Federal Reserve Chairman Ben Bernanke suggested in an interview to air on Sunday that the U.S. recession could last through the year and said the biggest risk was that the political will needed to fix the fractured financial system could be lacking.
U.S. President Barack Obama will announce steps on Monday to make it easier for small business owners to borrow money, using $730 million in stimulus funds to cut lending fees, boost loan guarantees and expand other programs, officials said.
President Barack Obama's top advisers and Democratic and Republican congressional leaders voiced outrage on Sunday that insurer American International Group, recipient of a $173 billion taxpayer bailout, is paying $165 million in employee bonuses.
OPEC ministers agreed on Sunday to leave existing output targets unchanged, but promised to enforce those curbs more strictly and said they would meet again at the end of May to review progress.
U.S. Treasury Secretary Timothy Geithner said the U.S. “will soon outline” its plan to partner with private companies to rid banks of products which they can’t sell amid the current credit crisis in financial markets.
OPEC ministers agreed on Sunday to leave existing output targets unchanged, but promised to enforce those curbs more strictly and said they would meet again at the end of May.
Giant insurer AIG is still paying $165 million on Sunday to retain certain employees due to contract obligations, despite initial opposition earlier this week from the Obama Administration.
U.S. Representative Barney Frank, chairman of the House Financial Services Committee, said on Sunday the government needs to determine if millions in employee bonuses at American International Group Inc can be recovered.
German Economy Minister Karl-Theodor zu Guttenberg said on Sunday he hoped General Motors and the U.S. government would help answer remaining questions on a plan to save German unit Opel.
Switzerland's biggest bank UBS plans to cut up to 5,000 senior and management jobs in the next few weeks, Swiss weekly SonntagsZeitung said on Sunday.
OPEC ministers began talks on Sunday to decide whether to set new output targets or stick to existing curbs against a backdrop of swelling oil inventories and a shattered world economy.
OPEC ministers weighed the options of tighter compliance with existing output curbs or agreeing to new cuts as they prepared to meet Sunday against a backdrop of high oil stocks and a damaged world economy.
WASHINGTON - U.S. business leaders urged lawmakers on Thursday to act quickly on healthcare reform, saying American companies were losing out to other countries with cheaper healthcare and healthier workers.
G20 finance ministers promised rescue money for troubled emerging market economies on Saturday and said they would use their full fiscal and monetary firepower to combat the worst downturn since the 1930s.
OPEC ministers will on Sunday debate whether their best policy is strict compliance with existing output curbs or a new set of cuts as they balance the issues of bulging oil stocks and a bruised world economy.
The Treasury will offer more details in the coming week about how proposed public-private partnerships to take bad assets off banks' books will work, a senior department official said on Saturday.
OPEC ministers in Vienna this weekend will debate whether the best policy is strict compliance with existing curbs or a new set of output cuts as they balance the issues of bulging oil stocks and a bruised world economy.
OPEC ministers in Vienna this weekend will debate whether the best policy is strict compliance with existing curbs or a new set of output cuts as they balance the issues of bulging oil stocks and a bruised world economy.
U.S. municipalities, strapped for cash as the recession decimates revenues, are stepping up sales of everything from old police cars, helicopters and bicycles to confiscated jewelry and slot machines in an effort to reduce swollen deficits.
Freddie Mac, the second largest mortgage finance company in the U.S., urged lenders to limit fees for borrowers so they could benefit from President Barack Obama’s housing stimulus plan.test
U.S. officials tried to reassure Chinese premier Wen Jiabao about his country’s investment $2 trillion investment in U.S. Treasuries after he expressed worries in the light of the current financial crisis.
More spending will give only a brief sugar high if G20 nations fail to clean up their banks, the World Bank said on Friday as economic powers struggled to agree a response to the worst downturn in decades.
