Global leaders race the clock on credit crisis

President Bush urged global finance leaders on Saturday to work together quickly on a "serious global response" to "the serious global crisis" in credit markets.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 2:27 pm

Bush plea for unity amid crisis

US President George W Bush says the serious global financial crisis demands a serious global response.
Source: BBC News | Business | World Edition | 11 Oct 2008 | 2:14 pm

'Global response'

President Bush on Saturday once again tried to reassure a nervous public that world leaders were working together to address what is unfolding as the worst global financial crisis since the Great Depression.

Source: Business and financial news - CNNMoney.com | 11 Oct 2008 | 1:59 pm

Italian bosses foresee negative growth in 2009

The Italian employers' association predicts negative growth for the country next year, its head said on Saturday, down nearly one percentage point to minus 0.5 percent, ANSA news agency...
Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Oct 2008 | 1:35 pm

A Google-Yahoo monopoly?

Yahoo's ad alliance with Google seems like a great deal to the companies' top executives. Now they just have to win over the Justice Department.

Source: Business and financial news - CNNMoney.com | 11 Oct 2008 | 1:26 pm

IMF Says Markets Could Drop Another 20%

The people who run the International Monetary Fund probably don't have any money in the stock market. They as the bond-owner, conservative sorts.

Their risk aversion has not taken away their pessimism, and it may have made it worse. The IMF's chief economist says that markets could drop another 20% if things get very bad.

According to Reuters, "In a worst-case scenario, governments will need a few more weeks to take the correct measures and the markets could fall another 20 percent. Then, we'll turn around," the IMF's chief economist Olivier Blanchard was quoted as saying.

One rumor say that the IMF is short the major country equity indexes.

Douglas A. McIntyre

Source: 24/7 Wall St. | 11 Oct 2008 | 1:13 pm

Ford plans to sell Mazda shares: source

TOKYO (Reuters) - Ford Motor Co is considering selling its stake in Japan's Mazda Motor Co , a source familiar with the matter said on Saturday, as debt-laden U.S. automakers struggle with weakening auto sales and the global credit crunch.

Source: Reuters: Business News | 11 Oct 2008 | 1:13 pm

Ford plans to sell Mazda shares: source (Reuters)

Reuters - Ford Motor Co is considering selling its stake in Japan's Mazda Motor Co (7261.T), a source familiar with the matter said on Saturday, as debt-laden U.S. automakers struggle with weakening auto sales and the global credit crunch.
Source: Yahoo! News: Business | 11 Oct 2008 | 1:13 pm

Music sharer seeks legitimacy

Recently, Nat Hays, chairman of Brooklyn's independent +1 Records, wanted to break a new record by one of his label's new bands, The Morning Benders. So he went straight to Apple's iTunes Music Store.

Source: Business and financial news - CNNMoney.com | 11 Oct 2008 | 1:04 pm

NewsWatch: G7 outlines broad but vague plan to combat global crisis

Treasury Secretary Henry Paulson lays out more details of his radical plans to buy equity in banks, while the Group of Seven finance ministers and central bank governors urge members to take whatever steps are necessary to restore market confidence.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 1:00 pm

Gas down almost 6 cents, nearing $3

Gasoline prices fell nearly 6 cents a gallon, coming within 30 cents of $3, according to a daily survey of credit card swipes.

Source: Business and financial news - CNNMoney.com | 11 Oct 2008 | 12:57 pm

U.S. works on bank plan, IMF warns of further market fall (Reuters)

Reuters - The U.S. government pushed on Saturday to finalize a plan to buy direct stakes in American banks as the International Monetary Fund warned markets could drop another 20 percent in a worst-case scenario.

Source: Yahoo! News: Business | 11 Oct 2008 | 12:12 pm

U.S. works on bank plan, IMF warns of further market fall

WASHINGTON/LONDON (Reuters) - The U.S. government pushed on Saturday to finalize a plan to buy direct stakes in American banks as the International Monetary Fund warned markets could drop another 20 percent in a worst-case scenario.

Source: Reuters: Business News | 11 Oct 2008 | 12:12 pm

Bush: US will work with partners on credit crisis

President Bush says world's wealthiest industrial countries will work together to attack the credit crisis spreading around the globe. Speaking after a meeting with financial officials...
Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Oct 2008 | 12:07 pm

Personal Finance Daily: The week's 10 best Personal Finance stories: Oct. 6-10

In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Oct. 6-10:

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 12:01 pm

Obama's small biz rescue plan: The details

Democratic presidential candidate Barack Obama on Friday proposed emergency assistance for small business endangered by America's financial crisis, calling for a "small business rescue plan" of tax incentives and loans.

Source: Business and financial news - CNNMoney.com | 11 Oct 2008 | 11:38 am

Qwest in tentative deal with union

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 11 Oct 2008 | 11:16 am

Mazda: No decision on Ford's stake

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 11 Oct 2008 | 10:57 am

How bad could economy get?

If you're watching the news and scratching your head wondering what bomb hit the economy, you're certainly not alone. It's rough out there. People are losing their jobs, retirement dreams are going up in smoke and personal wealth is plummeting. Here's why it's happening and what it all means.

Source: Business and financial news - CNNMoney.com | 11 Oct 2008 | 10:27 am

Apple to unveil new laptops

Source: Business and financial news - CNNMoney.com | 11 Oct 2008 | 10:19 am

Belgium offers Fortis shareholders profit coupon

BRUSSELS (Reuters) - Shareholders in Fortis will be able to claim a part of any profit the Belgian state makes from its investment in BNP Paribas through a coupon to be issued over the...
Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Oct 2008 | 10:02 am

Belgium offers Fortis shareholders profit coupon

BRUSSELS (Reuters) - Shareholders in Fortis will be able to claim a part of any profit the Belgian state makes from its investment in BNP Paribas through a coupon to be issued over the weekend, the Belgian government said.

