The Swine flu that hit Mexico has now hit the U.S. and there are more than 20 reported cases.
Oil prices fell over 2 percent toward $50 a barrel on Monday, paring some of the previous session's near 4 percent gain, on fears of a global flu pandemic after an outbreak of swine flu in Mexico.
Corrects first paragraph to clarify that the disease is not yet a pandemic and market is moving on fears of it reaching pandemic proportions
Oil prices fell over 2 percent toward $50 a barrel on Monday, paring some of the previous session's near 4 percent gain, on fears of a global flu pandemic after an outbreak of swine flu in Mexico.
The United Auto Workers said on Sunday the union had reached agreement with Chrysler LLC, Italian automaker Fiat SpA and the U.S. government on concessions to its 2007 contract and healthcare trust.
Oil prices retreated below $51 a barrel on Monday, giving back some of the previous session's near 4 percent gain, on risk aversion following a deadly swine flu pandemic emerging from Mexico.
There has been some progress in U.S. government-driven negotiations to save Chrysler LLC, according to a senior White House official, who on Sunday also did not rule out an attempt to complete the company's restructuring in bankruptcy.
U.S. stocks may run into some turbulence this week as the impending release of bank stress test results, a Federal Reserve meeting and a flood of earnings will give investors some reasons for caution.
The Obama administration has assured Switzerland that it understands the importance of resolving Swiss concerns over a legal case involving Swiss bank UBS, a U.S. Treasury official said on the weekend.
With just days to go for Chrysler LLC to reach agreements to cut labor and debt costs or face bankruptcy, members of Michigan's Democratic congressional delegation said on Saturday the onus was now on the U.S. automaker's creditors to make concessions.
Switzerland, under pressure to join a global crackdown on tax fraud, asked the United States Saturday to drop a legal case involving UBS bank in return for a new tax accord the two countries are about to negotiate.
The United Auto Workers union is holding weekend negotiations with Chrysler LLC as the struggling U.S. automaker races toward a month-end deadline to clinch concessionary deals with its union and creditors.
Swiss President Hans-Rudolf Merz asked U.S. Treasury Secretary Timothy Geithner on Saturday to drop a legal case involving clients of UBS bank in return for a new tax accord the two countries are about to negotiate.
President Barack Obama unveiled new steps on Saturday to restore U.S. fiscal discipline, including support for legislation that would require Congress to pay for any new programs by raising taxes or cutting other expenditures.
Forget the goody bags. Many shareholders accustomed to grabbing free food and gifts at U.S. corporate annual meetings are going home empty-handed.
But several signposts suggest America's love of driving is stalling and may stay weak for a long while.
U.S. authorities, as well as defense attorneys, need to ramp up their understanding of complex financial instruments as populist anger puts pressure on the government to bring more business fraud cases, a top U.S. defense lawyer said on Friday.
President Barack Obama on Friday called for the government to stop backing private loans to college students and replace them with direct government loans to young people.
Chrysler won a round of concessions from its Canadian union on Friday while General Motors Corp soaked up $2 billion more in U.S. government aid and Ford Motor Co posted a narrower-than-expected loss that sent its shares soaring.
Finance chiefs from the G7 powers said on Friday the global economy may be past the worst phase of a recession although recovery was not yet assured, and they pledged to make sure that big financial firms are sound.
North Korea will stay away from international nuclear disarmament talks, Russia's foreign minister said on Friday after visiting the secretive state and pressing Pyongyang to return to the sputtering discussions.
Bank regulators in Michigan closed Michigan Heritage Bank on Friday, the 27th U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.
