Reuters - A Bush administration plan to rescue
Fannie Mae and Freddie Mac could cost U.S.
taxpayers $25 billion, congressional budget analysts said on
Tuesday as Congress worked to complete sweeping housing market
legislation.
Reuters - The financial market impact of
Federal Reserve Chairman Ben Bernanke's remarks has soared
since the start of 2007 as he telegraphed crucial shifts in
monetary policy, a report on Tuesday showed. -- read full article
Tue, 22 Jul 2008 15:00:44 GMT - Yahoo! News: Business
Reuters - Wachovia Corp led several large U.S.
banks in posting weak second-quarter results on Tuesday, as
soaring losses from mortgages and other debt led to large
write-downs. -- read full article
Tue, 22 Jul 2008 18:15:41 GMT - Yahoo! News: Business
Reuters - A massive $3.2 billion trading loss on
oil futures and derivatives sank high flying energy trader
SemGroup LP, which at one time billed itself as the
14th-largest private company in the United States. -- read full article
Tue, 22 Jul 2008 18:08:56 GMT - Yahoo! News: Business
Reuters - Wachovia Corp , the
fourth-largest U.S. bank, on Monday said its main mortgage unit
will stop offering home loans through brokers this week,
joining a growing number of lenders to curb wholesale lending. -- read full article
Mon, 21 Jul 2008 21:15:31 GMT - Yahoo! News: Business
Investor's Business Daily - The Conference Board's Index of Leading Economic Indicators fell 0.1% in June amid the financial crisis, the prolonged housing slump and high gasoline and food prices. "(It) wouldn't take much to push the economy so that it's even weaker in the second half of 2008," said Ken Goldstein, the group's labor economist. The May figure was revised down to a decline of 0.2% after an initially reported 0.1% rise. -- read full article
Mon, 21 Jul 2008 22:45:20 GMT - Yahoo! News: Business
Reuters - Bank examiners from the U.S. Federal Reserve
and the Comptroller of the Currency are inspecting the books of
mortgage finance companies, Fannie Mae and Freddie Mac
, The New York Times reported on Tuesday.
Reuters - American Express Co , a credit
card issuer and processing network, reported a
steeper-than-expected 38 percent drop in quarterly profit as it
set aside more money to cover credit losses and its shares fell
sharply after hours. -- read full article
Mon, 21 Jul 2008 23:47:18 GMT - Yahoo! News: Business
Reuters - Apple Inc said on Monday
its current-quarter earnings would be well below Wall Street
targets, sending shares of the iPhone, iPod and Macintosh maker
down 10 percent.
AFP - Europe's main stock markets fell on Monday when the financial services sector was dampened by news of a disappointing rights issue from British home loan provider HBOS, dealers said.
Reuters - (REUTERS) U.S. index futures point to a weak start on Wall
Street. Futures for the S&P 500, for the Dow Jones industrial
average and Nasdaq are down 0.3 percent.
AP - Factories laying off workers, stocks tumbling and shoppers ditching their credit cards forced the economy to contract in June, a trend likely to continue in the second half of 2008, a private business group said Monday. -- read full article
Mon, 21 Jul 2008 17:53:07 GMT - Yahoo! News: Business
Reuters - Emergency action by regulators to rein
in abusive short-selling in some large financial firms should
be expanded to include the stocks of all public companies, a
former top markets watchdog said on Monday.
