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Posted: October 7th, 2008, 3:46pm CST
SEOUL, South Korea (AP) -- Asian markets showed signs of life Tuesday as investors cheered a big interest rate cut by the Australian central bank aimed at alleviating the unfolding global credit crisis that has battered global markets....
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Posted: October 7th, 2008, 3:29pm CST
WASHINGTON (AP) -- The government is weighing a bold plan to buy massive amounts of unsecured short-term debts in a dramatic effort to break through a credit clog that is imperiling the economy....
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Posted: October 7th, 2008, 3:13pm CST
DES MOINES, Iowa (AP) -- Like any farmer, Iowa Agriculture Secretary Bill Northey is eager to put the pains - and the rains - of 2008 behind him....
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Posted: October 7th, 2008, 2:07pm CST
SINGAPORE (AP) -- Oil prices rebounded to above $90 Tuesday in Asia after plunging to an 8-month low the previous day on concerns a significant slowdown in global economic growth will undermine demand for crude....
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Posted: October 7th, 2008, 1:16pm CST
TOKYO (AP) -- Japan's central bank left its key interest rate unchanged Tuesday amid heightened anxiety that the U.S. credit crisis was quickly spreading from Wall Street to Europe and beyond....
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Posted: October 7th, 2008, 1:12pm CST
SYDNEY, Australia (AP) -- Australia's central bank cut its official interest rate by a bigger-than-expected 1 percentage point Tuesday to ease credit concerns amid a global financial turmoil, cheering investors around the region and lifting Australian stocks into positive territory...
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Posted: October 7th, 2008, 12:53pm CST
REYKJAVIK, Iceland (AP) -- Iceland's banks face a battle for survival Tuesday after government introduced emergency legislation to give itself sweeping new powers over its collapsing financial sector....
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Posted: October 7th, 2008, 12:50pm CST
WASHINGTON (AP) -- The now-bankrupt investment bank Lehman Brothers arranged millions in bonuses for fired executives as it pleaded for a federal lifeline, lawmakers learned Monday, as Congress began investigating what went so wrong on Wall Street to prompt a $700 billion government bailout....
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Posted: October 7th, 2008, 12:30pm CST
WASHINGTON (AP) -- Treasury Secretary Henry Paulson turned to a familiar source when he picked a director for the government's $700 billion bailout program: his former Wall Street firm, Goldman Sachs....
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Posted: October 7th, 2008, 12:17pm CST
NEW YORK (AP) -- State tax revenue rose slightly in the second quarter, but revenue from sales tax, fuel tax and property tax all dropped compared to a year ago, according to a report released Tuesday. The report warned that states and cities would be forced to cut spending as tax revenues dropped further....
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Posted: October 7th, 2008, 12:00pm CST
BAGHDAD (AP) -- Recurrent violence in oil-rich parts of Nigeria may provide a sobering lesson for oil companies hoping to work in Iraq - a place that is much more dangerous despite the fact that attacks are at their lowest level in more than four years....
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Posted: October 7th, 2008, 10:32am CST
WASHINGTON (AP) -- The government's $700 billion rescue, aimed at rebuilding economic confidence, appeared to sound a global alarm instead on Monday, triggering a fearful international sell-off as the U.S. began work on a plan that investors feared would be too little and too late to stave off a worldwide recession....
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Posted: October 7th, 2008, 9:06am CST
LONDON (AP) -- Individual European governments issued a flurry of deposit guarantees to shore up their banks but fell short of any coordinated action Monday to deal with the crisis sweeping financial markets, even as stock markets crashed and the euro sank to its lowest level for over a year....
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Posted: October 7th, 2008, 7:46am CST
LUXEMBOURG (AP) -- European Central Bank President Jean-Claude Trichet called Monday for calm in the continent's jittery markets, saying they are overestimating risks and the euro-zone central bank stood ready to provide all the liquidity needed for as long as necessary....
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Posted: October 7th, 2008, 7:42am CST
NEW YORK (AP) -- Bank of America Corp. on Monday reported third-quarter results earlier than planned, revealing a wider-than-expected profit drop and plans to boost capital by selling $10 billion stock and halving its dividend....
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Posted: October 7th, 2008, 6:24am CST
NEW YORK (AP) -- The jammed credit markets barely budged Monday as governments around the world scrambled to prop up their failing banks and investors waited for details on how, exactly, the Treasury will go about buying $700 billion of U.S. banks' mortgage assets....
