Wall Street slumped to a 12-year low on Monday as investors lost faith that the U.S. government will be able to stabilize the financial system.
The S&P 500 and the Dow both posted their lowest closes since the spring of 1997 as reports the government may convert its stake in Citigroup into a big common stock holding fell short of what many see as necessary to fix big banks.
It is generally...
American International Group Inc and the U.S. government are engaged in talks, as the troubled U.S. insurer faces massive losses due to writedowns on commercial real estate and other assets, according to a source and CNBC report on Monday.
AIG, once the world's largest insurer, is expected to post a loss of nearly $60 billion on Monday, when it reports its results, CNBC reported ci...
Even if the government took a large common equity stake in Citigroup Inc, worries would likely persist about the bank's ability to absorb soaring losses in a deepening recession.
The third-largest U.S. bank by assets is in talks with federal regulators on a plan for the government to increase its stake, a person familiar with the matter said. Converting $45 billion of preferred stock, which the ...
Ford Motor Co reached a tentative deal with the United Auto Workers that would slash cash payments for its retiree health care, while European governments ruled out rescue plans for General Motors Corp's struggling Opel and Saab units.
The U.S. Treasury also named Steven Rattner, co-founder of private equity firm Quadrangle Group, as an adviser on the restructuring of th...
American Express Co., battered by mounting credit card losses, is offering $300 to a limited number of U.S. card holders who pay off their balances and close their accounts, the company said on Monday.
The Dow Jones industrial average fell to an 11-year low on Monday as investors dumped shares on uncertainty about the latest potential U.S. government action to shore up beleaguered banks.
Making matters worse, worries about a fall-off in business and consumer spending on technology hurt the biggest names in the tech sector. IBM and Hewlett-Packard were the top drags o...
On Monday distributors stated that various foreign press titles are set to return to the press stands this week following a 25 year absence.
have truly outstanding fundamentals, it seems to me that you ought to be thinking about that as investors and not just the short-term concerns.
The deal will allow Nova to strengthen its balance sheet so it can keep operating and expanding, the companies said. IPIC agreed to give Nova a $250 million backstop facility to improve its liquidity.
Meanwhile, Nova won a new $150 million credit faci...
Even if the government takes a large common equity stake in Citigroup Inc, worries are likely to persist about the bank's ability to absorb soaring losses in a deepening recession.
U.S. regulators including the Treasury and Federal Reserve issued a joint statement saying the government stands firmly behind the banking system and said the government would ensure the banks had enough capital and liquidity to provide credit needed for economic growth.
Navigation device maker Garmin posted lower-than-expected quarterly results as sales of its gadgets used in cars dropped, but shares rose 15 percent as the company reduced its inventory.
Top Mexican broadcaster Televisa is seen posting an 11 percent fall in net profit during the fourth quarter of 2008, hit by higher tax reserves and a steep fall in the value of the peso currency.
Allen Stanford has millions of dollars worth of assets on the Caribbean island of St. Croix, but U.S. regulators have not seized any in their probe of the Texas billionaire, a U.S. Marshal said on Monday.
There was a time when a tumble below $10 in the share price of a company in the Dow Jones industrial average meant ignominy.
U.S. stocks fell on Monday due to uncertainty about the likely success of the government's latest bid to shore up beleaguered banks, including Citigroup , and a drop in technology shares pulled indexes lower.
Initially, investors welcomed reports that the government could convert an earlier investment in Citigroup into a larger common stock holding as a sign the United States is ready...
is subject to ratification by active UAW-Ford members and other conditions, including concessions from other stakeholders.
The proposed modifications were expected to be presented to the union's local Ford leadership at a council meeting early this week, according to the unions.
The modifications will protect jobs for UAW members by ensuring the long-term viability of the company, UAW Pres...
U.S. agencies detailed financial rescue plans on Monday and insisted they did not want to nationalize banks as investors fretted over how struggling firms will cope with rising recession-driven losses.
Allen Stanford has millions of dollars worth of assets on the Caribbean island of St. Croix, but U.S. regulators have not seized any in their probe of the Texas billionaire, a U.S. Marshal said on Monday.
Just a month into his presidency, Barack Obama has had to deal with everything from Cabinet missteps that have strained his no-drama Obama image to an economic crisis that seems to worsen by the day.
Germany and Sweden ruled out underwriting rescue plans for Opel and Saab while Canada's Industry Minister warned on Monday that the crisis-hit North American car industry was at the precipice of nonexistence.
Underlining the severity of the crisis battering the car industry, with sales plunging as the credit crunch hits consumer confidence, assembly lines at some Volkswagen p...
The Pakistan army said on Monday it had ceased operations against Taliban militants in the northwestern valley of Swat, and an Islamist cleric asked for troops to be shifted to safer places to give peace a chance.
NATO forces in Afghanistan are confident member states will provide thousands of extra troops as temporary reinforcements for presidential elections in August, the deputy commander of NATO-led forces said on Monday.
