AP - Scrambling to shore up the faltering economy, the Federal Reserve cut interest rates to the lowest point in nearly four years Wednesday as the nation teetered on the edge of recession.
Reuters - Starbucks Corp said on
Wednesday it would slash U.S. coffee store openings through
2011 as it adjusts to slower U.S. growth and turns its focus to
expanding newer international markets.
Reuters - The Federal Reserve lowered interest
rates by a modest quarter percentage point on Wednesday, as
expected, and hinted the move could be the last in a series
meant to buffer the economy from a credit crunch and housing
downturn.
Reuters - Stocks fell on Wednesday after the
Federal Reserve trimmed interest rates but left unclear the
outlook for further rate cuts, prompting profit-taking as the
Standard & Poor’s 500 index ended its best month since December
2003.
Reuters - Investors fear that Citigroup Inc’s
sale of $4.5 billion of shares, combined with a $6
billion preferred stock sale last week, signal the bank is
likely to face more write-downs in the future and may need to
raise even more capital.
Reuters - A buildup in inventories kept the
U.S. economy afloat in the first quarter despite the weakest
consumer spending since 2001 and reduced business investment, a
government report on Wednesday showed.
Reuters - A former chief operating officer at
job recruitment Web site Monster Worldwide Inc was
charged on Wednesday with securities fraud and conspiracy in
connection with an alleged scheme to backdate millions of
dollars’ worth of employee stock option grants.
AFP - British oil and gas giant BG Group said Wednesday it had bid 12.1 billion US dollars (7.8 billion euros) in cash for Origin Energy, Australia’s second-largest energy retailer.
AFP - Swiss banking giant UBS on Monday declined comment on a report which claimed that the group, currently the worst-hit financial institution by the subprime home loan crisis, would cut 8,000 jobs.
AP - Treasury prices advanced Wednesday after the Federal Reserve announced a quarter-point interest rate cut and indicated it was taking a neutral stance toward future reductions amid concerns about the economy.
Reuters - Stocks fell on Wednesday after the
Federal Reserve trimmed interest rates but left unclear the
outlook for further rate cuts, prompting profit-taking as the
Standard & Poor’s 500 index ended its best month since December
2003.
Reuters - Starbucks Corp said on Wednesday it
would slash U.S. coffee store openings through 2011 to cut
costs in the face of weak U.S. sales and to focus more on
growth abroad.
Reuters - The Federal Reserve lowered U.S.
interest rates by a modest quarter percentage point on
Wednesday and hinted the move could be the last in a series
meant to buffer the economy from a credit crunch and housing
downturn.
Reuters - A buildup in inventories kept the
U.S. economy afloat in the first quarter despite the weakest
consumer spending since 2001 and reduced business investment, a
government report on Wednesday showed.
Reuters - A former chief operating officer at
job recruitment Web site Monster Worldwide Inc was
charged on Wednesday with securities fraud and conspiracy in
connection with an alleged scheme to backdate millions of
dollars’ worth of employee stock option grants.