Reuters - Congressional leaders locked themselves behind closed doors on Saturday and worked into the night with the aim of nailing down a deal on a $700 billion bank bailout and halting a downward spiral in the worst financial crisis since the Great Depression.
AFP - The US Senate has approved 25 billion dollars in loan guarantees for the financially strapped US auto industry, intended to spark a wave of automotive innovation.
Reuters - Shares of Wachovia Corp and National City Corp tumbled on worries about heavy mortgage losses, as talks on a $700 billion financial sector bailout bogged down and regulators seized Washington Mutual Inc in the largest bank failure in U.S. history.
Reuters - Britain will nationalize troubled mortgage lender Bradford & Bingley , the BBC reported on Saturday, but the government said discussions on the bank's future were still going on.
Reuters - Iraq has signed preliminary deals worth billions of dollars with General Electric Co and Siemens for equipment to almost double electricity generation capacity, an energy official said on Saturday.
Reuters - Congressional leaders locked themselves behind closed doors on Saturday with an urgent mission to reach a deal on a proposed $700 billion bailout of the financial industry amid the worst financial crisis since the Great Depression.
Reuters - Regulators and politicians were locked in talks over the future of troubled lender Bradford & Bingley on Saturday, raising the prospect that a second British bank could be nationalized.
Reuters - Financial authorities are holding discussions over the future of Fortis this weekend, while the troubled Belgian-Dutch financial group is seeking to close key divestments deals.
Reuters - The U.S. Congress raced to strike a deal on a proposed $700 billion bailout of the financial industry in an intense weekend negotiating session aimed at alleviating the worst financial crisis since the Great Depression.
AFP - Global markets saw more tension Friday as the White House and Congress wrangled over a proposed bailout of the ailing financial sector, but Wall Street shares managed to finish mainly higher.
Reuters - Swiss bank Credit Suisse plans to hire another 1,000 relationship managers or more globally over the next three years to boost its wealth management business, an executive said in a newspaper report on Saturday. -- read full article
Sat, 27 Sep 2008 04:39:59 GMT - Yahoo! News: Business
Reuters - JPMorgan Chase & Co capped off its purchase of Washington Mutual Inc on Friday by selling $10 billion of stock, more than it expected, while analysts warned the company faces a third-quarter loss.
Reuters - Stocks ended mostly higher on Friday as big bank shares staged a late rally on hopes lawmakers would hammer out an agreement on a $700 billion financial-sector rescue plan this weekend.
Reuters - As depositors lost confidence in Washington Mutual Inc , and began emptying their accounts, regulators abandoned hopes of saving the largest U.S. savings bank and conducted a secret auction.
