The housing market took a sharp turn for the worse in September as prices tumbled and sales of previously owned homes fell to a record low, battered by rising foreclosures and tighter lending standards. Sales of existing homes dropped 8 percent to a 5.04 million unit annual pace in September, the lowest on record dating to 1999.
Europe's banks are considering their next move after ABN AMRO succumbed to the world's biggest bank takeover.
Australia slapped financial sanctions on Myanmar's generals and their families on Wednesday as supporters of opposition leader Aung San Suu Kyi marked her 12 years in captivity with protests in 12 cities across the world.
Safe-haven assets eased from Wednesday's highs while stocks fell after U.S. investment bank Merrill Lynch posted heavy losses, which were less dire than some predictions but did not dispel investor unease over the impact of the credit crisis.
Daiwa Securities Group, Japan's No. 2 brokerage, is set to post sluggish results for the July-September quarter as volatile financial markets hit trading profits and the flow of equity deals dried up.
Nissan Motor Co on Wednesday took the wraps off its GT-R sports car, a cult classic in Japan that it has remodelled in the hope that a muscle car will rebuild its flagging sales around the world.
A non-profit group developing a low-cost laptop for poor children said that a production delay would cause a shortage of computers available in the United States and Canada as part of a holiday giving program.
Blu-ray DVD titles outsold rival HD-DVD titles by almost 2-to-1 in the first nine months of the year, but analysts expect additional HD-DVD support and new hit releases to transform the high-definition DVD battle score in the fourth quarter.
National City Corp, a large U.S. Midwest bank, on Wednesday said third-quarter profit fell 80 percent, as mortgage losses mounted even after the sale of a subprime lending unit to Merrill Lynch & Co.
Nasdaq Stock Market Inc , the second-largest U.S. equities exchange, posted a higher quarterly profit on Wednesday, helped by a gain from the sale of its stake in the London Stock Exchange.
Freddie Mac sharply shrank its holdings of mortgage securities in September and kept the portfolio below a growth limit set by its regulator, the second largest U.S. home funding company said on Wednesday.
Merrill Lynch & Co Inc reported $7.9 billion in net write-downs for the third quarter on Wednesday as shaky risk management and bad bets on subprime mortgages and collateralized debt obligations triggered the company's first quarterly loss in six years. More write-downs could be on their way if the company further cuts its exposure to CDOs.
China launched its first moon orbiter on Wednesday accompanied by a blaze of live-to-air patriotic propaganda celebrating the country's space ambitions and technological prowess.
The dollar held relatively steady and the yen pared gains on Wednesday after Merrill Lynch third quarter losses were deeper than original estimates but not as bad as many traders had feared immediately before the release.
Oil retreated for the fourth consecutive session on Wednesday in anticipation of a rise in U.S. crude stocks and on the possibility of increased supplies from OPEC.
Relentless wildfires forcing the largest evacuations in California's modern history raged into a fourth day on Wednesday as 10,000 exhausted firefighters hoped for a break in the hot winds whipping the flames.
U.S. Treasury Secretary Henry Paulson said Tuesday that China should embrace more market oriented policies to avoid losing control of its rapidly growing economy.
CME Group Inc. and the Brazilian Mercantile & Futures Exchange S.A. said late Tuesday that they have signed a non-binding letter of intent for a cross-investment between the entities.
Countrywide Financial Corp, the largest U.S. mortgage lender, said Monday it will help customers refinance or modify up to $16 billion of adjustable-rate mortgages through next year.
Hitachi one of the leading global electronics company is pulling out of the business for selling personal computers.
Towering wildfires burned out of control across Southern California for a third day on Tuesday as 500,000 people fled the San Diego area, and firefighters made a desperate stand to save a mountain town ringed by flames.
Medical billing fraud against the U.S. government is pervasive, even rivaling the drug trade as the crime of choice in Florida.
