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Silvio Berlusconi

ECB backs Italy, Spain as policymakers pledge action

The European Central Bank stepped into bond markets on Monday, backing up a pledge to support Spain and Italy with the aim of averting financial meltdown in the euro zone, while the G7 and G20 offered soothing words to investors shaken by a historic downgrade of the U.S. debt rating.

Japan signals more FX action; Moody's doubts effect

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Japan on Monday signaled it was ready to continue intervening in the currency market in the wake of a G7 agreement to counter excessive exchange-rate moves, but Moody's Investors Service warned that Tokyo's efforts to weaken the yen were ineffective and negative for its sovereign ratings.

S&P: Asia would be hit harder by a second global crisis

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A new global financial crisis would hit Asia harder than the last one, especially nations heavily exposed to offshore markets or still repairing budgets from the 2008-2009 crisis, credit ratings agency Standard and Poor's said on Monday.
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Japan says market trust in dollar, Treasuries unshaken

Japanese Finance Minister Yoshihiko Noda said on Monday that market trust in the dollar and U.S. Treasuries has not wavered in the wake of a U.S. credit downgrade, indicating Tokyo's readiness to maintain its massive holdings of U.S. government bonds.
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U.S. dollar bills seen

Dollar to drop on S&P move; safe-haven demand seen

The U.S. dollar may weaken and Treasury yields rise when Asian markets reopen on Monday, though any selling in response to ratings agency S&P's downgrade of the United States is likely to be tempered by the escalating crisis in the euro zone.
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Dollar Expected to Weaken on S&P Move

The S&P cut in the U.S. long-term credit rating to AA-plus is an unprecedented blow. It called the outlook "negative," signaling another downgrade is possible in the next 12 to 18 months. The U.S. dollar may weaken and Treasury yields rise when Asian markets reopen on Monday.
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China flays US over credit rating downgrade

The United States lost its top-tier AAA credit rating from Standard & Poor's, drawing a blast of criticism on Saturday from its biggest creditor China and deepening investors' alarm over the euro zone's debt crisis.
Hiroaki Nakanishi, president of Japanese electronics company Hitachi, attends a news conference in Tokyo

Analysis: Japan may lose out as Hitachi-Mitsubishi talks stall

The crumbling of mega-merger talks between Japanese industrial behemoths Hitachi (6501.T) and Mitsubishi Heavy Industries (7011.T) threatens a rare opportunity for Japan to improve its global competitiveness by consolidating century-old companies.
Honorable Mention - San Francisco

Nine-year Old Hit-and-run Victim Ryan White Battling For Life

Ryan White, a 9-year-old tourist from Yardley, Philadelphia, who became the victim of a hit-and-run incident in downtown San Francisco after watching a baseball game, was battling for his life on Friday night at San Francisco General Hospital.
Standard & Poor's

S&P Downgrades U.S. Credit Rating; What Lies Ahead?

The U.S. lost its AAA credit rating from Standard and Poor's for the first time in history, dealing a symbolic blow to the world's economic superpower. The impact of this downgrade is a matter of speculation.
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U.S. Credit Downgrade: Is S&P Reliable?

The United States wouldn't enjoy "risk-free" top AAA credit rating any longer. Standard & Poor's decision, being questioned by many including the White House, to downgrade AAA rating to AA+ was based on an analysis which blew up U.S. deficits by $2 trillion.
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Berkshire profit rises on rails, manufacturing

Warren Buffett's conglomerate Berkshire Hathaway Inc reported a larger second-quarter profit on Friday, as favorable investment results and strength in the rail and manufacturing businesses offset another underwriting loss in insurance.
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Berkshire Hathaway second quarter profit rises

Warren Buffett's conglomerate Berkshire Hathaway reported a larger second-quarter profit on Friday, as favorable investment results and strength in the rail and manufacturing businesses offset another underwriting loss in insurance.
The aftermath of the bombing of Hiroshima

Were Hiroshima and Nagasaki Racist Acts?

The attacks ? the only time nuclear weapons have ever been used in world history to date ? killed tens of thousands of people and shocked the planet with the scale of their destruction.

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