Reuters - The House of Representatives approved a $700 billion bailout package for U.S. banks, under pressure from all sides as the effort to head off a spreading financial crisis hung in the balance.
Reuters - Wells Fargo & Co said on Friday it would buy Wachovia Corp for about $16 billion, apparently besting a government-backed Citigroup Inc bid for some of the bank's assets, in a deal that would catapult Wells Fargo into the ranks of the leading national consumer banks.
AP - Alarmed by the financial meltdown, stores nationwide are slapping sale signs on everything from fall sweaters to furniture — frantically trying to attract shoppers who are cutting back.
Reuters - The Federal Reserve should not cut interest rates again, even though the economy may face recession, a top Fed policy-maker said on Thursday.
Reuters - Oil fell nearly a dollar to near $93 a barrel on Friday, its third consecutive day of losses, on skepticism that a U.S. bailout package would be enough to prevent further oil demand falls.
Reuters - Stocks slid on Thursday as tight credit markets and bleak economic data forced investors to focus on the rocky road still ahead for the U.S. economy even if Congress passes a $700 billion rescue package this week.
Reuters - John Thain, the Merrill Lynch & Co Inc chief executive who engineered the firm's sale to Bank of America Corp, will head investment banking, securities and wealth management at the new company -- at least for now.
Reuters - Europe's top banker pressed the U.S. Congress to approve a $700 billion bailout of the U.S. financial industry on Friday and urged European states to unite in tackling a crisis now shaking the world economy.
Reuters - The U.S. Senate's approval of a revised crisis bailout bill helped boost European stocks and lift the dollar on Thursday but economic worries weighed on Asia and concern about final passage of the proposal lingered. -- read full article
Thu, 02 Oct 2008 10:40:48 GMT - Yahoo! News: Business
Reuters - Stocks extended losses on Thursday as tight credit markets and a spate of bleak economic data left investors even more anxious about the economy's health a day before release of the crucial payrolls report.
Reuters - General Electric Co shares fell as much as 10 percent on Thursday, touching a new 5-1/2-year low, as its sale of $15 billion in new stock to investors including Warren Buffett failed to soothe Wall Street worries.
Reuters - Shockwaves from the global credit crisis spread on Thursday, hitting industry and jobs worldwide and putting pressure on the U.S. Congress to finish up a $700 billion bailout of the U.S. financial sector.
AP - CarMax Inc. said Wednesday it is laying off more than 600 employees, or about 4 percent of its total work force, as the auto retailer tries to cut costs due to a decline in car and truck sales.
