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November 19, 2008
The Fed grows more pessimistic about the economy
The Federal Reserve has sharply lowered its projection for economic activity this year and next, and signaled additional interest rate reductions may be needed.
US housing starts hit record low
The Commerce Department reported Wednesday that construction of new homes and apartments dropped more than expected to an annual rate of 791,000 units from an upwardly revised September rate of 828,000 units.
Largest consumer price drop in 61 years reported
The Labor Department reports that consumer prices fell by 1 percent last month, the biggest one-month decline on records that go back to February 1947.
November 18, 2008
Paulson grilled on Capitol Hill
It was the first time Treasury Secretary Henry Paulson faced lawmakers in public since he announced he would not be using the bailout money to buy bad debt as he’d promised.
Paulson, Bernanke to testify before congress
They’re expected to explain why the administration has ditched its original strategy behind the rescue.
Asian markets continue slide
They sank after Wall Street retreated and global financial firms announced another round of massive layoffs, adding to gloom about the world economy.
November 17, 2008
Yahoo to replace Yang as CEO, ending rocky reign
Yahoo will replace founder Jerry Yang as CEO as soon as a replacement is found.
Treasury sets new deadline for banks to apply
The government says 3,800 banks will have until early December to apply for a share of the $700 billion financial system rescue program.
Stocks stage late decline
Stocks capped today’s session with another late decline.
Japan officially enters recession, market climbs
It’s been a volatile start to the week in the financial markets.
Survey: Economists see prolonged recession
The economists expect the jobless rate to rise to 7.5 percent by the end of next year.
GM selling stake in Suzuki
Suzuki Motor Corp. says General Motors Corp. will sell its stake in the Japanese automaker for 22.37 billion yen, or $230 million, to raise cash.
November 14, 2008
Wall Street rally fuels world markets
Investors are looking at beaten-down shares while global leaders gather in Washington to discuss ways to tackle the world financial crisis.
November 13, 2008
New York Attorney General subpoenas executive pay data
Andrew Cuomo has been looking into the bonuses paid to Bank of America executives in advance of the industry’s meltdown.
German economy enters recession
The Federal Statistical Office said Thursday that gross domestic product contracted by 0.5 percent in the July-September period compared with the previous quarter.
World markets react to Wall Street losses
Asian stock markets tumbled Thursday amid more signs of a sharp downturn in the U.S. economy.
November 12, 2008
Blackberry launches new competitor in smart-phone battle
The newest Blackberry has arrived. The $299 Bold gives you a better screen than previous Blackberries, a smoother internet experience, and a very easy-to-use keyboard.
Struggles continue on Asian markets
Asian stock markets faltered today with Japan’s benchmark losing 1.3 percent, as evidence mounted that a worsening global economy has taken a toll on companies.
Government mortgage aid plan draws complaints
The hearing comes as the government’s own plan is coming under fire.
Obama not attending economic summit
President-elect Obama is keeping his distance from world leaders right now, and will not attend this week’s economic summit at the White House.
Treasury to update bailout progress
Treasury Secretary Henry Paulson may answer some of his critics when he gives an update this morning on the $700 billion financial bailout program.
November 11, 2008
Tax breaks for firms taking over banks
A new tax policy from the Treasury Department will let companies that take over banks hit by the mortgage crisis to write off more of the losses.
American Express to become commercial bank
The decision opens the door to American Express being able to accept deposits and permanently access low-cost financing from theFed
Asia stocks retreat, Europe lower
Stock markets in Asia declined and European markets opened lower today as the luster wore off China’s nearly $600 billion bailout of its own economy.
November 10, 2008
China stimulus package rallies foreign markets
China’s $586 billion stimulus plan is taking stocks higher today on international markets.
Futures up as Wall Street gauges economy
China’s announcement of a major economic stimulus may ripple all the way to Wall Street.
November 07, 2008
GM reports $2.5B 3Q loss, says running out of cash
General Motors says it suffered a third quarter loss of $2.5 billion.
World markets mixed on Friday
Most markets in Asia rebounded from early lows despite a grim profit forecast from Toyota and sluggish U.S. economic data.
Workers fearing more bad news from GM
Workers at General Motors and Ford Motor Company factories across the country are on pins and needles as they await the latest batch of bad news for their struggling industry.
Stressed consumers feeding economic downturn
A vicious cycle of vanishing jobs and stresses on American consumers are spelling deeper trouble for the already sinking U.S. economy.
