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Treasury Secretary Tim Geithner failed Tuesday to persuade Wall Street that he will succeed where his predecessor Henry Paulson failed.
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The US Senate has passed an economic stimulus plan expected to cost some $838bn (£573bn). The Democratic-controlled Senate voted 61-37 to approve the measure, with few Republicans opting to back it.
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German carmaker BMW said Friday that 2008 sales fell 5% to 53.2 billion euros but said that fiscal-year earnings will be positive. "Business conditions for the automobile sector deteriorated sharply again in the fourth quarter 2008," BMW said.
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The new federal rules limiting executive compensation announced by President Obama Wednesday may affect only a handful of the nation's most battered financial institutions currently.
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PNC has not indicated how many, if any, of the job cuts will come from Kalamazoo County. And PNC Financial spokesman Fred Solomon said the jobs reductions will not be specific to any location.
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Swiss Re (RUKN.VX) wrote down 6 billion Swiss francs ($5.25 billion) in toxic assets and said Warren Buffett was investing 3 billion Swiss francs as its shareholder's equity dipped to an uncomfortable level.
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Britain's building societies today urged the Bank of England not to cut interest rates again this week. The Bank is widely tipped to reduce its rate from 1.5 per cent to as low as 1 per cent this Thursday.
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Australia's leader unveiled a new stimulus package Tuesday to try to shield the economy from the global downturn, promising $26 billion (42 billion Australian dollars) in spending that will send the budget into the red.
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One of the giants in U.S. retailing is going to be a lot smaller; Macy’s is planning to cut its work force by as much as four per cent.
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President Barack Obama will require banks to boost lending to consumers and companies in return for taxpayer aid from the $700 billion bailout fund, in a departure from Bush administration policy, a key lawmaker said.
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As the economic stimulus package moves to the Senate, the drumbeat is growing louder for new provisions that directly address the housing crisis.
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Most Asian markets sank Monday as investors digested a slew of awful earnings reports from the region's corporate heavyweights and inauspicious signs from Wall Street, where stock averages clocked their worst January ever.
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TF Financial Corporation (Nasdaq:THRD) today reported net income of $4,236,000 ($1.61 per diluted share) for 2008, compared with $4,845,000 ($1.78 per diluted share) for 2007.
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he Obama administration is intent on fixing the banks. But doing so won't be simple or cheap.Treasury Secretary Timothy Geithner has said officials are looking at a "range of options" that would boost confidence in troubled big banks.
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US investment bank Morgan Stanley is planning to slash the amount of office space it rents in Canary Wharf by more than a quarter, adding to the pressure on Songbird Estates.
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