Japanese parliament paves way for Fukuda to become new PM
Japan's parliament on Tuesday installed Yasuo Fukuda as the new prime minister of the world's second largest economy, setting the stage for the seasoned moderate to form a cabinet that must confront a feisty opposition keen to force an election.
U.S. investors look overseas for portfolio boost
American investors may soon earn more of their retirement savings in faraway places as nearly half of all U.S. fund managers predict new geographic markets will be their biggest sources of income, a new survey shows.
US Treasury aims to revive Social Security debate
The U.S. Treasury on Monday issued the first of a series of papers aimed at jump-starting debate over Social Security reform, saying the system faced a present-value deficit of $13.6 trillion.
GM-UAW talks continue as strike enters second day
Negotiators for the United Auto Workers union and General Motors Corp have resumed bargaining on Tuesday while more than 73,000 factory workers participated in the second day of the first national strike against the automaker in more than 30 years.
EchoStar mulls asset spinoff, buys Sling Media
Satellite television operator EchoStar Communications Corp said it may spin off its technology assets and announced plans to buy Sling Media, the maker of a device that relays TV programs to laptops and cell phones.
GM strike could spike Appaloosa's bid for Dana
Hedge fund Appaloosa Management LP said in a U.S. regulatory filing on Tuesday that its offer for bankrupt auto parts supplier Dana Corp could be conditioned on there not being a strike at any of the major U.S. automakers.
Existing home sales fall in August
The pace of existing home sales fell sharply in August to a 5.5 million-unit annual rate while single-family home inventories swelled to an 18-year high, the National Association of Realtors said on Tuesday.
RBS to base wholesale bank in Amsterdam if bid wins
Royal Bank of Scotland Plc said on Tuesday it will establish a new global banking centre in Amsterdam if its joint bid for Dutch bank ABN AMRO is successful.
UK hires adviser on Northern Rock as options narrow
Britain's government has appointed U.S. investment bank Goldman Sachs to advise it on Northern Rock, a source close to the Treasury said, as the stricken bank told politicians its business was sound.
China Construction Bank jumps on Shanghai debut
Shares in China Construction Bank (CCB) closed 32 percent higher on their Shanghai debut on Tuesday, beating other big Chinese lenders' first-day gains and boosting hopes for future large Shanghai share offers.
LSE sees strong H1 as merger nears completion
The London Stock Exchange said in a trading statement on Tuesday it would report very strong first-half results and was very close to completing its merger with Borsa Italiana.
Amazon launches early version of music service
Amazon.com Inc launched an early version of its highly anticipated digital music download store, which is seen as a potential rival to Apple Inc's dominant iTunes system.
OMV makes $20 bln hostile move on MOL
Austrian oil and gas group OMV upped the ante in its battle to take over Hungary's MOL on Tuesday, telling MOL shareholders it would pay $20 billion if they overruled board opposition.
Microsoft launches Halo 3
Microsoft Corp began selling Halo 3 on Tuesday, hoping the acclaimed alien shooter game will widen its lead over Sony Corp in the battle for industry dominance.
Japan's Fukuda elected PM, forms new cabinet
Yasuo Fukuda, a seasoned moderate lawmaker, was chosen Japan's prime minister on Tuesday, then tapped veteran ministers from his predecessor's cabinet to confront a resurgent opposition keen to force an election.
Dollar steadies near lows
The dollar steadied above the previous day's 15-year troughs against a basket of currencies on Tuesday, as investors awaited U.S. data to determine how deeply the global credit crunch has affected the economy.
Lennar posts loss on housing downturn
Home builder Lennar Corp posted a quarterly loss on Tuesday weighed down by charges and write-offs in a deteriorating housing market, and said it will cut more jobs in the fourth quarter.
Asian markets mixed
Japanese markets mostly failed to react to the appointment of Yasuo Fukuda as leader of the Liberal Democratic Party on Sunday. The appointment opens the way for Fukuda to take over the reins of departing Prime Minister Shinzo Abe.
Treasuries rise as stocks fall
Treasury bonds rose on Monday, and yields dropped as investors looked to lock in gains from last week's strong stock market showing.
Fortress' subprime unit Nationstar halts US loans
Nationstar Mortgage, the subprime unit of Fortress Investment Group LLC, said it is no longer accepting new loan applications from brokers, a signal the lender is winding down operations.
DBS chief quits as shares fall, Asia drive slows
Singapore lender DBS Group's chief executive resigned on Monday, after a run of bad news battered the company's share price, leaving an unfulfilled quest to make the bank a big Asian player.
Wal-Mart India sees real estate, talent issues - exec
The head of Wal-Mart Store Inc's India operations said on Monday that the retailer is confronting issues securing real estate and talent, but it remains reasonably confident it can open its first cash-and-carry store in the country by the end of 2008.
China Eastern shares jolted amid talk of bid war
Investors cashed out of China Eastern Airlines on Monday, sparking a 10.5 percent drop in its shares as hopes waned that Cathay Pacific Airways would unveil an alliance with Air China to buy part of the Shanghai-based carrier.
Countrywide sees modifying 25,000 mortgages in '07
Countrywide Financial Corp, the largest U.S. mortgage lender, said on Monday it expects to modify terms on nearly 25,000 home loans this year to help people avoid foreclosures.
Copper Jumps on Weak Dollar
Copper closed at the highest in almost eight weeks as a slumping dollar made the metal cheaper for buyers using other currencies.
BoE's Sentance-too soon to judge impact of mkt turmoil
The turbulence on global financial markets will clearly affect the UK economy and inflation but it is too early to tell by how much, Bank of England hawk Andrew Sentance said on Monday.
Microsoft readies Halo 3 for launch
Video game aficionados lined up before dawn on Monday for the midnight release of Halo 3, the acclaimed alien shooter game that Microsoft Corp hopes will widen its lead over Sony Corp in the battle for industry dominance.
Credit crunch unlikely to let up soon, IMF warns
Turmoil in global credit and money markets will likely continue as investors worry about the size of financial losses and where they might arise, the International Monetary Fund said on Monday.
Harman warns on quarterly profit after deal sours
Harman International Industries Inc, whose $8 billion sale fell apart last week, warned on Monday that quarterly profit would be less than half what Wall Street expected, sending its shares down as much as 8 percent.
Microsoft in talks to invest in Facebook: report
Microsoft Corp is talking to Facebook about an investment in the company that could value the fast-growing social network at $10 billion or more, the Wall Street Journal reported on its Web site on Monday.