| U.S. bank plan to offer asset support, mortgage help
February 6, 2009 at 11:08 pm
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| WASHINGTON (Reuters) - The Obama administration's eagerly-awaited bank rescue plan will offer to insure some distressed assets held by banks, authorize the government to purchase others, and spend up to $100 billion to buy and modify troubled homeowner mortgages, a source with knowledge of the plan told Reuters on Friday. |
| Regulators close 3 more U.S. banks
February 6, 2009 at 10:57 pm
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| WASHINGTON (Reuters) - Regulators closed banks on Friday in Georgia and California, bringing the total of U.S. bank failures to nine this year. |
| U.S. weighs new auto industry help, no decision yet
February 6, 2009 at 9:09 pm
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| WASHINGTON (Reuters) - The Obama administration is talking with U.S. auto industry about more help, but no decisions are expected until General Motors Corp and Chrysler LLC submit turnaround plans to the government later this month, a White House official said on Friday. |
| Fed's Yellen sees dynamics similar to Depression
February 6, 2009 at 8:56 pm
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| KOHALA COAST, Hawaii (Reuters) - The United States is not facing a downturn as deep as the Great Depression, but many of the current dynamics are similar, driving the need for "urgent, aggressive action" to stop a deepening recession, a top Federal Reserve policy-maker said on Friday. |
| SEC looks to reassure investors
February 6, 2009 at 8:35 pm
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| NEW YORK (Reuters) - Securities and Exchange Commission officials looked to reassure investors on Friday that they would reinvigorate the agency's policing of Wall Street, improve the quality of credit ratings and said they expect to bring more cases against mortgage fraud. |
| Geithner to outline U.S. banking fix on Monday
February 6, 2009 at 4:10 pm
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| WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner will spell out a "comprehensive plan" on Monday to stabilize the financial system, the Treasury Department said on Friday. |
| Emerson to cut up to 14,000 jobs
February 6, 2009 at 3:27 pm
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| NEW YORK (Reuters) - Industrial conglomerate Emerson Electric Co could cut its workforce by up to 14,000 from current levels by the end of the fiscal year that ends in October, Emerson Chief Executive David Farr told an investor meeting on Friday. |
| U.S. consumers missing more debt payments
February 6, 2009 at 3:17 pm
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| NEW YORK (Reuters) - U.S. consumers are falling further behind on their debt payments even as both borrowers and lenders struggle to keep the debt burden from getting even heavier in the face of a worsening recession and employment picture, a credit bureau executive told Reuters. |
| Harvard to cut 25 percent of investment unit's staff
February 6, 2009 at 2:53 pm
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| BOSTON (Reuters) - Harvard University is sending pink slips to about one-quarter of its investment management staff after the school's endowment shrank by about 22 percent and its president said cost cuts would follow. |
| SEC says magnitude of Ponzi schemes growing
February 6, 2009 at 12:17 pm
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| WASHINGTON (Reuters) - The frequency of Ponzi schemes is not increasing but the magnitude of the frauds is, a Securities and Exchange Commission official said on Friday. |
| Stimulus hopes lift Wall Street
February 6, 2009 at 9:47 am
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| NEW YORK (Reuters) - Stocks opened higher on Friday as investors bet Washington will act quickly on a stimulus package following bleak January jobs data, offsetting a drag from the energy sector due to sliding oil prices. |
| GE dividend cut could follow downgrade: analyst
February 6, 2009 at 9:45 am
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| BOSTON (Reuters) - If General Electric Co loses its coveted triple-A credit rating, which many on Wall Street regard as likely, its $1.24 per share annual dividend may be next to go, a J.P. Morgan analyst suggested on Friday. |
| Toyota losses mount
February 6, 2009 at 9:30 am
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| TOKYO/PARIS (Reuters) - Toyota, the world's top carmaker, said its losses were ballooning as world car sales drop, while truckmaker Volvo swung to a fourth-quarter loss and Italy readied aid for the ailing industry. |
| Oil falls towards $39 as U.S. job losses mount
February 6, 2009 at 9:15 am
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| LONDON (Reuters) - Oil fell $2 a barrel toward $39 on Friday after news of more job losses in the United States heightened the prospect for still weaker demand in the world's biggest oil consumer. |
| Biogen profit rises, but Tysabri falls short
February 6, 2009 at 9:11 am
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| BOSTON (Reuters) - Biogen Idec Inc said on Friday that fourth-quarter earnings rose 3 percent, but sales of its multiple sclerosis drug Tysabri fell short of expectations, and the company's shares dropped 5 percent before the market opened. |
| U.S. job losses accelerate
February 6, 2009 at 9:08 am
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| WASHINGTON (Reuters) - U.S. employers slashed 598,000 jobs in January, the deepest cut in payrolls in 34 years and the jobless rate shot up to 7.6 percent, according to a Labor Department report on Friday that underlined a deepening recession. |
| Julius Baer confirms trading incident
February 6, 2009 at 7:36 am
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| ZURICH (Reuters) - Swiss bank Julius Baer , confirmed on Friday it had suffered a "minor trading incident" last year as its shares slid sharply on news of an anonymous letter to Swiss authorities claiming that employees hid losses. |
| Aon earnings beat Wall Street view
February 6, 2009 at 7:06 am
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| NEW YORK (Reuters) - Aon Corp , the largest global insurance brokerage by assets, said on Friday that net income fell sharply in the fourth quarter, hurt by restructuring and acquisition costs, but earnings before special items rose, beating Wall Street's expectations. |
| U.S. explores converting stakes in banks: reports
February 6, 2009 at 6:47 am
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| (Reuters) - U.S. officials are examining ways to convert government stakes in banks into ordinary shares as banks accumulate losses, the Financial Times said, citing people close to the discussions. | | | 
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