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Washington - The Federal Reserve took two new steps to unfreeze credit for homebuyers, consumers and small businesses Tuesday, committing up to 800 billion dollars in government-backed debt and loans.
The central bank will purchase as much as 600 billion dollars in debt issued or backed by government-chartered housing finance...
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The world's 20 top economies reached a deal Saturday to better regulate global financial markets and take steps to halt a global economic slide.
Negotiators agreed on a final declaration Saturday morning during the first-ever summit of the Group of 20 (G20) nations in Washington, Deutsche Presse-Agentur dpa has learned.
Leaders...
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US consumer confidence plummeted to a new low in October and housing prices plunged by the most on record this year as a financial meltdown appeared more and more likely to plunge the world's largest economy into recession.
The slew of depressing economic news will likely prompt the US Federal Reserve to further cut interest rates at...
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US banking giant JPMorgan Chase reported Wednesday net income of 527 million dollars in the third quarter of 2008, plunging 84 per cent year-on-year.
But the results were better than analysts' predictions, remaining in the black despite the severe financial industry and subprime mortgage crisis sweeping the US banking sector.
The...
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The Treasury Department was expected to announced later Tuesday that it will buy stakes worth a total of 250 billion dollars in nine major US banks in a further effort to stabilize financial markets.
Numerous reports citing both banking industry sources and government officials had an announcement expected before Tuesday's US stock...
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The US financial crisis has gone global, putting the world on the brink of a recession that can only be resolved through international cooperation, International Monetary Fund Managing Director Dominique Strauss-Kahn said Thursday.
In a press conference at IMF headquarters in Washington, Strauss- Kahn warned that a lack of confidence...
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 Addie Polk, 90, has been living in her house in Ohio for 38 years when she tried to kill herself because she had been evicted. She shot herself and found lying on the floor inside her house when the police came on Wednesday to serve an eviction note. Akron police spokesman Lt. Rick Edwards said on Friday that Polk shot herself in her...
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US vice presidential candidates Sarah Palin and Joe Biden clashed over the centrality of the wars in Iraq and Afghanistan during a fast-paced debate Thursday night, in which both reached out to middle-class Americans and touted their own running mate as best able to bring about change for the country.
In a highly anticipated debate...
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US banking giant Citigroup Inc will buy the bulk of the operations of fourth-largest bank Wachovia Corp, the latest consolidation move under government watch in the ongoing credit crisis.
Citigroup will buy the banking business of Wachovia and get government help in absorbing some of the losses related to the subprime-mortgage market,...
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In the clearest terms yet, the Senate's top Democrat, Majority Leader Harry Reid, Friday charged that the Republican presidential nominee John McCain had derailed a congressional agreement intended to rescue the country from a devastating financial crisis.
"A few days ago, I called on Senator McCain to let us know where he stands...
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The fallout from the largest-ever US bank failure rippled through markets on Friday after federal regulators late Thursday shut down the country's largest savings and loan, Washington Mutual Inc (WaMu).
The firm's assets were immediately sold to banking giant JP Morgan Chase & Co for 1.9 billion dollars, creating the largest US...
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It is a dramatic race against time - while Washington fights a battle over a mammoth rescue plan for the financial sector, the credit crisis is bringing down one US bank after another.
The latest victim was the country's once-leading savings bank, Washington Mutual Inc (WaMu). Federal regulators late Thursday shut down the...
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The decision by Morgan Stanley and Goldman Sachs - the last two major US investment banks still on their feet - to become bank holding companies signals the end of high-wire finance on Wall Street.
After a year of turmoil in the financial industry that climaxed last week with bankruptcies and government takeovers, the two companies...
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The United States on Friday unveiled part of a massive, comprehensive federal plan to help resolve the ongoing US financial crisis and prevent a rush of new bank failures in the coming weeks.
The US Treasury announced a 50-billion-dollar guarantee programme for the money-market mutual fund industry, the first in a series of moves that...
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The embattled investment bank Lehman Brothers Holdings filed for bankruptcy Monday, hours after financial services firm Merrill Lynch & Co agreed to be sold to Bank of America Corp amid a broadening US credit crisis.
Negotiations throughout the weekend failed to produce a buyer for the venerable Lehman Brothers after the US...
