Text of Fed Statement
The Federal Open Market Committee decided today to lower its target for the federal funds rate 25 basis points to 4-1/4 percent.
Gold Up Ahead of Fed Interest Cut Announcement
Gold prices rose on Tuesday as investors anticipate a third cut in U.S. interest cuts for the year at the Federal Reserve's meeting taking place today which will likely send the dollar lower and boost appeal in precious metals.
Subtropical Storm Olga Floods Caribbean
Puerto Rico was hit with heavy rains, flash flooding and mudslides triggered by subtropical Storm Olga on Tuesday, as forecasters predict further rains in Hispaniola.
Freddie Mac expects $10-12 billion credit losses
Freddie Mac expects to see credit losses of $10 billion to $12 billion on the book of mortgages it currently owns, the mortgage finance company's chief executive said on Tuesday. Freddie Mac has already recorded many of those losses from recently failing loans and had previously disclosed its expectation of multi-billion dollar write-offs, an analyst said.
FSA expects Northern Rock trading statement before year's end
The UK Financial Services Authority (FSA) has told the Treasury Select Committee of MP’s that it expected the troubled mortgage lender, Northern Rock, to release a trading update this month before the end of its financial year.
Ask.com Launches Search Privacy Tool
Ask.com, the search engine site, announced on Tuesday a new feature that allows users to completely erase their search queries in an attempt to increase personal privacy while surfing the Internet.
Economy May Just Miss a Recession
Housing and credit market turmoil will likely take a big toll on the U.S. even if it misses a recession, forecasts show.
H&R Block stock down after loss wider than expected
H&R Block Inc, slammed over the past year by exposure to risky mortgages, on Tuesday reported a bigger-than-expected quarterly loss after shutting down its Option One Mortgage subprime lender, sending its shares down nearly 7 percent.
Toyota sees cost savings over $2.7 billion annually
Toyota Motor Corp expects to accelerate its cost-cutting efforts next year to save more than $2.7 billion annually, its president said on Tuesday, as the world's biggest carmaker seeks to offset rising commodity and development costs.
Led Zeppelin returns with rocking London reunion
British band Led Zeppelin blasted their way through more than two hours of high-octane rock and roll on Monday, turning back time on a night of passion and nostalgia.
Fifty years on, Chipmunks squeak onto big screen
Nearly 50 years after they topped the charts with a novelty Christmas song, squeaky-voiced chipmunks Alvin, Simon and Theodore return this holiday season in a computer-animated film with a modern twist.
Brits give McCartney lifetime achievement award
The Brits, an annual showcase of the UK recording industry, announced on Tuesday that the 2008 lifetime achievement award is being given to Paul McCartney.
Sony says U.S. electronics unaffected by economy
Sony Corp's consumer electronics business in the U.S. market has not been affected by the shaky economy and is on track to hit a 5 percent operating margin for the year ending March 31, Chief Executive Howard Stringer said.
Ask.com allows users to erase search queries
Web search site Ask.com is launching a feature that allows users to delete data on their search queries in an effort to bolster personal privacy while surfing the Internet.
Dave Matthews Band and Van Halen join ringtone rush
In recent weeks, two of the more high-profile acts that weren't selling their music as ringtones have given in.
Exile group says Iran still pursuing nuclear arms
An Iranian exile group accused Tehran on Tuesday of pursuing efforts to develop nuclear weapons, dismissing as incomplete a U.S. intelligence report that Iran's nuclear arms program was frozen in 2003.
Twin car bombs kill 47 in Algiers
At least forty-seven people were killed when two car bombs exploded in upscale districts of Algiers on Tuesday, a security source said, in the bloodiest attack since the 1990s on the capital of the OPEC member state.
Russia's Medvedev backs Putin to become PM
Dmitry Medvedev, named by Russian President Vladimir Putin as his preferred successor, said on Tuesday he wanted Putin to become prime minister under him, mapping out a route for the outgoing leader to retain influence.
As Credit crisis Festers, Fed Set to Cut Rates
The U.S. Federal Reserve is widely expected to cut interest rates on Tuesday by at least a quarter-percentage point to fortify the economy against a credit crunch and housing slump that some economists fear could bring a recession. Economic signs show the economy has not gone into a precipitous slide. Deteriorating financial markets, however, led the Fed to say it saw risks rising.
imeem Signs Music, Video Deal with Universal
Users of social networking site imeem will now be able to freely use the entire music and video catalog of Universal Music group, the companies announced Monday.
Microsoft Workspace Beta Pursues Google
Microsoft Inc announced the launch of its beta Office Live Workspace on Monday, marking its debut onto the already bustling arena of web-based programs.
AT&T to buy core routers from Cisco
Top U.S. phone company AT&T Inc said on Monday it was buying core routers from Cisco Systems Inc to upgrade its Internet backbone network, a major win for Cisco amid competition from rival network equipment maker Juniper Networks Inc.
Microsoft to provide advertising for CNBC Web site
Microsoft Corp said on Monday it would be the exclusive provider of display and contextual advertising for the Web site of business television news channel CNBC.
Peru's Fujimori goes on trial for rights abuses
Former President Alberto Fujimori went on trial on Monday on human rights charges that could put him in a Peruvian prison for the rest of his life as supporters and critics held rival demonstrations outside the courtroom.
France's Sarkozy defends Gaddafi visit, despite row
President Nicolas Sarkozy defended a visit by Muammar Gaddafi on Monday, just hours after his top human rights official said France was not a doormat on which the Libyan leader could wipe off the blood of his crimes.
Oil falls on Warmer Weather, Economy Slowdown
Oil fell after speculation that U.S. fuel supplies will rise along with warm weather as concern over the economic slowdown grows.
MBIA gets $1 bln investment from Warburg Pincus
Buyout firm Warburg Pincus has agreed to invest $1 billion in MBIA Inc, bolstering the finances of the world's largest bond insurer amid concern about its ability to pay claims on faltering mortgage-backed bonds. The news lifted the company's sagging shares 16 percent in afternoon trading.
Treasuries Fall on MBIA Capital Injection, Fed Cut Outlook
U.S. Treasuries fell on Monday after news of higher than expected home sales and the world’s largest bond insurer, MBIA said it would receive new capital to alleviate concerns over its liquidity.
Euro rises on Fed cut outlook
The euro rose against the dollar and yen on Monday, as investors await that the Federal Reserve will lower interest rates Tuesday to boost the economy.
Stocks Gain on Fed Rate Cut Hopes
U.S Stocks gained in Monday trading as Swiss bank UBS issued a profit warning and announced a capital injection and investors bet the Federal Reserve will cut interest rates at its policy meeting on Tuesday.