Prominent banking analyst Meredith Whitney warned that credit cards are the next credit crunch, as contracting credit lines will lower consumer spending and hurt the U.S. economy.
World stocks rose on Tuesday after three days of consecutive declines knocked them to 6-year lows, while government bonds slipped as fears grew governments may need to issue huge debt to fund economic stimulus packages.
The recession-hit U.S. economy is proving weaker than economists expected just a month ago, but forecasters still think a recovery is in the cards for later this year, a survey released on Tuesday showed.
Asian shares outside Japan posted their best gains in a month on Tuesday while safe-haven flight to the dollar eased, but the moves were seen as only a momentary reprieve from a gloomy economic outlook.
The U.S. government's plan to strip banks of troubled assets could force some firms to record large losses, but the move would help restore confidence in the banking system, the head of the Federal Deposit Insurance Corp. said in an interview in Tuesday's Washington Post.
Oil edged down below $47 a barrel on Tuesday, as dealers mulled OPEC output options at a meeting this weekend and ahead of weekly U.S. stocks data expected to show another fall in crude inventories.
Asian shares rebounded on Tuesday from a three-session losing streak, while the safe-haven bid on the dollar retreated in moves seen as a momentary reprieve from concerns about the weak outlook for the global economy.
Oil held above $47 a barrel on Tuesday, as dealers mulled the possibility of deeper OPEC output cuts at a meeting this weekend and ahead of weekly U.S. stocks data expected to show another fall in crude inventories.
Members of the Obama administration's autos task force met for the first time with the national leadership of the United Auto Workers on Monday as part of a visit to the Detroit area where they again met with executives of General Motors Corp and Chrysler.
New York state's top legal officer and U.S. Rep. Barney Frank demanded on Monday that Bank of America Corp provide more details on $6.9 billion in bonuses paid in 2008, including $3.6 billion at the former Merrill Lynch & Co.
U.S. stocks fell in choppy trade and the Nasdaq slid to a fresh 6 and 1/2-year low on Monday as shares of the biggest drugmakers fell after Merck's proposed a $41 billion takeover of Schering-Plough .
U.S. stocks fell in choppy trade and the Nasdaq slid to a fresh 6 and 1/2-year low on Monday as shares of the biggest drugmakers fell after Merck's proposed a $41 billion takeover of Schering-Plough .
GE Capital said Monday it would sell $8 billion in bonds through the Federal Deposit Insurance Corporation's Temporary Liquidity Guarantee Program, which allows companies to issue debt with the backing of the U.S. government, a company spokesman said Monday.
U.S. stocks fell in choppy trade and the Nasdaq slid to a fresh 6 and 1/2-year low on Monday as shares of the biggest drugmakers fell after Merck's proposed a $41 billion takeover of Schering-Plough .
U.S. stocks fell in choppy trade and the Nasdaq slid to a fresh 6 and 1/2-year low on Monday as shares of the biggest drugmakers fell after Merck's proposed a $41 billion takeover of Schering-Plough .
U.S. stocks fell in choppy trade and the Nasdaq slid to a fresh 6 and 1/2-year low on Monday as shares of the biggest drugmakers fell after Merck's proposed a $41 billion takeover of Schering-Plough .
Oil jumped more than 3 percent to $47 a barrel on Monday as a naval incident between the United States and China, the world's top oil consumers, boosted geopolitical tensions and as dealers pondered the possibility of deeper production cuts by OPEC.
Top executives of leading U.S., Japanese and European banks will meet in London this month to discuss regulation and other issues key to the future of the financial system, two industry sources said.
Google has agreed to settle an intellectual property claim brought by serial inventor Judah Klausner, who has won settlements in the past from Apple, Skype and LG Electronics, Klausner said on Monday.
Wells Fargo & Co shares as much as 24.3 percent after the billionaire investor Warren Buffett said the fourth-largest U.S. bank will emerge better than ever from the nation's credit crisis.
Oil jumped more than 3 percent to over $47 a barrel on Monday on speculation producer group OPEC may cut output again and a naval incident between the United States and China, the world's top oil consumers.
Stocks fell in choppy trade on Monday as gains in the energy and banking sectors were more than offset by a drop in pharmaceuticals after Merck's proposed $41 billion takeover of Schering-Plough .