Source: Reuters: Business News | 11 Oct 2008 | 10:02 am

Auto Review: 2009 Jaguar XF

Jaguar's new XF coupe looks nothing like Jags of old, and yet there are touches of Aston Martin and other brands in its styling. Others see Lexus clues here and there.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 10:00 am

Denver firm mapping solar enegy potential in 25 U.S. cities

Home and business owners in 25 cities will soon be able to punch up the solar energy potential of their own rooftops on a free Web site.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 10:00 am

Morning Tidbits 10/11/2008

According to The Wall Street Journal, GM (GM) and Chrylser had merger talks. How do that work if both are already broke?

MarktetWatch reports that Paulson will begin to buy equity in banks. Bank of America (BAC) has a market cap of $100 billion. The Treasury could, in theory, end up with a one-third ownership.

Douglas A. McIntyre

Source: 24/7 Wall St. | 11 Oct 2008 | 8:25 am

Qwest reaches tentative agreement with union

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...
Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Oct 2008 | 7:58 am

World powers pledge to combat credit crisis

Financial officials from the world's wealthiest industrial countries are pledging decisive action to deal with the biggest upheavals to hit the global financial system since the Great...
Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Oct 2008 | 7:12 am

Probe finds Palin abused her power

Sarah Palin abused her power as governor of Alaska, according to an official report released into the so-called 'Troopergate' scandal that has clouded her candidacy as John McCain's Republican vice-presidential running-mate
Source: FT.com - US homepage | 11 Oct 2008 | 7:06 am

U.S. to buy shares in struggling banks

The government will take equity ownership in financial institutions for the first time since the Great Depression.

In an extraordinary response to the escalating financial crisis, Treasury Secretary Henry M. Paulson said Friday that the government would buy direct stakes in banks and other financial institutions for the first time since the Great Depression.

Source: L.A. Times - Business | 11 Oct 2008 | 7:00 am

At the NYSE, gloom sweeps the floor

The mood is heavy, but some stock traders are not giving up hope.

As Wall Street yo-yoed through another day of breathless ups and downs, a pall of dejection and despair hung over the august New York Stock Exchange, the epicenter of the country's economic malaise.

Source: L.A. Times - Business | 11 Oct 2008 | 7:00 am

Stocks nose dive in Europe

Governments' erratic responses compound feelings of uncertainty.

The tsunami of global stock sell-offs swept through Europe on Friday as shareholders deserted the markets in droves, pushing down stock prices in a frenzy some dubbed Red October.

Source: L.A. Times - Business | 11 Oct 2008 | 7:00 am

Slump in exports turns Asian tiger into pussycat

Flagging demand from trading partners leads to lower earnings and higher unemployment.

If there was any question about Asia's exposure to the U.S. financial contagion, this week left no doubt.

Source: L.A. Times - Business | 11 Oct 2008 | 7:00 am

Q & A on Europe's crisis

The Times talks with Charles Goodhart, professor emeritus of banking and finance at the London School of Economics and an expert on European monetary policy.

Charles Goodhart is professor emeritus of banking and finance at the London School of Economics and an expert on European monetary policy. He spoke to The Times about Europe's handling of the economic crisis and the role of the European Central Bank, which joined Wednesday with central banks around the world in lowering interest rates. It was the ECB's first rate decrease in five years, from 4.25% to 3.75%, after keeping the rate elevated to ward off inflation.

Source: L.A. Times - Business | 11 Oct 2008 | 7:00 am

YouTube to offer full-length classic TV shows

The video site hopes the move will pump up its advertising revenue.

YouTube surfers weary of webcam rants and lo-fi homemade dance routines will now be able to watch real celebrities in professionally produced shows on the popular Google Inc.-owned video site.

Source: L.A. Times - Business | 11 Oct 2008 | 7:00 am

At the NYSE, gloom sweeps the floor

The mood is heavy, but some stock traders are not giving up hope. As Wall Street yo-yoed through another day of...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Oct 2008 | 7:00 am

Stocks nose dive in Europe

Governments' erratic responses compound feelings of uncertainty. The tsunami of global stock sell-offs swept through...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Oct 2008 | 7:00 am

YouTube to offer full-length classic TV shows

The video site hopes the move will pump up its advertising revenue. YouTube surfers weary of webcam rants and...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Oct 2008 | 7:00 am

Fear, greed produce wild ride for stocks on Wall Street

Wild fluctuations in the Dow cap the worst week in its history. It ends down 128 points.

In a fitting end to the worst week on Wall Street since the Great Depression, the stock market underwent a titanic battle between greed and fear Friday as stock prices rallied from two bone-rattling sell-offs only to fade late in the day.

Source: L.A. Times - Business | 11 Oct 2008 | 7:00 am

U.S. to buy shares in struggling banks

The government will take equity ownership in financial institutions for the first time since the Great Depression. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Oct 2008 | 7:00 am

Slump in exports turns Asian tiger into pussycat

Flagging demand from trading partners leads to lower earnings and higher unemployment. If there was any question...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Oct 2008 | 7:00 am

Q & A on Europe's crisis

The Times talks with Charles Goodhart, professor emeritus of banking and finance at the London School of Economics and an expert on European monetary policy. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Oct 2008 | 7:00 am

Fear, greed produce wild ride for stocks on Wall Street

Wild fluctuations in the Dow cap the worst week in its history. It ends down 128 points. In a fitting end to the worst week on Wall Street...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Oct 2008 | 7:00 am

GE profit declines as expected

The firm blames its financing unit for the 22% drop. It is on track to meet 2008 forecast. General Electric Co...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Oct 2008 | 7:00 am

GM, Chrysler in merger talks: source

DETROIT/NEW YORK (Reuters) - General Motors has had talks with smaller rival Chrysler LLC about a merger that would combine the No. 1 and No. 3 American automakers at a time when both are struggling to cut costs and shore up cash, according to a source briefed on the matter.

