WASHINGTON (AP) – Greater transparency from banks, corporations and other market players will be demanded under the overhaul of the U.S. financial rules that Congress is embarking on, but the role of the Federal Reserve is an early sticking point in those plans.
“We are going to send a clear message with these modernization efforts: the [...]
By JAY REEVES
Associated Press Writer
DOTHAN, Alabama (AP) – The first people have moved to the U.S. city of Dothan under a program offering Jewish families as much as $50,000 to relocate and get involved with the city’s only synagogue.
A family that’s been part of the congregation for decades funded the $1 million resettlement program and [...]
BRUSSELS, Belgium (AP) – A key report on reforming the banking sector says Europe should set up a new EU-wide supervisor to oversee risks and give early warnings, but that banks should continue to be looked after by national regulators.
The report, written by banking experts, will be debated by the European Commission and EU nations [...]
By JEREMIAH MARQUEZ
AP Business Writer
HONG KONG (AP) – Asian stock markets tumbled Tuesday, with Hong Kong and South Korea down around 3 percent, after relentless fears about the financial system and world economy drove Wall Street to its worst finish in nearly 12 years. European shares opened lower.
Every major market shuddered from losses across a [...]
By PAN PYLAS
AP Business Writer
LONDON (AP) – World stock markets fell Tuesday as hopes of a speedy fix for the U.S. banking sector dissipated and pushed Wall Street to 12-year lows. Renewed fears about the capital position of some of the world’s leading financial firms also weighed on sentiment.
Markets initially breathed a sigh of relief [...]
By JEANNINE AVERSA
AP Economics Writer
WASHINGTON (AP) – Federal regulators said Monday they will launch a revamped program to shore up America’s troubled banks that includes the option of increasing government ownership in financial institutions.
The new plans are the Obama administration’s latest attempt to bolster the strength of the banking system without nationalizing any institutions, which [...]
By TOMOKO A. HOSAKA
Associated Press Writer
TOKYO (AP) – SFCG Co., a major provider of high-interest loans to small businesses, filed for bankruptcy protection Monday – the latest Japanese company to fold under the growing weight of recession and financial distress.
The Tokyo-based moneylender, which borrowed from several foreign banks including Citigroup Inc. and the former Lehman [...]
BERLIN (AP) – German Chancellor Angela Merkel is calling for increased controls over the world’s financial markets through a new international charter as a way to get out of the global financial crisis and prevent such events in the future.
In comments published in her weekly podcast Saturday, Merkel said economic imbalances would have to be [...]
By TOM KRISHER
AP Auto Writer
DETROIT (AP) – Just three days after telling the U.S. government that it might dump its Swedish-based Saab brand, General Motors Corp. placed the struggling unit into reorganization Friday.
Crisis, it seems, has forced the U.S. auto behemoth to move faster than ever to shed unprofitable brands, leaving European governments to decide [...]
By STEVEN R. HURST
Associated Press Writer
WASHINGTON (AP) – President Barack Obama said Monday he would set up an independent board to review the government’s messy $700 billion financial bailout program and predicted that some of America’s troubled banks still could fail.
The president also said that he was taking full responsibility for rescuing the U.S. economy, [...]