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Posted: October 7th, 2008, 6:21am CST
NEW YORK (AP) -- Commodities prices tumbled broadly Monday on growing expectations that the financial crisis pummeling world markets will dramatically reduce global demand for energy and raw materials. Gold prices shot up as investors' faith in stock markets dimmed further, touching off a desperate dash for safe alternative investments....
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Posted: October 7th, 2008, 5:41am CST
NEW YORK (AP) -- Wachovia, Citigroup and Wells Fargo on Monday agreed to a standstill of all formal litigation activity - a sign that the banks and the Federal Reserve are working feverishly to reach an agreement over the fate of Wachovia....
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Posted: October 7th, 2008, 5:33am CST
WASHINGTON (AP) -- The Federal Reserve has granted approval for Japan's largest bank to purchase a stake in U.S. investment giant Morgan Stanley....
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Posted: October 7th, 2008, 5:30am CST
NEW YORK (AP) -- Starbucks Corp. is facing another complaint from the National Labor Relations Board alleging that the gourmet coffee chain engaged in unfair labor practices by firing a barista in Michigan....
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Posted: October 7th, 2008, 5:17am CST
INDIANAPOLIS (AP) -- Eli Lilly & Co.'s winning bid of more than $6 billion for cancer drugmaker ImClone Systems means a billion-dollar payday for former rival bidder Bristol-Myers and vindication for corporate raider and ImClone Chairman Carl Icahn....
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Posted: October 7th, 2008, 5:12am CST
HARRISBURG, Pa. (AP) -- Mars Inc. has closed a $23 billion deal to purchase chewing-gum giant Wm. Wrigley Jr. Co., the companies said Monday, making the combined business the world's largest candy maker....
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Posted: October 7th, 2008, 4:40am CST
NEW YORK (AP) -- Foodmaker Kraft Foods Inc. said Monday it is cutting 400 jobs in North America to reduce costs....
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Posted: October 7th, 2008, 4:30am CST
WHAT HAPPENED: Indianapolis-based drug maker Eli Lilly & Co. is buying the biotech firm ImClone Systems Inc. for more than $6 billion....
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Posted: October 7th, 2008, 3:45am CST
WHAT'S UP: Retailers are expected to report dismal same-store sales figures on Wednesday, providing the first full gauge of consumer behavior since the financial meltdown began. The only bright spots will be discounters and wholesale clubs as customers focus on bare-bone essentials....
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Posted: October 7th, 2008, 3:11am CST
NEW YORK (AP) -- The weak retail sales merchants had been expected to post for September will likely prove to have been a disaster as the financial meltdown that began halfway through the month sent shoppers into hiding....
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Posted: October 7th, 2008, 1:54am CST
WASHINGTON (AP) -- The administration has selected a former Goldman Sachs executive to be the interim head of its $700 billion rescue effort for financial institutions....
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Posted: October 7th, 2008, 12:49am CST
SPRINGFIELD, Ill. (AP) -- Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. is agreeing to pay more than $8 billion to modify hundreds of thousands of loans to keep people from losing their homes....
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Posted: October 6th, 2008, 11:42pm CST
BERLIN (AP) -- Germany's finance minister said Monday he is considering creating a "shield" that would protect the country's entire financial sector, arguing it would not be possible to continue to address troubled financial institutions on a case by case basis....
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Posted: October 6th, 2008, 10:49pm CST
Industry experts are beginning to unveil the list of what they believe will be hot toys for the holiday season. Here are a few that made both Timetoplaymag.com's "Most Wanted" list and Toy Insider's "Hot 20."...
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Posted: October 6th, 2008, 10:48pm CST
NEW YORK (AP) -- Will financial-market turmoil be the Grinch this Christmas?...
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Posted: October 6th, 2008, 10:21pm CST
CHARLOTTE, N.C. (AP) -- Hartford Financial Services Group Inc. said Monday it will receive a $2.5 billion investment from Allianz SE....
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Posted: October 6th, 2008, 9:33pm CST
WASHINGTON (AP) -- A growing number of economists believe the country is on the brink of - or already in - its first recession since 2001 and that it will be longer lasting....
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Posted: October 6th, 2008, 8:56pm CST
TRENTON, N.J. (AP) -- An injected Johnson & Johnson biologic drug used to treat several immune diseases controlled Crohn's disease, a difficult-to-treat bowel disorder, better than a widely used pill, a study found....
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Posted: October 6th, 2008, 8:36pm CST
WASHINGTON (AP) -- The Treasury Department said Monday it will increase its debt auctions to handle the $700 billion rescue program for the country's financial system....
