October 12th, 2008
The following is President Bush’s statement Saturday on the financial crisis, as released by the White House. He spoke in the Rose Garden after meeting with financial ministers from the G-7 nations:
Thank you all very much. Good morning. [Treasury] Secretary [Henry] Paulson, Secretary [of State Condoleezza] Rice and I just had a productive discussion with [...]
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October 12th, 2008
US stock markets have suffered their worst week on record following another torrid day of trading despite growing hopes that the government could step in to guarantee bank deposits and lending between financial institutions.
The Dow Jones fell 456.3 to 8122.2 leading to a 21pc fall over the week after the index on Thursday suffered its [...]
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October 11th, 2008
WASHINGTON (MarketWatch) — President Bush urged global finance leaders on Saturday to work together on plans to fix “the serious global crisis” in credit markets. “We’re in this together.
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October 11th, 2008
The Dow Jones Industrial Average capped the worst week in its 112-year history with its most volatile day ever, as hopes for a major international bank-rescue plan were overwhelmed at day’s end by another wave of selling.
Some investors who normally would be jumping to buy beaten-down stocks after a 22% drop over eight trading days [...]
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October 11th, 2008
The troubled automaker issues a statement saying that it is not considering bankruptcy, after its shares sank 31% in Thursday trading.
NEW YORK (CNNMoney.com) — General Motors is not considering bankruptcy, the company said in a prepared statement Friday. The announcement was in response to the automaker’s precipitous stock price decline the previous day, a spokesman [...]
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October 11th, 2008
General Motors insisted yesterday that bankruptcy was not an option, despite facing what it described as “unprecedented challenges”.
Fears have been growing that the biggest US carmakers, GM and Ford, are close to calamity as the crisis in the financial markets has bled into the real economy.
Shares in the pair were back under pressure in early [...]
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October 11th, 2008
Markets to worsen before stocks hit rock bottom
So, in these uncertain times, what to do about your stock portfolio?
Some of us might be tempted by the bargains emerging in the incredible shrinking stock market. But we’re waiting to exhale.
Since last fall, when the looming global credit crisis first began to command the attention of the [...]
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October 11th, 2008
TORONTO (Reuters) - The main index of the Toronto Stock Exchange plunged almost 5 percent on Thursday as mounting gloom over the state of the economy and the U.S. financial sector sent investors fleeing the market in a broad rout.
The financial sector was the biggest drag on the benchmark, sliding 7.74 percent. The energy and [...]
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September 8th, 2008
Sensex nose dives below 14,500, ends 415.27 pts down
Mumbai, Sep 5 (UNI) The Bombay Stock Exchange Sensex today nose dived even below 14,500, wiping off 415.27 points to close at 14,483.83 on sustained profit booking interest across the sector triggered by persisting weak global cues.
The BSE benchmark index touched the day’s low of 14,438.59, losing [...]
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September 8th, 2008
By Martin Crutsinger and Alan Zibel, AP Business Writers
US Government seizes control of mortgage giants Fannie Mae and Freddie Mac
WASHINGTON (AP) — The Bush administration’s seizure of troubled mortgage giants Fannie Mae and Freddie Mac is potentially a $200 billion bet that it will help reverse a prolonged housing and credit crisis.
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The historic move [...]
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