Reuters - Wall Street's mood will likely remain dark this week as fallout from the credit crisis continues to corrode the U.S. economy and questions linger about the likely effectiveness of the newly passed bailout plan in shoring up the financial system.
Reuters - Belgium and Luxembourg raced to find a buyer for troubled financial group Fortis before markets opened on Monday and an industry source said BNP Paribas was negotiating for control.
Reuters - Citigroup Inc said it won a court order late on Saturday blocking Wells Fargo & Co. from buying hobbled U.S. bank Wachovia Corp until the court rules otherwise.
Reuters - Germany said on Sunday it would guarantee more than 500 billion euros ($693 billion) in private deposit accounts to protect savers from the worst global financial crisis since the 1930s.
Bloomberg - Oct. 3 (Bloomberg) -- Congress passed a $700 billion
financial-market rescue plan designed to unlock credit markets,
reversing a rejection that sent global stock markets plunging and
threatened to worsen an economic slowdown. -- read full article
Fri, 03 Oct 2008 18:11:09 GMT - Yahoo! News: Business
Reuters - Property lender Hypo Real Estate (HRE) fought for its life on Saturday after German banks and insurers pulled out of a state-led 35 billion euro ($48.5 billion) rescue program stitched together only days ago.
Reuters - Worldwide business jet deliveries will rise 8 to 17 percent next year to what may be a peak as high fuel costs and global economic worries depress demand, according to a forecast by Honeywell International Inc released on Saturday. -- read full article
Sat, 04 Oct 2008 22:04:10 GMT - Yahoo! News: Business
Reuters - Belgium and Luxembourg scrambled on Saturday to find a buyer for the remains of troubled financial group Fortis and mulled a further nationalization after the Netherlands took over its Dutch units.
Reuters - Citigroup Inc said it won a court order late on Saturday blocking Wells Fargo & Co. from buying hobbled U.S. bank Wachovia Corp until the court rules otherwise. -- read full article
Sun, 05 Oct 2008 07:08:52 GMT - Yahoo! News: Business
Reuters - European leaders vowed after crisis talks on Saturday to do all they could to fend off the financial mayhem that has snowballed out of Wall Street and is now hitting banks in Europe.
AFP - London shares closed up sharply on Friday as investors pinned their hopes on the revival of a 700-billion-dollar rescue package which goes to the vote in the US House of Representatives tonight.
Reuters - NEW YORK (Reuters) -Wall Street ended its worst week in seven years with another tumble on Friday on fears that the $700 billion financial rescue package may not unblock credit markets and stave off a U.S. recession.
Reuters - Unsecured creditors of Lehman Brothers Holdings Inc asked a court overseeing Lehman's bankruptcy proceedings for permission to investigate how the firm ran out of money, The Wall Street Journal reported on its website on Friday.
Reuters - American International Group Inc, plans to sell its three Japanese life insurance businesses, an AIG spokesman said on Saturday, in sale Japanese media estimated could top $9.5 billion.
Reuters - Wells Fargo & Co agreed to buy Wachovia Corp for about $15 billion, upstaging a government-backed Citigroup Inc bid for Wachovia's banking assets with a deal that would catapult it into the top ranks of national consumer banking.
