Reuters - Wal-Mart Stores Inc is cutting prices on popular toys and ramping up the opening of Christmas shops in its U.S. stores as the retailer tries to win sales from cash-strapped shoppers ahead of what could be the worst holiday season in 17 years.
Reuters - The U.S. Senate will vote on Wednesday night on a new version of the $700 billion bailout package for Wall Street, rekindling hopes that the credit crisis can be stemmed before claiming yet more banks and causing further damage to a weakening global economy.
Reuters - Maurice Greenberg, former chief executive of American International Group , has asked the company’s current chief executive Edward Liddy for the chance to bid on AIG assets as the company seeks to repay an emergency loan from the federal government.
Reuters - President George W. Bush on Tuesday signed into law a mammoth spending bill to keep the government running until early March 2009 that includes a $25 billion loan package for troubled automakers.
Reuters - The U.S. Senate agreed to vote on Wednesday night on a new version of the $700 billion bailout package for Wall Street that will include a big increase in the amount of bank deposits protected by the government’s insurance program, a Senate aide said on Tuesday.
Reuters - U.S. securities regulators on Tuesday gave the financial industry a reprieve from marking hard-to-value assets down to fire sale prices, throwing a lifeline to an industry beset by strained credit markets and the latest round of bank failures.
Reuters - Wall Street roared back on Tuesday, a day after its worst sell-off in 21 years as investors bet Washington would revive a plan to stabilize the U.S. financial sector following its surprising defeat on Monday on Capitol Hill.
AFP - A powerful rally Tuesday helped Wall Street recoup some losses from Monday’s rout, amid renewed hope for US passage of a financial rescue package.
Reuters - The chairman of the House Financial Services Committee has told lawmakers that a federal bank regulator will seek authority to increase the deposit insurance limit to a level above its current $100,000, said a source familiar with the chairman’s thinking.
AFP - Britain’s biggest retailer Tesco said on Tuesday that its net profit jumped by almost 11 percent during the group’s first half to more than one billion pounds as it beat off economic woes.
AP - With the holiday shopping season about to start, consumer confidence is hovering near the lowest it’s been since President Bush’s father was commander in chief. It may dip further as Americans open their 401(k) statements and see how much they’ve lost in the last few weeks.
Reuters - The Nasdaq Stock Market said it will cancel some of the late trades in Google Inc , whose shares appeared to plunge as low as 1 cent at the close of North American markets on Tuesday.
Reuters - U.S. lawmakers and President George W. Bush eased pressure on financial markets on Tuesday by starting work to revive a $700 billion bailout plan to stem a credit crisis that has spread beyond Wall Street to claim more European banks.
Reuters - Oil rose $6 per barrel on Tuesday to over $102 as expectations U.S. lawmakers would pass a financial stability plan boosted global markets.
Reuters - Wall Street roared back on Tuesday, a day after its worst sell-off in 21 years as investors bet Washington would revive a plan to stabilize the U.S. financial sector following its surprising defeat on Monday on Capitol Hill.