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Business News News Archive - Political Yard
Wall St. slides on credit, recession fears
Posted on Oct 10, 2008 - 2:04 pm
Reuters - Stocks tumbled in a turbulent session on Friday, as panicked investors dumped stocks in a global sell-off on mounting fears that frozen credit markets would push the world into recession.
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G7 unlikely to adopt UK backstop plan: official
Posted on Oct 10, 2008 - 2:04 pm - Reuters
Reuters - The Group of Seven major nations is unlikely to adopt Britain's proposal to guarantee lending between banks when it meets today, a G-7 official said on Friday.
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Oil drops 10 percent on demand, risk concerns
Posted on Oct 10, 2008 - 2:04 pm - Reuters
Reuters - Oil prices dropped 10 percent on Friday and touched 13-month lows in a flight from risk amid concerns of a worldwide recession and further signs of slumping energy demand.
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G7 discussing bank support measures: source
Posted on Oct 10, 2008 - 1:04 pm - Reuters
Reuters - Finance ministers and officials from the Group of Seven rich countries are discussing common principles on bank rescues ahead of a meeting on Friday, according to a European source.
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Risk aversion, bank woes fuel tumultuous slide
Posted on Oct 10, 2008 - 12:04 pm - Reuters
Reuters - Stocks slid on Friday, as panicked investors unwound risky bets in a global sell-off on fears that tighter credit would spawn world recession.
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Judge says Wachovia hearing possible Monday
Posted on Oct 10, 2008 - 12:04 pm - Reuters
Reuters - A court hearing may be held on Monday over the rival bids of Citigroup and Wells Fargo & Co for Wachovia Corp even though Citigroup dropped out of negotiations, a U.S. judge said on Friday.
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U.S. reviewing UK interbank guarantee idea
Posted on Oct 10, 2008 - 11:04 am - Reuters
Reuters - The United States is reviewing a British proposal to guarantee interbank lending, a Treasury Department spokeswoman said on Friday.
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Morgan Stanley, Goldman shares tumble
Posted on Oct 10, 2008 - 11:04 am - Reuters
Reuters - Morgan Stanley and Goldman Sachs shares slumped on Friday, leading the battered investment banking sector lower, after ratings agency Moody's Investors Service put a negative outlook on both companies' credit ratings.
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Global rout, bank woes roil Wall Street
Posted on Oct 10, 2008 - 10:03 am - Reuters
Reuters - Stocks tumbled on Friday, sending the benchmark S&P 500 below 900 for the first time in five years, as ebbing appetite for risk fueled a global share sell-off on fears tighter credit would spawn world recession.
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Morgan Stanley shares drop on MUFG concerns, outlook
Posted on Oct 10, 2008 - 10:03 am - Reuters
Reuters - Morgan Stanley shares fell as much as 30 percent on Friday on doubts about its deal with Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T) and concern about a possible ratings downgrade.
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Judge says hearing on Wachovia possible Monday
Posted on Oct 10, 2008 - 10:03 am - Reuters
Reuters - A U.S. District Court Judge said there would be no hearing on Friday in the federal case over the rival bids of Citigroup and Wells Fargo & Co for Wachovia Corp after Citigroup dropped out of the deal on Thursday, according to court documents.
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Bush Plans Statement Today to `Assure' Nation
Posted on Oct 10, 2008 - 10:03 am - Bloomberg
Bloomberg - Oct. 10 (Bloomberg) -- President George W. Bush will address the nation this morning to tell Americans they should remain ``confident'' amid falling stock markets and a worldwide credit crisis, administration spokeswoman Dana Perino said.
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Wall St. slides on global rout, bank woes
Posted on Oct 10, 2008 - 9:03 am - Reuters
Reuters - Stocks slumped at the open on Friday, with the benchmark S&P 500 falling below the 900 mark, as fears that tighter credit may send the global economy into recession slashed the appetite for risk.
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M.Stanley shares plunge on MUFG concerns, outlook
Posted on Oct 10, 2008 - 9:03 am - Reuters
Reuters - Morgan Stanley shares fell 30 percent in premarket trading on Friday, on doubts about its deal with Mitsubishi UFJ Financial Group Inc (8306.T) and concern about a possible ratings downgrade.
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GM says bankruptcy is not an option
Posted on Oct 10, 2008 - 9:03 am - Reuters
Reuters - General Motors Corp said it was not considering bankruptcy protection as market turmoil continues and Barclays Capital said on Friday that the company's cash needs were increasing.
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U.S. trade gap narrows in August on lower oil prices
Posted on Oct 10, 2008 - 9:03 am - Reuters
Reuters - Falling oil prices helped narrow the U.S. trade deficit in August, while both exports and imports retreated from records set in July, the U.S. Commerce Department said on Friday.
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GE profit drops in line with cut forecast
Posted on Oct 10, 2008 - 8:03 am - Reuters
Reuters - General Electric Co's third-quarter profit slide matched its recently lowered forecast, as the global credit crunch continued to hammer its hefty finance arm.
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Stock futures signal more losses amid global rout
Posted on Oct 10, 2008 - 8:03 am - Reuters
Reuters - Stock index futures fell on Friday, indicating that Wall Street would extend the global equity rout spurred by fears that tighter credit may send the global economy into recession as the appetite for risk ebbs.
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Fearful investors dump stocks, bonds for cash
Posted on Oct 10, 2008 - 8:03 am - Reuters
Reuters - Europe and Asia saw panic selling of stocks on Friday, knocking the benchmark world equity index to a 5-year trough, while oil fell to a one-year low as fears grew policymakers are not making enough efforts to contain the financial crisis.
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Oil near $83 after fall to 12-month low
Posted on Oct 10, 2008 - 8:03 am - Reuters
Reuters - Oil was near $83 a barrel after a fall to its lowest in 12 months on Friday, depressed by expectations global demand growth will shrink if the credit crisis pushes the world economy into recession.
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Money-market funds flock to guarantee program
Posted on Oct 10, 2008 - 8:03 am - AP
AP - Nearly all the $3.4 trillion in money-market mutual funds is expected to be federally guaranteed for at least the next three months, now that all the major fund providers signed up to participate by a deadline that passed Wednesday.
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All eyes on G7 as fearful investors take flight
Posted on Oct 10, 2008 - 4:02 am - Reuters
Reuters - The world's economic powers faced huge pressure on Friday to devise drastic remedies to revive the banking system and end panic selling in global financial markets.
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