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US mortgage bank Fannie Mae reported on Friday a second quarter loss of 2.3 billion dollars, higher than previously predicted.
The loss amounted to 2.54 dollars a share, and marked the fourth straight quarter of losses for the US bank. The company recorded a 1.86 dollar gain in the same period a year ago.
Fannie Mae reduced its...
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 The U.S. television
personality Ed McMahon is on the edge of loosing his Beverly Hills home to foreclosure, according
to a spokesman who revealed the details on Wednesday. It seems that his
multi-million dollar estate is on the sale’s market for the last two years. The
initial sale price was around $7 million, according to his real...
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 Dina Matos McGreevey, the wife of former Gov. Jim McGreevey
tried to convince a judge that she is entitled to alimony, saying she is deeply
in debt and about to lose her $81,000-a-year job at Columbus Hospital
in Newark. She
said that her mortgage, legal bills and a $100,000 loan from a friend have left
her deeply in debt.
The...
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 Dina Matos McGreevey, the wife of former Gov. Jim McGreevey tried to convince a judge that she was entitled to alimony, saying she was deeply in debt and about to lose her $81,000-a-year job at Columbus Hospital in Newark. She said that her mortgage, legal bills and a $100,000 loan from a friend had left her deeply in debt.The two...
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 Former US President Bill Clinton held a 35-minute
speech Thursday at Butler Traditional
High School in Louisville,
in which he discussed about Sen. Hillary Rodham Clinton’s position if she
became the next US
President. Another point of the speech was to advise people to ignore the
media and the ones who sustain that Hillary would...
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 The Vallejo
City council voted
unanimously Tuesday to file for bankruptcy. The dramatic vote, which was the
result of hours of public comment, reflected the San Francisco Bay Area
suburb’s budget crisis.
With this decision, Vallejo
has become the first city of its size to seek bankruptcy protection. Vallejo faces a...
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 Mortgage crisis, Americans who lose their homes in foreclosures, energy prices, food costs, farm legislation, student loans, President Bush planned to talk about all these subjects in a news conference aimed to address Americans' anxiety about issues affecting not only the economy of an entire country, but also their pocketbook. He...
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 Although Capitol Hill has repeatedly criticized the Justice
Department, claiming they should take more measures to minimize the crisis,
U.S. Attorney General Michael Mukasey decided to stand aside and let all the
investigations in the hands of local prosecutors.
Usually, when confronting with a governmental crisis, a
centralized...
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 Former President Clinton and his wife, Senator Hillary Clinton earned nearly $109 million since 2000, when they left the White House. It appears that half of the money came from Bill Clinton’s speeches. The couple’s annual income climbed from $358,000 in 2000 to $16 million a year later, and in the years since 2001, the income never...
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 Democratic presidential candidate Hillary Clinton proposed
on Monday several remedies to raise the U.S. economy and ease the housing
crisis.
The New York
senator recommended bigger protection for lenders and said she would propose
legislation in order to provide mortgage companies with security against the
threat of lawsuit...
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 Democrat Hillary Clinton and Republican Mitt Romney won the Nevada
caucuses on Saturday in the latest contest to represent each party
ahead this year's US presidential elections.
With 97 per cent of caucus sites reporting, Clinton led the
Democratic vote with 51 per cent over chief rival and fellow senator
Barack Obama, who had 45...
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 Arnold Schwarzenegger, California’s Governor stated on
Friday that he would keep his “promise” and declare a "fiscal
emergency" as he had previously signaled in order to force lawmakers to
tackle an estimated $3.3 billion state budget shortfall for the current fiscal
year.
Schwarzenegger said in a statement that the...
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The Ruler of the Gulf Arab Emirate of Dubai urged the new US government in a speech on Friday to focus on fixing its economy rather than wars.
"The financial crisis cannot be solved by going to war," said Sheikh Mohamed bin Rashid al-Maktoum in a the World Economic Forum in Dubai. "We advise the US administration to...
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Axa New Zealand Ltd said Tuesday that it had frozen three managed mortgage funds worth a total of 225 million New Zealand dollars (121.5 million US dollars) to head off a feared run of withdrawals from 5,000 investors.
Ralph Stewart, chief executive of the insurance and investment management firm, said withdrawals from the Mortgage...