Source: Reuters: Business News | 11 Oct 2008 | 6:48 am

GM, Chrysler in merger talks: source (Reuters)

Reuters - General Motors has had talks with smaller rival Chrysler LLC about a merger that would combine the No. 1 and No. 3 American automakers at a time when both are struggling to cut costs and shore up cash, according to a source briefed on the matter.

Source: Yahoo! News: Business | 11 Oct 2008 | 6:48 am

G7 nations pledge to fight crisis

Top finance ministers promise to take "decisive action and use all available tools" to tackle the world economic crisis.
Source: BBC News | Business | World Edition | 11 Oct 2008 | 6:37 am

Ford to dump shares in Mazda, report says

US giant Ford Motor Co. plans to sell most of its shares in Japan's Mazda to raise cash to it tide over a business slump amid the current global financial crisis, a press report said...
Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Oct 2008 | 6:04 am

GM and Chrysler 'in merger talks'

Struggling US car giants General Motors and Chrysler are in talks about a possible merger, US media say.
Source: BBC News | Business | World Edition | 11 Oct 2008 | 5:41 am

Mazda says no decision on Ford's stake sale

Mazda says no decision has been reached on Ford possibly selling its stake in the Japanese automaker, as has been reported in Japanese media. But Mazda says in its comments Saturday that
Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Oct 2008 | 5:14 am

Rich Nations Pushing for Coordination in Rescue

The United States and six other nations agreed to a plan to rescue the financial industry, but fell short of offering concrete steps to backstop bank lending.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Oct 2008 | 5:04 am

Automakers push key vehicles through fall TV shows

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...
Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Oct 2008 | 4:54 am

Vietnam allows ANZ to set up local bank

Vietnam has given the go-ahead for Australia's ANZ bank to set up a wholly owned subsidiary based in Hanoi, an official statement said here Saturday. ANZ will be allowed to...
Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Oct 2008 | 4:48 am

Ireland's economy ends long winning run

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...
Source: Infocious RSS raw feed - channel BNewsBusiness | 11 Oct 2008 | 4:47 am

Stocks to Watch: Stocks in focus for Monday

Among the companies whose shares are expected to see active trade in Monday's session are Fastenal Co., Wachovia Corp. and Wells Fargo & Co.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 4:01 am

Market Snapshot: U.S. stocks seek relief from G7

U.S. stocks will enter next week with investors either comforted or disappointed by the meeting of the Group of Seven finance ministers and central bankers, who have gathered in Washington D.C. to address the global financial meltdown and its implications for the world’s economies.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 4:01 am

Group of 7 Nations Seek Coordination in Rescue

The United States and six other nations agreed to a plan to rescue the financial industry, but fell short of offering concrete steps to backstop bank lending.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 11 Oct 2008 | 3:39 am

Paulson says U.S. planning to buy financial equity

WASHINGTON (Reuters) - The United States is developing plans to buy equity stakes in financial institutions, providing another weapon in its war against financial market turmoil, U.S. Treasury Secretary Henry Paulson said on Friday.

Source: Reuters: Business News | 11 Oct 2008 | 3:35 am

Two small banks fail; brings 2008 tally to 15

WASHINGTON (Reuters) - U.S. regulators took over two small banks on Friday, in Michigan and Illinois, bringing the tally of bank failures to 15 so far this year.

Source: Reuters: Business News | 11 Oct 2008 | 2:01 am

Paulson says U.S. planning to buy financial equity (Reuters)

Reuters - The United States is developing plans to buy equity stakes in financial institutions, providing another weapon in its war against financial market turmoil, U.S. Treasury Secretary Henry Paulson said on Friday.

Source: Yahoo! News: Business | 11 Oct 2008 | 1:51 am

Palin 'abused her power' in trooper scandal, probe finds

Alaska Gov. Sarah Palin "abused her power" in firing a state official who would not dismiss her former brother-in-law from the state's police force, an investigator for the state's legislature has found.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 1:30 am

Definition of a 'yo-yo market': Friday's chart

After more than a week of wildly volatile trading days, including Thursday's more than 700-point drop on the Jewish Day of Atonement (you can draw your own inferences), Friday saw yo-yo action like never before.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 1:15 am

Military Contractor Sets Sights On New Markets, New Products

The military knows that what it can't see can hurt it.

Source: Investor's Business Daily: BUSINESS | 11 Oct 2008 | 1:14 am

Business Briefs - Friday

McDonald's closed in tax dispute. The Venezuelan gov't ordered all the restaurants of the world's biggest fast-food chain in the country closed...

Source: Investor's Business Daily: BUSINESS | 11 Oct 2008 | 1:14 am

For Banks, Smaller Is Better

Now that the big banking behemoths have been humbled by breathtaking credit losses, plain-vanilla banking is back in fashion.

Source: Investor's Business Daily: BUSINESS | 11 Oct 2008 | 1:14 am

In Brief - Friday

AstraZeneca (AZN) received the FDA's OK for an extended-release version of its bipolar-disorder drug Seroquel. It slipped 0.1% to 36.50.

