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Yahoo! News: Business Sat, 11 Oct 2008 07:31:22 GMT
  • Paulson says U.S. planning to buy financial equity (Reuters)

    U.S. Treasury Secretary Henry Paulson speaks at a news conference after the G7 Ministerial meeting in Washington October 10, 2008. The world's rich nations vowed on Friday to take all necessary steps to unfreeze credit markets and ensure banks can raise money but they offered no collective course of action to avert a deep global recession. (Yuri Gripas/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.


  • GM, Chrysler in merger talks: source (Reuters)

    General Motors Corp Headquarters is seen along the Detroit River in Detroit, Michigan September 17, 2008. (Rebecca Cook/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.


  • U.S. firms up plan to buy into banks to stem crisis (Reuters)

    U.S. Treasury Secretary Henry Paulson (R) talks to Federal Reserve Chairman Ben Bernanke at the beginning of the G7 Ministerial meeting at the Treasury Department in Washington October 10, 2008. (Yuri Gripas/Reuters)Reuters - The U.S. government pushed on Saturday to finish a plan to buy direct stakes in American banks as finance ministers from around the world struggled to find ways to stop the deepening financial crisis and shore up markets.


  • Market ends mostly lower after wild session (Reuters)

    A trader works on the floor of the New York Stock Exchange, October 7, 2008. (Brendan McDermid/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.


  • Ford plans to sell Mazda shares: source (Reuters) 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.
  • Money-market funds flock to guarantee program (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.
  • Apparel chains report dismal September sales (AP)

    In this Aug. 12, 2008 file photo, shoppers walk in front of a Abercrombie & Fitch store in San Jose, Calif. Teen apparel retailer Abercrombie & Fitch Co. said Thursday, Oct. 9, 2008, that its September same-store sales dropped 14 percent, more than quadruple the drop Wall Street expected. (AP Photo/Paul Sakuma, file)AP - Dismal September sales results from mall-based apparel chains, released Thursday, offered more fresh evidence that American consumers, spooked by the financial meltdown, shut their wallets tight last month.



Job News From: NPR

NPR Topics: Business Fri, 10 Oct 2008 17:41:00 -0400
  • Fear Drives Wild Trading Ahead Of G-7 MeetingFor the first time ever, the Dow Jones industrial index traded in a 1,000-point range on Friday. The Dow ended its day of wild swings down 128 points, to close at 8,451.19.
  • Fears Grow That Tight Credit Could Crush GM, FordStandard & Poor's downgraded the credit of General Motors and Ford Motor Co. and their financing arms this week. Many fear the automakers lack enough cash to sustain their business during this downturn, and that if they falter, it could have widespread repercussions on the U.S. economy.
  • Paulson OKs Bank Stock Purchase PlanTreasury Secretary Henry Paulson has said the government will go ahead with a plan to buy stocks in financial institutions. Meanwhile, The Group of Seven industrialized nations agreed to work together to fix the global economy.
  • Markets Fall Amid Credit WoesMarkets have fallen despite President Bush saying the U.S. is using a "wide range of tools" to address the chaos in the financial markets. Many finance-watchers blame tight credit markets for the trouble. Banks are not lending to on another.
  • Bush Tries To Reassure Nation On EconomyPresident Bush has said the U.S. is using a "wide range of tools" to address the chaos in the financial markets. The stock market, however, has continued its downward slide. Many finance-watchers say the credit markets are to blame. Banks are simply not lending money to one another.
  • G-7 Ministers Meet To Plan Financial RecoveryCentral bankers and finance ministers from the Group of Seven industrialized nations are meeting with President Bush Friday and Saturday. They are looking at ways to restore order to financial markets and avert a lengthy recession.
  • Amid Turmoil, Credit Markets Remain TightThe measure of the markets that makes policymakers most nervous is the availability of credit. Will Aston-Reese, vice president for money-market sales at Tradition Asiel Securities, says watching the credit markets over the past few weeks has been akin to watching paint dry.
  • On Wild Day, Dow Rallies In Final MinutesThe markets have had a wild ride, with the Dow Jones industrial average falling more than 700 points at one stage before closing down 128 points. More than once, the Dow fell below 8,000 points. Roben Farzad, senior writer for BusinessWeek, says fear has gotten the best of everyone.
  • Amid Financial Woes, Business Schools AdaptTeachers and professors across the nation are using the financial crisis as a lesson for their students. A class on global economics in the MBA program at Thunderbird School of Global Management in Phoenix examines the downturn.
  • Portland, Ore., High School Eyes Money CrisisAt Lake Oswego High School outside of Portland, Ore., Gerrit Koepping brings current events into the classroom every day. High school students at Koeppings' U.S. government classes are learning from the current economic crisis.
  • As Economy Reels, Automakers Feel The PainThe stock prices for Ford and General Motors have taken a beating this week and there are new concerns that the companies might not survive the economic downturn. The companies have spent three years undergoing massive restructuring and cost cuts.
  • Bailout-Backing Democrat Faces Tough Re-ElectionRep. Jim Marshall (D-GA) voted in favor of the bailout package. He is now campaigning in his conservative home district and is doing a lot of explaining about his vote. He says his vote was initially very unpopular, but as the economy has unraveled, it has become less unpopular.
  • Author Offers Tips On Explaining Economy To KidsIn these days of grim and anxious economic news, how can parents effectively talk with their children about finances? Janet Bodnar, deputy editor of Kiplinger's Personal Finance Magazine and author of Raising Money Smart Kids says it's important to be honest about the situation but not overload children with information.
  • Investors' Actions AnalyzedWith fear and panic gripping the world's markets, investors' actions are being scrutinized. Professor Dan Ariely, author of Predictably Irrational: The Hidden Forces that Shape Our Decisions, says the events are good for those who believe in human irrationality because the fundamentals of the market don't seem to correspond to reality.
  • Some Consumers See Credit Cards CanceledAs the credit crunch threatens businesses, some consumers are being hit directly in the wallet. In addition to canceled cards, consumer advocates say people are seeing their limits reduced and their interest rates jump.