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The largest-ever gathering of Asian and European leaders opened on Friday to discuss how to respond to the global financial crisis and combat climate change.
"In the face of this global challenge, the international community should enhance policy coordination, strengthen cooperation and make a common response," Chinese...
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Asia-Pacific stocks soared Monday after South Korea announced a more than 130-billion-dollar package to stabilize the country's financial sector.
Japan's benchmark Nikkei 225 Stock Average was up 3.59 per cent at 9,005.59 while its broader Topix index of all first-section issues gained 3.7 per cent to close at 927.37.
The...
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Indian equities plunged by nearly 6 per cent to end below the 11,000 levels on Wednesday after a two-day rally.
The 30-share Sensex of the Bombay Stock Exchange, which had gained 955 points over the past two sessions, lost 674.28 points to fall to 10,809.12, a loss of 5.87 per cent.
Similarly, the broader 50-share Nifty index fell...
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As house sales and prices tumble in China amid heightened uncertainty brought by the global financial turmoil, millions of would-be first-time buyers are locked in a standoff with giant, government-backed property developers.
"Developers expect the government to save the market and loosen the control of property loans,"...
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With the global credit crisis leading to the worst slowdown in the Indian real estate market in recent times, agents and developers are hoping the festive season surrounding Diwali, the Hindu festival of lights, will drive away the gloom.
Coming at the end of October, Diwali will prove a crucial period for developers as many...
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Taiwan's property market, hit hard in the last few months by the global downturn and a drastic domestic stock plunge, is likely to enter a recession from next year, property dealers and analysts said.
"Beginning next year, the property market here is likely to see obvious slowdown, which could last two to four years,"...
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Pablo Fierro came to Washington from Philadelphia for a rally against the proposed 700-billion-dollar financial bailout, which the House of Representatives could vote on Friday.
He held up an orange sign: "No to the bankers' coup d'etat."
Thursday's rally within shouting distance of the US Capitol was organized by a...
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The Vietnamese stock market fell slightly Monday as local traders worried that new companies listing next month will dilute share prices and that new foreign investment will not be forthcoming.
Despite news that the US government and congress had agreed on a bail-out plan for holders of mortgage-backed securities, the VN-Index ended...
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Japanese real estate developer C's Create Co filed for bankruptcy Friday as the US mortgage and credit crisis plagued Japan's real estate sector.
The Tokyo-based firm said it had 11.44 billion yen (107.86 million dollars) in liabilities.
C's Create faced increased difficulties in procuring funds because of a global credit...
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Shares on China's main stock market leapt by nearly 8 per cent on Monday, following an even bigger jump on Friday, spurred by weekend news of the US government's financial rescue plan.
The key Shanghai Composite Index, which tracks shares traded in local and foreign currencies, gained 161.32 points, or 7.77 per cent, to end the day at...
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Asia-Pacific stocks on Thursday mirrored the overnight plunges on Wall Street as credit dried up and fears rose that more financial companies would fail.
The biggest drops in the region were seen in Hong Kong, whose benchmark Hang Seng Index fell as much as 7.38 per cent before recovering; the Philippines at 4.25 per cent; and...
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Hong Kong shares slipped 2.4 per cent Wednesday with losses in property company and China banking stocks helping to drag the Hang Seng Index below 20,000.
The index lost 491.33 points to finish the day at 19,999.78, pulling it back to the sub-20,000 level, which it ended last week on for the first time in 17 months.
The combined...
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South Korea's state-run Korea Development Bank (KDB) said Wednesday that it had abandoned talks about acquiring a stake in the ailing US investment bank Lehman Brothers.
"Korea Development Bank has stopped negotiations with Lehman Brothers because of differences over the conditions of a transaction," a KDB spokesman said in...
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Despite Thailand's ongoing political crisis, its stock market jumped 3.07 per cent Monday, boosted by the US government's takeover of mortgage giants Fannie Mae and Freddie Mac and growing optimism about the world economy.
The Stock Exchange of Thailand index ended at 665.66, up 19.86 points.
"Our market was just following the...
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Asian stocks, led by financial issues, made major gains Monday in reaction to a US decision to take control of the two largest US mortgage lenders and guarantors, Fannie Mae and Freddie Mac.