Source: Investor's Business Daily: BUSINESS | 11 Oct 2008 | 1:14 am

Report finds flaws in SEC Bear Stearns probe

Read full story for latest details.

Source: Business and financial news - CNNMoney.com | 11 Oct 2008 | 1:10 am

GE mulled bank charter as credit markets chilled

WASHINGTON/BOSTON (Reuters) - As General Electric faced a recent credit crunch, the U.S. conglomerate considered seeking a bank charter that would give it access to government lending channels, sources familiar with the company's thinking said on Friday.

Source: Reuters: Business News | 11 Oct 2008 | 12:50 am

Policy-makers weighing more steps to bolster banks

WASHINGTON (Reuters) - The George W. Bush administration may push for a global backstop of interbank lending along with a U.S. government program to buy shares of major banks in an effort to stabilize the battered financial sector and reeling markets.

Source: Reuters: Business News | 11 Oct 2008 | 12:41 am

MarketWatch First Take: G7 went as far as it could, but was it far enough?

The G7 probably disappointed most observers with a statement that was long on principles but short on specifics. For a world that’s screaming for a magic bullet, the G7’s statement fell far short.

Source: MarketWatch.com - Top Stories | 11 Oct 2008 | 12:41 am

Pepsi to reinvest in soft drink business

NEW YORK (Reuters) - PepsiCo Inc said on Friday it is making a major multi-year investment in its soft drink business to restore growth in a business that has declined as U.S. consumers seek drinks they view as healthier.

Source: Reuters: Business News | 11 Oct 2008 | 12:34 am

G7 ministers agree joint action

Finance ministers and central bankers from the group of seven leading economies were agreed to coordinated action in an effort to stabilise the global financial system as they started their meeting in Washington
Source: FT.com - US homepage | 11 Oct 2008 | 12:14 am

G7 nations pledge to fight financial crisis

WASHINGTON - Finance officials from the world's top economic powers have pledged action to combat the worst financial crisis in more than half a century. The officials from the so-called Group of Seven countries issued a five-point...
Source: New Zealand Herald - Business | 11 Oct 2008 | 12:09 am

Blog: Markets' message: Give us a financial rescue that works

Source: L.A. Times - Business | 10 Oct 2008 | 11:31 pm

Dixit's New Book Advocates Game Theory in Finance

Source: Bloomberg - All Podcasts | 10 Oct 2008 | 11:26 pm

Author Levitt Says Game-Theory Relates to Everyday Life

Source: Bloomberg - All Podcasts | 10 Oct 2008 | 11:24 pm

Market ends mostly lower after wild session

NEW YORK (Reuters) - The Dow and the S&P 500 dropped for an eighth session on Friday, as a dramatic late-day comeback stalled out to cap the worst week ever for the S&P amid more anxiety about the condition of credit markets and the threat of a global recession.

Source: Reuters: Business News | 10 Oct 2008 | 11:13 pm

Soco International shares defy market after bid rumours

Shares in Soco International defied the wider market slump, surging 40 per cent at one point yesterday after the oil explorer confirmed that it had received a bid approach.
Source: Latest Business News from Times Online | 10 Oct 2008 | 11:00 pm

Channel 4 abandons digital radio ambitions

Channel 4 has abandoned plans to launch three digital radio stations, saying that it can no longer afford the £10 million cost because of tumbling advertising revenue. Radio advertising is down 10 per cent this year.
Source: Latest Business News from Times Online | 10 Oct 2008 | 11:00 pm

Alistair Darling calls for world’s financial leaders to take decisive action

Analysis: markets will trash anything moving | Seven days that shook the world | Having faith in Iceland | Icelanders wake up | West Ham ‘up for grabs’ | Russia's big spenders lose billions | Fed bailout fears grow | Fund management battered | UK companies locked out of Landsbanki accounts | Comment: Gerard Baker
Source: Latest Business News from Times Online | 10 Oct 2008 | 11:00 pm

Sir Fred Goodwin willing to step down to help RBS

Sir Fred Goodwin, the beleaguered chief executive of Royal Bank of Scotland, has let it be known that he will stand down if necessary to secure a rescue capital injection for the bank.
Source: Latest Business News from Times Online | 10 Oct 2008 | 11:00 pm

Morgan Stanley and Goldman tumble on downgrade fears

Shares in Morgan Stanley and Goldman Sachs, the brokerages that recently turned themselves into bank holding companies, dived after the Moody’s ratings agency said that it might cut their credit ratings.
Source: Latest Business News from Times Online | 10 Oct 2008 | 11:00 pm

General Motors plans auction of key assets

General Motors is believed to be considering emergency moves to boost its liquidity, including the sale of Saab, its stake in GMAC, the finance business, and the sale and leaseback of its headquarters in Detroit.
Source: Latest Business News from Times Online | 10 Oct 2008 | 11:00 pm

Lehman Brothers demise triggers huge default

Lehman Brothers, the bust investment bank, triggered one of the biggest corporate debt defaults in history yesterday as it emerged that the US Federal Reserve is harbouring grave concerns about whether Washington’s $700 billion ($£413 billion) bailout fund will avert a financial meltdown.
Source: Latest Business News from Times Online | 10 Oct 2008 | 11:00 pm

Cult of equity down but not permanently out

Will this recession spell the end of the cult of equity? If you took a snapshot of your pension fund today — in fact, don't, because you might be tempted to shoot your fund manager — you would be tempted to boot every share into the ditch.
Source: Latest Business News from Times Online | 10 Oct 2008 | 11:00 pm