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Posted: October 6th, 2008, 7:54pm CST
BRUSSELS, Belgium (AP) -- Officials of troubled Belgian bank Fortis NV acknowledged Monday they had no choice but to seek a buyout by another bank because of the increasing problems the company suffered due to the global financial credit crisis....
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Posted: October 6th, 2008, 7:52pm CST
MILAN, Italy (AP) -- Unicredit Chief Executive Alessandro Profumo acknowledged Monday that Italy's largest bank had underestimated the significant market changes since the collapse of the U.S. investment bank Lehman Brothers, forcing the board to seek a capital increase and cut profit forecasts....
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Posted: October 6th, 2008, 7:45pm CST
NEW YORK (AP) -- The battle for control of troubled bank Wachovia tilted toward Wells Fargo Sunday as a state appeals court blocked a lower court ruling that had favored rival bidder Citigroup....
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Posted: October 6th, 2008, 7:15pm CST
LITTLE ROCK, Ark. (AP) -- Verizon Wireless says it is moving forward with plans to acquire Alltel Corp. for $28.1 billion, although the country's financial climate has worsened since the companies reached an agreement four months ago....
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Posted: October 6th, 2008, 7:12pm CST
FORT WORTH, Texas (AP) -- The idea of paying a single, simple fare to fly on an airliner is becoming as quaint as stewardesses in short skirts....
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Posted: October 6th, 2008, 7:10pm CST
NEW YORK (AP) -- Hundreds of thousands of new cars and trucks that would have quickly made their way to people's driveways a year ago are now stacking up on dealer lots across the country, with potential buyers worried about whether they'll keep their jobs, be able to pay for gas, or qualify for a car loan....
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Posted: October 6th, 2008, 7:02pm CST
LONDON (AP) -- Asian and European stock markets plunged Monday as government bank bailouts in the U.S. and Europe failed to alleviate fears that the global financial crisis would depress world economic growth....
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Posted: October 6th, 2008, 7:00pm CST
SEOUL, South Korea (AP) -- South Korea's ruling party says President Lee Myung-bak will propose a summit with China and Japan to discuss how to cope with the current global economic crises....
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Posted: October 6th, 2008, 7:00pm CST
BEIJING (AP) -- China's Ping An Insurance Co. said Monday it will record a $2.3 billion loss on its stake in troubled European bank Fortis NV, in the biggest blow yet to a Chinese institution from the global credit crisis....
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Posted: October 6th, 2008, 6:20pm CST
HARTFORD, Conn. (AP) -- Harwinton residents hoping to learn about recycling policies and library hours online are out of luck....
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Posted: October 6th, 2008, 4:34pm CST
FRANKFURT, Germany (AP) -- The European Central Bank, the Bank of England and the Swiss National Bank offered more than $60 billion to markets Monday to try to keep the financial sector flush with cash....
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Posted: October 6th, 2008, 3:43pm CST
BERLIN (AP) -- Germany on Sunday guaranteed all private bank accounts and negotiated a 50 billion euro ($69 billion) bailout deal for Hypo Real Estate AG as Europe's second largest economy sought to ward off financial crisis....
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Posted: October 6th, 2008, 3:23pm CST
KANSAS CITY, Mo. (AP) -- The buffet offers a variety of pizzas, with whole wheat crust, organic toppings and hormone-free cheese. The salad bar includes some greens and vegetables grown without pesticides in a nearby garden....
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Posted: October 6th, 2008, 12:47pm CST
WASHINGTON (AP) -- With the passage of the $700 billion rescue package, the financial industry will face greater congressional scrutiny in coming weeks and months....
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Posted: October 6th, 2008, 10:35am CST
SAN FRANCISCO (AP) -- Here's a safe bet for uncertain times: A lot of banks won't survive the next year of upheaval despite the U.S. government's $700 billion plan to restore order to the financial industry....
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Posted: October 6th, 2008, 9:41am CST
SAN FRANCISCO (AP) -- Once hailed for running their savings-and-loan company like an endearing mom-and-pop shop, Herb and Marion Sandler are now being vilified as ruthless home lenders who helped destroy Wachovia Corp. and contributed to the financial decay that led to the U.S. government's $700 billion rescue plan to buy rotten mortgages....
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Posted: October 6th, 2008, 8:30am CST
NEW YORK (AP) -- The original Carvel shop prepared to serve its last cones Sunday, more than seven decades after becoming the birthplace of an ice cream empire....
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Posted: October 6th, 2008, 7:42am CST
NEW YORK (AP) -- The world's financial markets face an uncertain and possibly volatile week as investors await details about how the Treasury will implement the government's financial rescue package - and watch for any further fallout from the credit crisis around the globe....
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