Tokyo's benchmark Nikkei 225 Stock Average jumped 412.23 points, or 3.38 per cent, to close at 12,624.46 on investor confidence that the US move...
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China's two stock markets fell sharply Monday despite new rules designed to boost the markets and a global rebound sparked by the US government's bailout of two troubled mortgage giants.
The key Shanghai Composite Index, which tracks shares traded in foreign and local currencies, lost 59.03 points, or 2.68 per cent, to end the day at...
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Japan's financial sector has been plagued by a series of bankruptcies of real-estate firms, giving rise to worries about Japan's economic outlook and having an impact Thursday on the stock exchange.
While the world's second-largest economy has been spared the worst effects of the US mortgage and credit crisis, rising debt among its...
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A new grim warning from the US Federal Reserve about the outlook for the giant American economy triggered another share sell-off around the world with stocks in Europe slumping by about 3 per cent in early trading Thursday.
Europe's broad-based Dow Jones Stoxx 600 index had dropped 2.9 per cent to 2228.99 as the trading day got...
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The 15-member eurozone officially slumped into recession after figures out Friday showed its economy contracting by 0.2 per cent for a second quarter in a row.
Eurostat's latest gross domestic product estimates were published just one day before heads of state and government from the world's 20 leading economies were due to meet in...
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Swiss banking giant UBS AG reported Tuesday its first profit in four quarters.
The world's biggest wealth manager, which has emerged as one of the major victims of the recent round of financial turmoil triggered by the US mortgage market meltdown, reported a third-quarter profit of 296 million Swiss francs (256.3 million...
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Swedish Finance Minister Anders Borg on Friday criticized major Swedish banking groups for not signing on to a stability plan approved earlier this week.
Speaking to reporters after a meeting of parliament's committee on European Union affairs, Borg said he also urged the general public to "pick up the phone and call their bank...
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Credit Suisse became the first major European bank to unveil its third-quarter earnings Thursday warning that the banking business faced continuing tough conditions after the big Swiss bank confirmed a 1.26 billion Swiss-franc (1.08 billion dollars) quarterly loss.
Unveiling the third quarter results, the chief of Switzerland's second...
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Vietnam is isolated from losses linked to toxic US subprime mortgage loans but the global economic crisis they have unleashed is hitting its export markets, government officials said Wednesday.
The Trade and Industry Ministry projected the country would earn 15.7 billion dollars from exports in the fourth quarter, or roughly 5...
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It is the job of David Smith to keep on top of his box of index cards marked "serious buyers."
But as tight loans and tumbling prices keep a stranglehold on Britain's once buoyant property market, hardly any of his clients bother to ring back.
Estate agents like Smith are nostalgic about the days of the property boom when...
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The German Government unveiled on Monday conditions for banks applying for financial support from its 480 billion-euro (645.46-billion dollar) bank rescue package as Berlin considers moves to help boost Europe's biggest economy in the face of an expected sharp global slowdown.
One of the first German banks to go to Berlin cap in hand...
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The German Parliament lower house signed off Friday on Chancellor Angela Merkel's 500-billion-euro (683.1-billion-dollar) bank rescue package aimed at shoring up international investor confidence following weeks of share market turmoil.
Merkel unveiled the plan on Monday as part of a concerted effort by governments around the world to...
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In a one-day legislative marathon, German legislators signed off Friday one of world's biggest bail-outs, injecting 480 billion euros (650 billion dollars) into shaky banks.
The Bundestag lower chamber passed the bill with only two small opposition parties, the Left and the Greens, opposed.
But the bill is still not law until the...
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The Financial Times Share Index (Footsie) fell below the psychologically important 4,000 barrier in London Thursday as recession fears and concern about the impact of this week's massive bank stabilization package resurfaced.
By mid-morning, the Footsie was 3 per cent down at 3,960.8, with all sections of the leading blue chip index...
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Switzerland's two leading banks were forced Thursday to seek out new capital injections as the nation became the latest country forced to unveil a bail-out plan in the wake of the global financial crisis.
While UBS AG, the nation's biggest bank, turned to the government for 6 billion Swiss francs (5.2 billion dollars) in additional...
