NEW YORK - Stock index futures tumbled on Tuesday on concern that the recession is worsening and that efforts to stabilize the global financial system may not be enough.
The diminishing appetite for riskier assets made stocks sink in Asia overnight while in Europe benchmark indexes were down more than 2 percent.
Top drags before the bell included financials, with shares of Bank of America
STUTTGART/WASHINGTON - Daimler swung to a hefty loss, hit by exposure to Chrysler, and Opel and Saab braced for news of General Motors' survival plan, as European carmakers saw their fates tied closely to their U.S. peers.
As GM and Chrysler put the finishing touches to blueprints showing how they will pay back billions of dollars of government loans, Chrysler's German ex-owner Daimler said it...
TORONTO, (Reuters) - Canadian Prime Minister Stephen Harper said on Tuesday he is not concerned about the possibility of General Motors Corp (GM.N) moving out of Canada as the Detroit-based company restructures its operations.
BARCELONA - Nortel Networks Corp aims to present its new business plan on how it will scale down its business operations within the next few weeks, a senior company official told Reuters on Tuesday.
The Toronto-based telecom equipment maker filed for bankruptcy protection in Canada and the United States last month, blaming the economic crisis for derailing a turnaround effort that ...
BARCELONA - Nortel Networks Corp aims to present its new business plan on how it will scale down its business operations within the next few weeks, a senior company official told Reuters on Tuesday.
The Toronto-based telecom equipment maker filed for bankruptcy protection in Canada and the United States last month, blaming the economic crisis for derailing a turnaround effort that ...
SAO PAULO - Brazil's stocks and currency sank on Tuesday, dragged down by fresh concerns that the recession in the United States is worsening and that Washington's efforts to shore up the economy may not be enough.
LONDON - Wal-Mart Stores Inc (WMT.N) posted a 14.3 percent drop in fourth-quarter operating income at its international businesses, hit by the stronger dollar, but said underlying growth was solid, led by the UK, China and Brazil.
Growing concerns about deteriorating emerging European economies hit European shares and the euro on Tuesday, driving capital to safer government bonds and gold.
NEW YORK - Stock index futures slid on Tuesday as concerns that the global recession was worsening fueled a global equity rout, and investors worried that efforts to stem the downward spiral and stabilize the financial system may not be enough.
* The diminishing appetite for riskier assets sunk stocks in Asia overnight, while in Europe benchmark indexes were down more than 2 percent.
* S&P ...
- Stock index futures pointed to a lower open on Wall Street on Tuesday, as the market reopens after a long holiday weekend, with investors bracing for quarterly results from retail behemoth Wal-Mart .
At 4:48 a.m. EST, futures for the S&P 500 were down 2.1 percent, Dow Jones futures were down 1.8 percent and Nasdaq 100 futures were down 1.9 percent.
Wal-Mart, the world's bigg...
Daimler swung to a hefty loss, hit by exposure to Chrysler, and Opel and Saab braced for news of General Motors' survival plan, as European carmakers saw their fates tied closely to their U.S. peers.
rose by the same amount, but confidence among non-manufacturers worsened by 8 points to a record low of minus 39.
Japan's finance minister, Shoichi Nakagawa, also said he would resign, after Japan's budget passes, over his embarrassing performance at a G7 weekend meeting in Rome.
Nakagawa's untimely departure is a major blow to increasingly unpopular Prime Minister Taro Aso. Analysts said As...
Top cell phone maker Nokia will use Qualcomm's chips in its advanced cell phones, the firms said on Tuesday, marking a further warming of ties between the former courtroom rivals.
WASHINGTON - The U.S. government will release $4 billion in additional aid to General Motors Corp on Tuesday as planned, a White House aide said on Monday, ahead of the deadline for the automaker to submit a new survival plan.
The aide said GM's smaller rival Chrysler LLC's request for additional aid would be treated as a new request and dealt with separately.
GM is seeking conce...
SINGAPORE - U.S. oil prices fell toward $36 a barrel on Tuesday as bleak economic indicators in Asia returned focus to the worldwide oil demand slump.
Following Monday's news that Japan's economy shrank by the most in 35 years, a Reuters poll showed confidence among manufacturers remained mired near record lows and service sector sentiment fell to its poorest ever.
Concerns over weak oil co...
- Trump Entertainment Resorts Inc, Donald Trump's casino group, filed for Chapter 11 bankruptcy protection on Tuesday, court documents show.
The casino operator had assets of about $2.1 billion and total debts of about $1.74 billion on December 31, 2008, it said in its filing with the U.S. Bankruptcy Court for the District of New Jersey.
Nine affiliates of the casino operator including Trump P...
Telecom industry leaders including Nokia, China Mobile and Microsoft raced to announce online software stores on Monday in a drive to find new sources of revenue and please consumers.
Oil in New York fell to around $37 a barrel on Tuesday as bleak economic indicators turned the focus back to the worldwide slump in demand, outweighing lower supplies due to OPEC cutbacks.
Thousands of miles (kilometres) west of Detroit, a California start-up hopes to find a market for a three-wheeled, ultra-efficient, downright odd-looking car among consumers sick of spending their hard-earned cash at the gas pump.
Trade, energy and the global economic crisis will top the agenda of U.S. President Barack Obama's visit to Canada on Thursday, his first foreign trip since taking over the White House last month.
Countries must keep their promises to coordinate measures to revive the global economy rather than pleasing voters with protectionist policies, the International Monetary Fund said on Tuesday.
Representatives of bondholders with some $28 billion in General Motors Corp debt have outlined specific proposals to the automaker on how to swap the debt for equity in a restructured company, a person with knowledge of the talks said on Monday.
