The Obama Administration says it will work with General Motors Inc to see the automaker eventually get a fresh start, promising more aggressive attempts to improve the business and leaving the door open for bankruptcy.
Leading and emerging nations will commit this week to pursuing responsible economic policies that do not hurt each other's prospects with protectionism or currency devaluations, according to a draft G20 statement.
China Construction Bank (CCB), the world's second-largest lender by market value, said on Monday it would be reasonable for major shareholder Bank of America to reduce its stake to 10 percent.
Stocks fell sharply on Monday as the Obama administration raised the specter of bankruptcy for U.S. automakers General Motors and Chrysler and Spain had to rescue regional savings bank CCM.
The U.S. task force overseeing the restructuring of the auto industry on Monday said the plans submitted by General Motors Corp and Chrysler failed to show how they could be viable.
U.S. stock index futures pointed to a sharply lower open on Monday as the Obama administration threatened bankruptcy for two major U.S. automakers and Spain had to rescue regional savings bank CCM.
U.S. President Barack Obama's administration promised to push for a new United Nations climate treaty on Sunday but said Washington had no magic wand and that all countries had to help.
The regulator of U.S. government-controlled Fannie Mae and Freddie Mac is looking at ways the two firms might help finance small mortgage banks hobbled by a dearth of credit, the Wall Street Journal reported.
The Obama administration seized the wheel of the failing U.S. auto industry on Monday, forcing out General Motors Corp's CEO, pushing Chrysler LLC toward a merger and threatening bankruptcy for both.
President Barack Obama said on Sunday he told the chiefs of the biggest U.S. banks that bonuses are not acceptable while many Americans struggle to meet basic expenses in the midst of a severe recession.
General Motors Corp, whose chief executive was forced out by the Obama administration on Sunday, and Chrysler LLC will each be given capital and time to accelerate their attempts to restructure and survive, according to a government aid plan set for release on Monday.
Center-left world leaders including Britain's Gordon Brown and Brazil's Luiz Inacio Lula da Silva on Saturday called for global financial reforms at next week's G20 summit, but the U.S. warned against over-regulation.
Bankrupt U.S. companies lucky enough to survive a court restructuring are hitting another roadblock created by the economic downturn -- finding the money they need to put it all behind them.
An economic indicator which accounts for two thirds of all U.S. domestic economic activity has staged a rebound in the first two months of the year after a precipitous drop in the previous two quarters.
The President’s meeting with the top U.S. bankers on Friday was a non-confrontational gathering, which nevertheless saw the nation’s chief executive tell the industry leaders that it was necessary to show restraint while continuing to help the nation by continuing to lend, according to several reports.
Goldman Sachs Group Inc Chief Executive Lloyd Blankfein's compensation fell 98.4 percent in 2008, as banks faced huge writedowns and losses due to investments in toxic assets.
The U.S. banking system showed some signs of thawing this week, but it may prove to be a false spring.
Calpers, the biggest U.S. public pension fund, said on Friday it would restructure its relationships with hedge fund managers to better control its assets and urged them to base their fees on long-term instead of short-term performance.
An independent investigating arm of the Treasury Department found a handful of cases in which a bank regulator ignored questionable backdating of capital injections, an official said on Friday.
As IBM's negotiations to buy Sun Microsystems Inc enter another week, some analysts are weighing the risks in what could be the biggest U.S. technology deal this year.
Optimism that the latest U.S. tarnished asset cleanup plan will refloat foundering banks may soon fade, triggering a renewed surge of risk aversion and selling of both financial firms' and industrial companies' corporate bonds, analysts said.
He promised a grand bargain but British Prime Minister Gordon Brown's hopes of an overarching deal to pull the world out of recession look doomed even before the G20 crisis summit has started.