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Since the US takeover of mortgage giants Fannie Mae and Freddie Mac on September 7 and the collapse of Lehman Brothers and Merrill Lynch a week later sparked panic around the world, European governments have propped up their own banking systems in a largely uncoordinated scramble.
Here is a chronology of their responses:
September...
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German Chancellor Angela Merkel warned Wednesday that Europe's biggest economy was facing tough times and stepped up calls on for new rules to regulate the crisis-hit world financial system.
"Germany is strong," she told the German parliament. "However, Germany will go through a difficult period."
"We have...
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For the first time in more than two decades, Dutch residential real estate prices have dropped, the largest Dutch real estate brokers' association NVM is reporting.
NVM chairman Ger Hukker said the drop was "understandable" considering the credit crisis.
Dutch banks were now reluctant to provide mortgages, negatively...
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In Britain, the NICE decade, defined by Bank of England governor Mervyn King as one of "non-inflationary constant expansion" - has come to an end with a bang.
The government bailout of cash-starved banks - the biggest-ever fundraising effort undertaken on behalf of the country's proud banking sector - is seen as the end of...
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European shares plummeted Friday as panic selling spread from Asia and the United States amid fears the global credit squeeze could trigger a global recession.
By early morning trading, Europe's benchmark Stoxx 50 had plunged by 8.0 per cent to 2,109 points, after shares on Wall Street dropped by 7.3 per cent to their lowest level in...
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European stock markets plunged Monday, with bank stocks leading the way down, as investors worried that the crisis in banking would soon start to hurt the "real" economy.
Around mid-day, the 30-share DAX index on the Frankfurt Stock Exchange was off 5.8 per cent at 5459, with only a single stock, Volkswagen, defying the...
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Germany's finance sector reached agreement early Friday on the details of a planned multibillion-euro bail-out for Germany's ailing mortgage lender Hypo Real Estate, sources told Deutsche Presse-Agentur dpa.
The talks at the German Bundesbank headquarters lasted 12 hours, and revolved around how much each participant would contribute...
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Nationalized British mortgage lender Northern Rock Thursday withdrew some of its savings products for new clients following a consumer rush on safe placings for their deposits, the bank said.
The measure was aimed at preventing having an unfair advantage from state ownership, it said. British savers have sought out Northern Rock, and...
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The European Union's executive body on Wednesday called for tighter rules on bank security and supervision as the global financial storm showed no signs of abating.
"We have just approved a proposal for reform of the capital requirements of financial companies ... This important and far-reaching proposal will be followed very...
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The European Union on Wednesday approved in record time Britain's nationalization of troubled financier Bradford & Bingley, the country's eighth-biggest mortgage lender, saying that it was in line with EU rules.
On Monday the British government decided to take the lender into public ownership and sell off its savings and deposits...
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After a wobbly start, the London stock market held its nerve Tuesday with the Financial Times Index up by lunchtime while bank shares were among the biggest fallers in a mixed session.
The FTSE-Index was up by 26.03 points - or 0.54 per cent - to reach 4844.80 points in mid-trading.
Analysts said that after the initial shock about...
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The European Commission on Tuesday urged United States lawmakers to assume their responsibilities and swiftly approve a massive rescue plan amid global financial turmoil.
"The turmoil that we are facing has originated in the US, and has become a global problem," said commission spokesman Johannes Laitenberger.
"The...
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Chancellor Angela Merkel threw her weight Tuesday behind a government guarantee for troubled German mortgage lender Hypo Real Estate (HRE), saying she assumed the lifeline would be extended this week.
She said the package was a "confidence-building measure" that would have "incredibly important meaning" for the...
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The banking crisis spread to Germany on Monday, with the government and fellow banks forced to throw a 35-billion-euro (50-billion-dollar) lifeline to Hypo Real Estate (HRE), a mortgage lender.
The bail-out, the same day as Britain nationalized lender Bradford & Bingley (B&B) and a day after three governments took stakes in...
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The British government intervened Monday to save major mortgage lender Bradford & Bingley (B&B) by taking it into public ownership and selling off its savings and deposits business.
"We will do whatever it takes to ensure the stability of the financial system in the wake of the nationalization of Bradford & Bingley...
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Germany has no intention of nationalizing Hypo Real Estate (HRE), the German mortgage lender which is to be bailed out with a federal guarantee, a Finance Ministry spokesman said in Berlin Monday.