Need to know: Gold prices jump ... Tesco petrol cuts ... DTZ new chief

Economics
Source: Latest Business News from Times Online | 10 Oct 2008 | 11:00 pm

UK companies locked out of Landsbanki accounts

The fallout from Iceland’s financial crisis continued to hit British business yesterday as companies that bank with Landsbanki, the nationalised Icelandic bank, found that they could not withdraw money from their accounts and Exista, an investment company with close links to Kaupthing, moved to sell-off its assets.
Source: Latest Business News from Times Online | 10 Oct 2008 | 11:00 pm

Economic Diary on Inflation, Retail Sales, Housing

Source: Bloomberg - All Podcasts | 10 Oct 2008 | 10:55 pm

Fear grips global stock markets

Global stocks fall sharply on one of the worst days of trading in 30 years, despite continuing actions to tackle the crisis.
Source: BBC News | Business | World Edition | 10 Oct 2008 | 10:53 pm

US in de facto support for bank liabilities

The US is likely to strengthen its implicit guarantee for all bank deposits and bank debt but stop short of a formal legal guarantee, as it tries to save its banks without destroying its non-bank financial sector
Source: FT.com - US homepage | 10 Oct 2008 | 10:41 pm

Lehman CDS pay-outs higher than expected

Payments on about $400bn of credit default swaps are likely to be more than anticipated because initial auction results to settle them saw a lower recovery price
Source: FT.com - US homepage | 10 Oct 2008 | 10:07 pm

Q&A: The crisis explained

The financial mire is affecting everyone, so here are answers to some fundamental questions
Source: FT.com - US homepage | 10 Oct 2008 | 10:01 pm

Asia smells Wall St's fear

Sharemarkets across Asia plunged yesterday as frantic investors dumped stocks following massive losses on Wall Street and on growing fears of a deep global recession. In Japan the benchmark Nikkei 225 index was down 9.6 per cent...
Source: New Zealand Herald - Business | 10 Oct 2008 | 10:00 pm

Actress Toro Says Creating Broadway Role Is `An Honor'

Source: Bloomberg - All Podcasts | 10 Oct 2008 | 9:57 pm

Straight Story: Rethinking retirement

An early lesson from the meltdown: Wall Street isn't the safest place to save. Economics editor Chris Farrell sets the story straight on rethinking the way we save for retirement.
Source: Marketplace Money | 10 Oct 2008 | 9:55 pm

Revisiting the Great Depression

There've been comparisons between the current economic crisis and the Great Depression. While it may be a stretch, it does remind that there are lessons to be learned from the past.
Source: Marketplace Money | 10 Oct 2008 | 9:55 pm

You might get what you need

The children of Baby Boomers tend to have low expectations when it comes to government help As part of our series "Interested Parties," Marketplace's Nancy Marshall Genzer asks Boomer kids what they're looking for in this election.
Source: Marketplace Money | 10 Oct 2008 | 9:55 pm

Day in the Work Life: Superdelegate

On this week's "A Day in the Work Life," we meet Debbie Marzuez, a Democratic superdelegate from the state of Colorado.
Source: Marketplace Money | 10 Oct 2008 | 9:55 pm

Getting Personal

Economics editor Chris Farrell and host Scott Jagow take questions on wrap accounts, high-yield savings, diversification, depression-proofing investments and 529 plans.
Source: Marketplace Money | 10 Oct 2008 | 9:55 pm

Keeping your investments on target

Host Scott Jagow asks financial planner Stuart Ritter how target-date funds can help keep your investments on track with path to retirement, even in a shaky market.
Source: Marketplace Money | 10 Oct 2008 | 9:55 pm

What's next for the housing market?

Host Scott Jagow talks with experts about the bailout, then asks economist Chris Thornberg how all the rescue efforts might affect the housing market.
Source: Marketplace Money | 10 Oct 2008 | 9:55 pm

Econ class is now in session

Marketplace's Tess Vigeland wraps up her "Road to Ruin?" trip in St. Louis, where she sits in with a group of high school students as they learn about the economic crisis.
Source: Marketplace Money | 10 Oct 2008 | 9:55 pm

At the end of the road to ruin

Marketplace's Tess Vigeland and Amy Scott have been traveling across the country getting reactions to the financial crisis. Together in St. Louis, they share what they found with host Scott Jagow.
Source: Marketplace Money | 10 Oct 2008 | 9:54 pm

VIX Index of U.S. Stock Option Prices Advances 9.4% to 69.95

Source: Bloomberg - All Podcasts | 10 Oct 2008 | 9:53 pm

Unstable Markets Moves Investors Towards Precious Metals

Source: Bloomberg - All Podcasts | 10 Oct 2008 | 9:50 pm

Schroeder Examines Buffett's Work Habits in Biography

Source: Bloomberg - All Podcasts | 10 Oct 2008 | 9:44 pm

Goldman Sachs Files To Raise Cash (GS)

Source: 24/7 Wall St. | 10 Oct 2008 | 9:36 pm

UK PM demands fuel price cuts

UK Prime Minister Gordon Brown calls for falls in the price of oil to be passed on to consumers 'as quickly as possible'.
Source: BBC News | Business | World Edition | 10 Oct 2008 | 9:17 pm

Margin Calls Wipe Out Chesapeake CEO Holdings (CHK)

Source: 24/7 Wall St. | 10 Oct 2008 | 9:15 pm

New Corvette ZR1 Is 'Amazing Feat of Engineering'

Source: Bloomberg - All Podcasts | 10 Oct 2008 | 9:07 pm

Protecting Your Retirement Savings in Volatile Times (Consumer Action)

How to protect your nest egg in a plunging market -- no matter how old you are.

