Officials pledge to move quickly on rescue
WASHINGTON - The Treasury Department moved swiftly Monday to implement the financial rescue package, naming a former Goldman Sachs executive to oversee spending the $700 billion earmarked for the plan and pledging to work with other countries to calm global financial markets.
Nations:Germany France India Denmark South Korea Australia People:Ben Bernanke Activities:2008 U.S. Financial Rescue Bush Admin. Source:(AP)
2008-10-06
Dow recovers to close down 370 after plunging 800
NEW YORK - Wall Street suffered through another extraordinary and traumatic session Monday, with the Dow Jones industrials plunging as much as 800 points -- their largest one-day point drop -- before recovering to close with a loss of 370. The catalyst for the selling, which also took the Dow below 10,000 for the first time in four years, was investors' growing despair that the spreading credit crisis will take a heavy toll around the world.
Nations:Germany France People:Warren Buffett Activities:U.S. Markets Source:(AP)
2008-10-06
Deepening finance crisis causes global market panic
PARIS (AFP) - Desperate new measures by governments in Europe and North America to stabilise the financial system failed to stop panic selling that swept global markets Monday amid deepening gloom at the scope of the banking crisis.
Nations:France Germany Luxembourg Portugal Denmark Brazil People:Nicolas Sarkozy Gordon Brown George W. Bush Activities:2007 Global Credit Crunch U.S. Markets
2008-10-06
U.S. calls for unity as crisis wrecks markets
NEW YORK (Reuters) - Governments and central banks around the world grasped at measures to contain the fast-spreading financial crisis on Monday but global stocks still plummeted as investors bet a recession was inevitable.
Nations:Luxembourg Germany France Denmark Brazil Italy People:Nicolas Sarkozy Henry Paulson George W. Bush Activities:2007 Global Credit Crunch
2008-10-06
AIDS pioneers and cancer researcher win Nobel prize
STOCKHOLM (Reuters) - Two French scientists who discovered the AIDS virus and a German who found the virus that causes cervical cancer were awarded the 2008 Nobel prize for medicine or physiology on Monday.
Nations:France Sweden People:Ronald Reagan Jacques Chirac
2008-10-06
European, Asian markets plunge on crisis fears
LONDON - Asian and European stock markets plunged Monday as government bank bailouts in the U.S. and Europe failed to alleviate fears that the global financial crisis would depress world economic growth.
Nations:France Russia Germany India Denmark Sweden Activities:Asian Markets European Markets 2007 Global Credit Crunch Source:(AP)
2008-10-06
Central Asia quake kills 70, razes village
BISHKEK (Reuters) - A powerful earthquake killed at least 70 people in Kyrgyzstan and leveled a village in the remote mountains of the Central Asian state, the emergencies ministry said on Monday.
Nations:Kyrgyzstan China Russia Tajikistan Afghanistan Uzbekistan Source:(Reuters)
2008-10-06
Europeans scramble to save failing banks
STOCKHOLM, Sweden - Germany joined Ireland and Greece on Sunday in guaranteeing all private bank accounts, putting Europe's biggest economy at odds with calls for a unified European response to the global financial meltdown.
Nations:Germany France Iceland U.K. Sweden Ireland People:Nicolas Sarkozy Angela Merkel Activities:2007 Global Credit Crunch
2008-10-05
Rice says US not trying to undermine Russia
ASTANA, Kazakhstan - Secretary of State Condoleezza Rice on Sunday rejected any suggestion that U.S. efforts to build closer ties to this former Soviet republic are meant to undermine Russian influence in Central Asia.
Nations:Kazakhstan Russia Afghanistan Ukraine People:John Negroponte Condoleezza Rice Dick Cheney Activities:Russia-U.S. Source:(AP)
2008-10-05
US nuclear envoy brings new proposal to NKorea
SEOUL, South Korea - The chief U.S. nuclear negotiator arrived in North Korea Wednesday carrying a compromise aimed at salvaging a derailed nuclear disarmament pact, officials said.
Nations:North Korea South Korea Russia Japan People:Christopher Hill Kim Jong Il Activities:Korea Nuclear Crisis North Korea-U.S. Source:(AP)
2008-09-30
Debate offers Palin, Biden high risks, big rewards
NEW YORK - For an audition to be second fiddle, Thursday's debate between often ill-informed newcomer Sarah Palin and often gaffe-prone veteran Joe Biden offers unusually large pitfalls -- and promise.
Nations:Pakistan U.S. Russia People:Joseph Biden Sarah Palin Barbara Boxer Barack Obama Tina Fey John McCain Activities:US Election 2008
2008-09-30
Stocks surge higher; credit worries persist
NEW YORK - Wall Street snapped back Tuesday after its biggest sell-off in years amid growing expectations that lawmakers will salvage a $700 billion rescue plan for the financial sector. But the seized-up credit markets where businesses turn to raise money showed no sign of relief.
Nations:U.S. Germany Japan France Activities:2008 U.S. Financial Rescue U.S. Markets Source:(AP)
2008-09-30
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