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Market slides on GM worries, financials

U.S. stocks slid on Thursday, hit by a warning from General Motors about possible bankruptcy and persistent worries about major banks.

Fed Vice Chairman’s Testimony on AIG Rescue: Full Text

The following are prepared remarks concerning the Federal Reserve’s role in rescuing insurance giant American International Group, Inc. They were made by Federal Reserve Vice Chairman Donald. L. Kohn before a U.S. senate committee in Washington on March 5, 2009.

GM auditors raise doubt on viability

General Motors Corp on Thursday said its auditors had raised substantial doubt about its ability to survive outside bankruptcy if it fails to stem its losses and stop burning cash.

Union group seeks Bank of America CEO ouster

A group that works with union-affiliated pension funds called for the ouster of Bank of America Corp Chairman and CEO Kenneth Lewis, citing the bank's falling stock price and damage from its acquisition of Merrill Lynch & Co.

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NATO resumes ties with Russia, Moscow welcomes move

NATO foreign ministers agreed Thursday to resume high-level formal ties with Russia, suspended last year after Moscow's military thrust into Georgia.

Retailers report weak sales, but Wal-Mart shines

Top U.S. retailers saw anemic same-store sales in February as shoppers kept a tight hold on spending, but Wal-Mart Stores Inc again beat expectations and said lower gasoline prices had relaxed some household budgets.

Retailers report weak U.S. sales, but Wal-Mart shines

Pakistan issues sketches in attack on cricket team

Pakistani authorities have identified the people responsible for this week's attack on Sri Lanka's cricket team, a senior government official said on Thursday.

GE sees double-A possible, but fears overdone

General Electric Co's gilt-edged triple-A credit rating could be in jeopardy, but concerns about the short-term liquidity of its finance arm are overdone, the U.S. conglomerate's chief financial officer said on Thursday.

China silent on extra stimulus, stands by growth aim

Premier Wen Jiabao said China would ramp up deficit spending this year to hit its all-important 8 percent growth target but did not announce an increase in an already-huge two-year economic stimulus plan that markets had craved.

Sudan expels aid agencies, defies Hague court

Sudan's president told thousands of cheering supporters Thursday an international call for his arrest on war crimes charges was a ploy by western nations set on grabbing the country's oil.

Venezuela's Chavez seizes Cargill unit

President Hugo Chavez seized a unit of American food giant Cargill on Wednesday and threatened to take over Venezuela's largest private company, renewing a nationalization drive as the OPEC nation's oil income plunges.

BoE cuts rates to 0.5 percent, to pump money into economy

The Bank of England cut interest rates by 50 basis points to a record low of 0.5 percent on Thursday, and said it would pump 75 billion pounds of new money into buying assets, mostly gilts, in its battle with recession.

Wall St. to drop at open on GM warning, GE worry

Stocks headed for a sharp drop at Thursday's open, weighed down by General Motors' warning about its viability and caution about the outlook for major conglomerate General Electric .

New U.S. jobless claims ease, productivity plummets

The number of U.S. workers filing new claims for jobless benefits fell more than expected last week, a government report showed on Thursday, but remained at high levels consistent with a severe recession.

U.S. retailers February sales weak, but Wal-Mart shines

New U.S. jobless claims eased last week

Investors like clean energy, growth dips: survey

Half of institutional investors plan to increase their funding of clean energy compared with 12 months ago, but that will not be enough to drive global growth in the sector this year, a survey published on Wednesday said.

Electric vehicles to dominate Ford's future lineup: CEO

Ford Motor Co expects electric vehicles will represent a major portion of its lineup a decade from now as the automaker breaks away from a recent reliance on pickup trucks and SUVs, Chief Executive Alan Mulally said on Wednesday.

Wal-Mart reports better-than-expected February sales

Wal-Mart Stores Inc reported a higher-than-expected 5.1 percent rise in February sales at U.S. stores open at least a year, saying lower gas prices meant shoppers had more money to spend in its discount stores.

Oil slips below $44 on expectations of demand fall

Oil fell more than a dollar to below $44 on Thursday as a record drop in euro zone economic performance heightened expectations that fuel consumption would shrink further.

Stock futures drop after GM warning; claims loom

Stock index futures fell on Thursday, weighed down by a warning from General Motors that there was substantial doubts about its ability to continue as a going concern and caution ahead of key data.

Futures hit lows after GM comments

U.S. stock index futures fell to session lows on Thursday after beleaguered U.S. automaker General Motors Corp said there was substantial doubt about its ability to continue as a going concern.

GM says substantial doubt about ability to continue

General Motors Corp said on Thursday that substantial doubt existed about the ability of company to continue as a going concern.

Oil slips to near $44, demand concerns resurface

Oil fell more than a dollar toward $44 on Thursday, after surging nearly 9 percent in the previous session on a surprise drop in U.S. crude stocks that could signal recovering demand in the top energy consumer.

Euro slips as rate cut seen, Asia stocks falter

The euro and sterling slipped on Thursday ahead of expected rate cuts in Europe and the UK, while most Asian stock markets gave up early gains on disappointment that China did not announce new stimulus plans.

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