Source: SmartMoney.com | 10 Oct 2008 | 9:05 pm

ETFs Continue Their Historic Slide Down (Daily ETF Wrap-Up)

ETFs, stocks continue their historic slide as investors fear spreading credit crisis.

Source: SmartMoney.com | 10 Oct 2008 | 9:03 pm

Bush to take North Korea off terror list

President George W. Bush plans to take North Korea off the US terrorism list in a move aimed at resurrecting a nuclear disarmament process that was in danger of collapse
Source: FT.com - US homepage | 10 Oct 2008 | 8:58 pm

Bush vows to stabilise US economy

President George W Bush vows to work "aggressively" to restore economic stability, as world stock markets tumble.
Source: BBC News | Business | World Edition | 10 Oct 2008 | 8:52 pm

Market ends mostly lower after wild session (Reuters)

Reuters - The Dow and the S&P 500 dropped for an eighth session on Friday, as a dramatic late-day comeback stalled out to cap the worst week ever for the S&P amid more anxiety about the condition of credit markets and the threat of a global recession.

Source: Yahoo! News: Business | 10 Oct 2008 | 8:48 pm

Gold ETFs Trump Mutual Funds in Performance (Ticked Off)

If you're thinking about investing in gold -- and who isn't -- check out these funds.

Source: SmartMoney.com | 10 Oct 2008 | 8:47 pm

US stocks fall in volatile trading session

US stocks ended their second worst week ever with more heavy selling that took the market's drop since its peak to a level that rivalled the crash of 1929
Source: FT.com - US homepage | 10 Oct 2008 | 8:46 pm

Dow Falls Again

A late rally could not keep the blue-chip index from suffering its eighth consecutive loss.

Source: SmartMoney.com | 10 Oct 2008 | 8:40 pm

Market crash shakes world

US stock prices suffered their worst weekly loss in history on Friday, prompting a pledge from global policymakers to implement an aggressive but broad-brush plan to combat the financial crisis.
Source: FT.com - US homepage | 10 Oct 2008 | 8:38 pm

Financial fallout in St. Louis, Mo.

Kai Ryssdal finds a credit-crisis snapshot in St. Louis, where developers worry about getting loans for their projects and a restaurant owner hears customers stories of lost jobs and homes.
Source: Marketplace | 10 Oct 2008 | 8:17 pm

10/10/08: A Rally For The Ages

There was absolutely no reason for the market to rally today. At one point the Dow was down 700 points. Investors have watched the decimation of the indexes all week as large cap stock hit 52-week lows, and some, like GM (GM), hit levels that they had not seen in two generations.

The only way to look at what happened is that people got tired of selling. There must have been something that they saw beyond the news of a deep and long recession, predictions of more bank failures, and unemployment which might go above 10%. It was a bit of hope which may kindle something better or a notion which could be beaten to a pulp within a few days.

At the end of the trading the numbers, as close as anyone could count them, were that the Dow ended down 117 points or 1.4% to 8,462. It was an superb comeback. The Nasdaq actually rose a fraction, up .3% to nearly 1,650.

The market may rally to the skies next week or sell to new multi-year lows. But, no one will forget the sharp climb after a dismal open today. It was too unexpected.

Douglas A. McIntyre

Source: 24/7 Wall St. | 10 Oct 2008 | 8:12 pm

Market Pros Find No Solace as Selloff Accelerates (Pundit Watch)

Market pros find little solace as the unforgiving selloff accelerates.

Source: SmartMoney.com | 10 Oct 2008 | 8:10 pm

What FDIC, SIPC, NAIC and More Really Do (Deal of the Day)

Here's how FDIC, SIPC, NAIC and others protect your cash and other assets.

Source: SmartMoney.com | 10 Oct 2008 | 7:56 pm

Schelling Says U.S. Should Encourage Investor Confidence

Source: Bloomberg - All Podcasts | 10 Oct 2008 | 7:52 pm

IMF's Lipsky Urges `Decisive' Action in Financial Crisis

Source: Bloomberg - All Podcasts | 10 Oct 2008 | 7:51 pm

Financial Crisis Answer Center (Ask SmartMoney)

We answer your questions about the markets and your finances.

Source: SmartMoney.com | 10 Oct 2008 | 7:11 pm

Where are people stashing their cash?

Panicky stockholders are pulling cash out of the market at a dizzying pace. But where is all that money going? Mattresses? Gold mines? But seriously, where? Ashley Milne-Tyte went looking.
Source: Marketplace | 10 Oct 2008 | 6:59 pm

What Bank Acquisitions Mean for Customers (Deal of the Day)

What does consolidation in the banking industry mean? Here's the good and the bad.

Source: SmartMoney.com | 10 Oct 2008 | 6:45 pm

Which Comparison Shopping Site Is Best? (Deal of the Day)

We put nine price comparison search engines to the test. Here's how they fared.

Source: SmartMoney.com | 10 Oct 2008 | 6:42 pm

13 Funds With Balanced Portfolios (Fund Screen)

Funds holding both stocks and bonds can stem some bleeding when equities implode.

