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Hundreds swarm Stanford's Antigua bank

Hundreds of people lined up at Texas billionaire Allen Stanford's Antiguan bank on Wednesday seeking to withdraw funds, a day after the tycoon was charged with an $8 billion fraud.

Wall St. tumbles on recession and bank anxiety

NEW YORK - Stocks sank on Tuesday on concern that the recession is worsening and that efforts to stabilize the beleaguered financial system may not be enough. The slide took the benchmark S&P 500 below the 800 level for the first time since the bear market low of November 21 as financials and shares of big energy companies weighed. Shares of Bank of America fell 10.7 percent t...

Wal-Mart profit beats Wall St. view

NEW YORK - Wal-Mart Stores Inc posted a quarterly profit that beat Wall Street forecasts, helped by higher sales at its namesake U.S. discount stores, and said it expects to outperform competitors as a global downturn forces shoppers to seek low prices. Shares in the world's largest retailer rose 3.5 percent on the results, as investors shrugged off fears of a deeper global recess...

Stocks tumble on economic gloom

NEW YORK - Stocks tumbled at the open on Tuesday on concern that the recession is worsening and that efforts to stabilize the stricken global financial system may not be enough. A report showing that manufacturing production in New York state fell to a record low in February added to worries about the deepening recession among investors already fearful a new U.S. economic stimulus package won't...

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Emerging slump to further hurt Western banks: report

to try to ease the deepening recession, but some have been criticized for putting national interests before trade commitments. ACT TOGETHER What shocks me, you see, what bothers me a bit is that in the international arena ... everyone agrees that we need to work and act together, IMF chief Dominique Strauss-Kahn told France Inter radio. Then when everyone goes home, everyone has his nati...

Trump Entertainment files for bankruptcy

The move was widely expected, coming days after the casino operator's namesake tycoon, Chairman and founder Donald Trump, walked away from the company. The casino operator had assets of about $2.1 billion and total debts of about $1.74 billion on December 31, 2008, it said in its filing with the U.S. Bankruptcy Court for the District of New Jersey. The company missed a $53.1 million bond intere...

Toyota's U.S. workers avoid layoff threat for now

SAN ANTONIO - Even though Toyota Motor Corp touts its mighty Tundra pickup as the truck that's changing it all, workers who build it in San Antonio are not immune from the threat of layoffs that have beset the Big Three U.S. automakers. Opening the $1.2 billion plant in San Antonio in early 2007 was part of Toyota's public relations campaign to displace big U.S. truck makers like Ford, Che...

Stock futures slide on recession woes

NEW YORK - Stock index futures tumbled on Tuesday on concern that the recession is worsening and that efforts to stabilize the global financial system may not be enough. The diminishing appetite for riskier assets made stocks sink in Asia overnight while in Europe benchmark indexes were down more than 2 percent. Top drags before the bell included financials, with shares of Bank of America

GM readies survival plan

STUTTGART/WASHINGTON - Daimler swung to a hefty loss, hit by exposure to Chrysler, and Opel and Saab braced for news of General Motors' survival plan, as European carmakers saw their fates tied closely to their U.S. peers. As GM and Chrysler put the finishing touches to blueprints showing how they will pay back billions of dollars of government loans, Chrysler's German ex-owner Daimler said it...

Harper says he's confident GM will stay in Canada

TORONTO, (Reuters) - Canadian Prime Minister Stephen Harper said on Tuesday he is not concerned about the possibility of General Motors Corp (GM.N) moving out of Canada as the Detroit-based company restructures its operations.

Nortel to present new business plan in few weeks

BARCELONA - Nortel Networks Corp aims to present its new business plan on how it will scale down its business operations within the next few weeks, a senior company official told Reuters on Tuesday. The Toronto-based telecom equipment maker filed for bankruptcy protection in Canada and the United States last month, blaming the economic crisis for derailing a turnaround effort that ...

Nortel to present new business plan in few wks

U.S. recession concerns hit Brazil stocks, currency

SAO PAULO - Brazil's stocks and currency sank on Tuesday, dragged down by fresh concerns that the recession in the United States is worsening and that Washington's efforts to shore up the economy may not be enough.

Wal-Mart intl ops hit by firmer dollar, Asda shines

LONDON - Wal-Mart Stores Inc (WMT.N) posted a 14.3 percent drop in fourth-quarter operating income at its international businesses, hit by the stronger dollar, but said underlying growth was solid, led by the UK, China and Brazil.

Eastern Europe woes hit European shares

Growing concerns about deteriorating emerging European economies hit European shares and the euro on Tuesday, driving capital to safer government bonds and gold.

Stock futures slide as recession woe fans global rout

NEW YORK - Stock index futures slid on Tuesday as concerns that the global recession was worsening fueled a global equity rout, and investors worried that efforts to stem the downward spiral and stabilize the financial system may not be enough. * The diminishing appetite for riskier assets sunk stocks in Asia overnight, while in Europe benchmark indexes were down more than 2 percent. * S&P ...

Stock futures signal drop; eyes on Wal-Mart

- Stock index futures pointed to a lower open on Wall Street on Tuesday, as the market reopens after a long holiday weekend, with investors bracing for quarterly results from retail behemoth Wal-Mart . At 4:48 a.m. EST, futures for the S&P 500 were down 2.1 percent, Dow Jones futures were down 1.8 percent and Nasdaq 100 futures were down 1.9 percent. Wal-Mart, the world's bigg...

GM and Chrysler ready survival plans

Daimler swung to a hefty loss, hit by exposure to Chrysler, and Opel and Saab braced for news of General Motors' survival plan, as European carmakers saw their fates tied closely to their U.S. peers.

U.S. calls for coordinated response on economy

rose by the same amount, but confidence among non-manufacturers worsened by 8 points to a record low of minus 39. Japan's finance minister, Shoichi Nakagawa, also said he would resign, after Japan's budget passes, over his embarrassing performance at a G7 weekend meeting in Rome. Nakagawa's untimely departure is a major blow to increasingly unpopular Prime Minister Taro Aso. Analysts said As...

Nokia and Qualcomm tie up after years in court

Top cell phone maker Nokia will use Qualcomm's chips in its advanced cell phones, the firms said on Tuesday, marking a further warming of ties between the former courtroom rivals.

GM to get $4 billion aid tranche Tuesday

WASHINGTON - The U.S. government will release $4 billion in additional aid to General Motors Corp on Tuesday as planned, a White House aide said on Monday, ahead of the deadline for the automaker to submit a new survival plan. The aide said GM's smaller rival Chrysler LLC's request for additional aid would be treated as a new request and dealt with separately. GM is seeking conce...

U.S. oil falls toward $36 on demand concerns

SINGAPORE - U.S. oil prices fell toward $36 a barrel on Tuesday as bleak economic indicators in Asia returned focus to the worldwide oil demand slump. Following Monday's news that Japan's economy shrank by the most in 35 years, a Reuters poll showed confidence among manufacturers remained mired near record lows and service sector sentiment fell to its poorest ever. Concerns over weak oil co...

Trump Entertainment files for Chapter 11

- Trump Entertainment Resorts Inc, Donald Trump's casino group, filed for Chapter 11 bankruptcy protection on Tuesday, court documents show. The casino operator had assets of about $2.1 billion and total debts of about $1.74 billion on December 31, 2008, it said in its filing with the U.S. Bankruptcy Court for the District of New Jersey. Nine affiliates of the casino operator including Trump P...

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