wall Street ended a painful year with another steep loss Monday as investors glumly anticipated that 2008 would bring more of the uncertainty and turbulence of 2007.
The Dow Jones industrials fell 101 points, the latest in a string of triple-digit moves that became commonplace in the just-ended year amid a continuum of bad news about housing, faltering mortgages and shrinking credit. Thanks to a big first-half advance, they managed to finish 2007 with a respectable increase of 6.43 percent — not as large as the 16.29 percent jump in 2006, but a better performance than the modest loss in 2005.
The Dow's annual gain came even after it posted its worst fourth-quarter drop in 20 years, amid billion-dollar losses at the world's biggest financial firms and falling spending by consumers whose budgets have been crimped by record-high oil prices and declining home prices.
"Considering all that's going on, the market really acted pretty well," said Todd Leone, managing director of equity trading at Cowen & Co.
It's tough to say what the primary market driver of 2008 will be, but the stock market faces a slew of threats: more adjustable-rate mortgage resets, a still-tight credit market and the possibility of accelerating inflation. But Leone said the fourth-quarter earnings season in January should shed some light on how U.S. companies are surviving the recent slowdown and credit crunch.
By MADLEN READ, AP Business Writer
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