Source: SmartMoney.com | 10 Oct 2008 | 6:26 pm

Sinking shares could make Yahoo a target again

SEATTLE - When Yahoo Inc. co-founder and CEO Jerry Yang spurned Microsoft Corp.'s rich buyout offer this spring, he promised brighter days in Sunnyvale were just over the horizon. Now the market collapse has helped drive Yahoo's...
Source: New Zealand Herald - Business | 10 Oct 2008 | 6:13 pm

Alec Baldwin's professional opinion of the market

Source: 24/7 Wall St. | 10 Oct 2008 | 6:04 pm

Finland's Ahtisaari wins Nobel Peace Prize

Martti Ahtisaari, the former Finnish president and United Nations envoy, has been awarded this year's Nobel Peace Prize for his work as a mediator in international conflicts
Source: FT.com - US homepage | 10 Oct 2008 | 6:00 pm

GM 'no plans' for bankruptcy

Carmaker insists it does not intend to seek protection in the face of concerns over its ability to continue funding its operations
Source: FT.com - US homepage | 10 Oct 2008 | 5:50 pm

News, explainers and analysis – see full coverage of the global turmoil

News, explainers and analysis – see full coverage of the global turmoil
Source: BBC News | Business | World Edition | 10 Oct 2008 | 5:00 pm

Weekend at Mack's

It is getting more and more difficult to see how Morgan Stanley will make it through this mess.

During Friday's massive market sell-off, Morgan Stanley's stock dropped to as low as $6.71 per share, down more than 40 percent from yesterday's close.

Morgan continues to insist that its deal to raise capital from Mitsubishi UFJ Financial Group will proceed on Tuesday as planned.

But the idea that Mitsubishi will pony up $9 billion for a 21 percent stake in a firm that now is worth less than $9 billion in total is mind-numbingly absurd. If the Japanese bank walks, it faces a flood of litigation from Morgan Stanley. If it honors its word, it will be making its own set of problems regarding its fiduciary responsibilities.

Yesterday, Felix Salmon predicted that Morgan Stanley will be nationalized this weekend, which is probably the outcome the Japanese bankers are hoping for at this point.

Meanwhile, Morgan Stanley chief John Mack was either unavailable or not invited to a little gathering of Wall Street heavyweights this morning at the New York Stock Exchange.

The Wall Street Journal's Deal Blog reports on a discussion panel featuring Blackstone Group chairman Stephen Schwarzman, BlackRock C.E.O. Larry Fink, Goldman Sachs C.E.O. Lloyd Blankfein, J.P. Morgan C.E.O. Jamie Dimon, and Silver Lake Partners co-founder Glenn Hutchins.

The takeaways are thus: Things are bad, and no one really knows what to do.

But Mack probably already knows that.


Related Links
Wall Street's New Realities
Investment Bank, R.I.P.
Insider Trading: The Reunion Tour



Source: Portfolio.com: Top 5 | 10 Oct 2008 | 5:00 pm

Last stops on the 'Road to Ruin?'

Tess Vigeland and Amy Scott hook up with Kai Ryssdal in St. Louis, at the end of their road trips through the Main Streets of America. So, has Wall Street put the country on the Road to Ruin?
Source: Marketplace | 10 Oct 2008 | 4:55 pm

Paulson: U.S. will buy stock in banks

Treasury Secretary Henry Paulson said taxpayers get preferred stock and banks get cash infusion when the government purchases the stocks. Washington Bureau Chief John Dimsdale has more.
Source: Marketplace | 10 Oct 2008 | 4:55 pm

Wall Street's crazy, crazy week

Stockholders bailed. Bargain hunters bought. And Wall Street turned into a wild roller-coaster ride. Bob Moon tells to Kai Ryssdal what was driving the action and when it's going to settle down.
Source: Marketplace | 10 Oct 2008 | 4:55 pm

A Marketplace broadcast from 2033

Is there an end to these financial disasters? To get an answer, Rico Gagliano and the Marketplace Players went to the future and brought back tape of a Marketplace broadcast 25 years from now.
Source: Marketplace | 10 Oct 2008 | 4:55 pm

Last stops on the 'Road to Ruin?'

Tess Vigeland and Amy Scott hook up with Kai Ryssdal in St. Louis, at the end of their road trips through the Main Streets of America. So, has Wall Street put the country on the Road to Ruin?
Source: Marketplace | 10 Oct 2008 | 4:55 pm

Missouri Senators on state of their state

Missouri Sen. Kit Bond tells Kai Ryssdal about farmers worried about loans for the next crop, public projects on hold and workers losing jobs. Fellow Sen. Claire McCaskill had similar stories, but she also sees cause for hope.
Source: Marketplace | 10 Oct 2008 | 4:55 pm

Ford's CFO Walking The Plank (F)

Source: 24/7 Wall St. | 10 Oct 2008 | 4:45 pm

No rescue for Hardy Amies company

The company founded by the former dressmaker to the Queen has filed for administration after a rescue bid failed.
Source: BBC News | Business | World Edition | 10 Oct 2008 | 4:44 pm

S&P: Watch Out For Chapter 11 At Ford (F) And GM (GM)

Yesterday JD Power said that the global car market could "collapse" and GM (GM) fell 31%. Today S&P is saying that "General Motors Corp., Ford Motor Co. and Chrysler LLC may be forced into bankruptcy by slowing economies and dwindling U.S. auto sales," according to Bloomberg.

While a number of large businesses, particularly airlines, have worked in and out of Chapter 11 for decades, most research shows that consumers will not buy a car from an insolvent auto company. Buyers are concerned that parts and service may not be available to them in the future when they need work done on their vehicles. They are also worried that a bankrupt company may not honor a warranty.

If indeed it is nearly impossible for a US car firm to operate through a restructuring, the only way out would be a sale to a large international operator, probably Honda (HMC), Toyota (TM), or VW. VW is the most likely candidate. Its share of the American vehicle market is only about 1% compared to 15% for Toyota. By owning Ford, VW could be one of the top three car companies in the United States.