Torsten Albig said the two-stage rescue plan would require German commercial banks to sustain 60 per cent of the cost of the first stage,...
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Hypo Real Estate (HRE), the German mortgage lender that had to be bailed out Monday, first revealed problems at the start of this year, writing down the value of huge sums invested in US securities.
The company is a comparative newcomer in Germany. It was spun off from Hypovereinsbank, which has since become a subsidiary of Italy's...
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Poland will toughen criteria for getting loans from banks amid the recent US financial crisis, reported the daily Dziennik on Thursday.
The changes will likely take effect at the end of this year, the head of Poland's Financial Supervision Authority told the daily. They will affect consumer and mortgage credit in all currencies. The...
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Britain's biggest mortgage lender Halifax Bank of Scotland (HBOS) confirmed Wednesday that it was in "advanced merger talks" with leading bank Lloyds TSB.
Rumours and speculation about a possible merger between the two banks had been rife over the past few days, with HBOS shares falling sharply in London in the wake of the...
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Banking shares dropped sharply in London Monday as the Bank of England injected an extra 5 billion pounds (8.97 billion dollars) into money markets following the collapse of Wall Street's Lehman Brothers.
In what traders quickly dubbed "meltdown Monday," the Financial Times Index was down by 4 per cent in early trading, with...
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Share prices tumbled in early trading in Europe on Monday as markets reacted to the financial turmoil triggered by the demise of US investment bank Lehman Brothers.
Germany's blue-chip DAX fell 2.8 per cent, while the Paris bourse lost nearly 3.5 per cent and the London Stock Exchange was down more than 2 per cent. In nearly all cases...
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The finance ministers of the 15 countries which share the euro gathered in Nice on Friday to find ways of avoiding a recession and to prevent a repeat of the turmoil seen on the financial markets.
Ministers were set to discuss the latest economic forecasts of the European Commission, which on Wednesday cut its 2008 growth forecast for...
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Financial stocks led a rally on almost all world stock markets Monday, caused by the US government's decision to take control of embattled mortgage backers Fannie Mae and Freddie Mac.
The only significant market indices to buck the trend were China's Shanghai Composite and the smaller Shenzhen Component, which fell 2.7 and 3.0 per...
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Banking shares led a strong rally on European markets Monday, following the announcement that the United States government would bail out the embattled mortgage lenders Fannie Mae and Freddie Mac.
In London, Halifax Bank of Scotland (HBOS) was the strongest performer, gaining 13 per cent to 310.25 pence, followed by a rise of 26.25...
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The DAX index of the 30 top German shares clawed back much of last week's losses in early trade Monday, rising more than 3 per cent on news of a government bail-out for battered US mortgage lenders Fannie Mae and Freddie Mac.
Banking stocks led the way, with Deutsche Bank rising 8 per cent to above 61 euros (87 dollars).
All 30...
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The French stock market reacted with a vigorous rebound Monday to the US government's bail-out of the mortgage lenders Fannie Mae and Freddie Mac.
The benchmark CAC 40 was up 4.64 per cent, at 4,391.53, in early trading, making good a large chunk of its loss from last week when French shares lost more than 6 per cent of their value,...
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Shares in leading British banks rallied strongly on the London Stock Exchange Monday following news of the US government's bail-out of mortgage giants Fannie Mae and Freddie Mac.
Halifax Bank of Scotland (HBOS) was the strongest performer of four banks showing gains of 10 per cent or more.
HBOS shares gained 13 per cent, rising to...
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On the Vienna stock exchange, the main ATX index jumped on the news from the United States that it was bailing out mortgage lenders Fannie Mae and Freddie Mac, standing 4.48 per cent higher after one hour of trading Monday morning.
The index was pushed by Erste Group Bank AG, which gained 9.47 per cent, and Raiffeisen International...
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Germany's Commerzbank AG and Allianz SE have reached a deal worth up to 9 billion euros (13.3 billion dollars) to sell the giant insurer's banking offshoot, Dresdner, to Commerzbank, sources close to the negotiations told dpa-AFX Friday.
Allianz chief executive Michael Diekmann and his Commerzbank counterpart Martin Blessing met late...
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