The American car market is still the largest in the world. But, the economic downturn means that making large amounts of money here requires annual sales to move back above 15 million a year. Next year, that number is likely to be less than 14 million.

VW could take a tremendous amount of expense out of a US manufacturer, cutting most of the administrative and product development operations.

VW may get a deal because it has the balance sheet and sales to remain in business.

Douglas A. McIntyre

Source: 24/7 Wall St. | 10 Oct 2008 | 4:02 pm

Crisis meeting to save the world

Finance chiefs from the world's richest nations, meeting in Washington this morning, are expected to include a multi-trillion-dollar bailout plan as part of their response to the credit crunch. The Group of Seven meeting follows...
Source: New Zealand Herald - Business | 10 Oct 2008 | 4:00 pm

Liam Dann : Cool leadership will help us get through the gloom

Never mind that Friday was the worst day that markets in this part of the world have yet seen in this financial crisis - we need to look through the gloom. Why? Because it is the only logical response. Forging on through...
Source: New Zealand Herald - Business | 10 Oct 2008 | 4:00 pm

Brian Gaynor : NZ also lured by Wall St honey pot

The credit crisis, which dominated financial markets again this week, looks as if it will have four distinct stages: * Financial and banking distress. * Economic recession. * A witch hunt. * Major regulatory reform of...
Source: New Zealand Herald - Business | 10 Oct 2008 | 4:00 pm

Rocket scientist to the rescue

In a way, Neel Kashkari's job has always been to keep it together. Today he's known as the 35-year-old whizz-kid appointed czar of the Treasury Department's US$700 billion ($1.12 trillion) financial bailout. But in a past life,...
Source: New Zealand Herald - Business | 10 Oct 2008 | 4:00 pm

Politicians told to address crisis

General elections occur every three years in New Zealand, while the financial crisis we are seeing right now is a once-in-a-lifetime event. In the United States, the epicentre of the crisis and arguably the country with the most...
Source: New Zealand Herald - Business | 10 Oct 2008 | 4:00 pm

Stricken US states weigh lawsuits against Wall St

With the economy in a slide and the credit markets seized up, US states are slashing budgets, eliminating jobs, putting major construction projects on hold and nervously waiting to see whether their shrivelled pension funds recover. They...
Source: New Zealand Herald - Business | 10 Oct 2008 | 4:00 pm

Champagne lifestyle losing its fizz

Parisians have yet to start fishing for eels in the Seine to fill their empty stomachs. The euro remains solid, and has not been replaced by a barter system. Haute couture has no plans to make the potato-sack mini-dress the must-have...
Source: New Zealand Herald - Business | 10 Oct 2008 | 4:00 pm

Transocean Taking Taxes To Switzerland From Cayman (RIG)

Transocean Inc. (NYSE:RIG), one of the world's largest offshore drilling companies, is proposing to move its incorporation location from the Cayman Islands to Switzerland. To make the move, the company needs approval from the Cayman courts and stockholders. Transocean expects to receive both and to make the move in late 2008 or early 2009.

The company's main base of operations will remain in Houston, but the CEO and 13 other executives are expected to move to new headquarters in Geneva. According to Transocean's CEO, the company is making the move in our to "improve our ability to maintain a competitive worldwide effective corporate tax rate." Transocean will continue to list its stock only on the NYSE and will not change its ticker symbol.

Paul Ausick
October 10, 2008

Source: 24/7 Wall St. | 10 Oct 2008 | 3:59 pm

Chevron, The Economic Mess, and Tumbling Oil (CVX)

Yesterday's interim update report from Chevron (NYSE:CVX) came out pretty much as we expected. The company projects significant improvement in downstream earnings and a drop in upstream earnings. Hurricanes in the Gulf of Mexico are expected to cause production for September to fall by 150,000 b/d. Chevron also plans to write off $400 million for hurricane damage.

International crude and liquids production is already down 6% for the first two months of the quarter, and Chevron expects that to continue. Prices have been higher for the two months, but September price realizations are certain to be lower.

Downstream refining and marketing benefited from the drop in crude oil prices. Marketing margins got the bigger boost--up from $1.18/b on the West Coast to $10.04/b for July and August. Only in Latin America did marketing margins fall. This reflects the fact that pump prices did not fall as fast as crude prices because Chevron priced its gasoline at what consumers would pay.

Historically, when crude prices fall, oil companies restrict investment. E&P spending and capex are reined in significantly. So far, none of the big integrated oil companies have announced pullbacks in investments because they're sitting on piles of cash from nearly two years of high crude prices.

The bad news is that the global economy weighs heavily on demand for energy. The International Energy Agency (IEA) now projects that global demand for crude for 2008 will increase by just 0.5%, down a full point from original estimates. The IEA's estimate for 2009 is also lower. Production cuts from OPEC are not likely to have much effect on crude prices unless the cuts are dramatic. And that is not likely to happen because OPEC members need the cash that oil exports generate.

Until the world's financial mess is sorted out, and governments move to restore confidence in the markets, no amount of oil in the ground or significant quarterly earnings will direct oil company share prices back up.

Paul Ausick
October 10, 2008

Source: 24/7 Wall St. | 10 Oct 2008 | 3:49 pm

Venezuela shuts down McDonald's

Venezuela shuts all branches of restaurant chain McDonald's for 48 hours, citing tax irregularities, officials say.
Source: BBC News | Business | World Edition | 10 Oct 2008 | 3:04 pm

Robert Peston

A global solution is needed to end the economic crisis
Source: BBC News | Business | World Edition | 10 Oct 2008 | 2:23 pm