The $700 billion bailout of the U.S. financial system authorized by Congress in October of 2008 will be extended until October 2010, President Obama's top economic official wrote in a letter to the leaders of the U.S. Congress today.
The U.S. Treasury Department said on Wednesday it froze a $1 billion public-private investment fund set up by TCW Group Inc to buy toxic financial assets, saying the departure of star manager Jeffrey Gundlach triggered a key person event in the partnership.
With the emerging Asian economies rebounding from the global economic downturn faster than the G-7 economies, the Asia-Pacific region is the leading driver of global economic recovery and higher oil demand. Although the emerging Asian economies were generally less exposed to financial risks and credit default arrangements than the U.S. and European economies, many of them have taken strong stimulus measures throughout 2009 that are expected to boost domestic demand, financial credit, and greater...
Demand for U.S. home loans rose last week to the highest level in about two months, mostly from borrowers taking advantage of low mortgage rates to refinance, the Mortgage Bankers Association said on Wednesday.
The S&P 500 and Nasdaq fell slightly on Wednesday on concerns about foreign debt and a weak outlook in the tech sector, but positive wholesale inventory data limited losses.
Apple Inc is preparing to launch a tablet personal computer in late March or April, with manufacturer partners poised to roll out as many as 1 million units per month, according to an Oppenheimer research note.
The Treasury Department said on Wednesday it froze a $1 billion public-private investment fund set up by TCW Group Inc to buy toxic financial assets, saying the departure of star manager Jeffrey Gundlach triggered a key person event in the partnership.
Citigroup upgraded No. 3 U.S. mobile service Sprint Nextel Corp to a buy rating citing a possible tie-up with Deutsche Telekom AG and expectations of improvement in subscriber numbers.
Shares of U.S. health insurers rose on Wednesday after efforts to overhaul the health system moved away from creating a government-run insurance plan long viewed as damaging to the industry.
U.S. wholesale inventories unexpectedly rose in October for the first time in more than a year, suggesting the economy could get a lift as a long-running effort by businesses to pare stocks reaches an end.
Stocks were little changed on Wednesday as an unexpected rise in October wholesale inventories was offset by continued concerns on foreign debt and a weak outlook in the tech sector.
U.S. wholesale inventories unexpectedly rose in October for the first time in more than a year, a government report showed on Wednesday, suggesting that the drawing down of unsold goods was nearing an end and pointing to economic recovery.
The U.S. government's $700 billion bailout program helped stabilize the financial system, but has done little to boost lending or stave off millions of home foreclosures, a government watchdog group said on Wednesday.
Treasury Secretary Timothy Geithner on Wednesday extended the government's $700 billion financial bailout fund to October next year, saying the economy still faced significant challenges.
South Korea's largest mobile carrier SK Telecom said on Wednesday its talks to buy a major stake in a credit card unit from Hana Financial Group were in an advanced stage.
Upscale retailer Neiman Marcus Inc reported sharply lower quarterly profit as worried consumers continued to avoid luxury items amid a slowdown the company expects will last for some time.
Stocks dipped on Wednesday as an unexpected rise in wholesale inventories was offset by an outlook from Texas Instruments Inc that suggested the recovery in technology spending would be sluggish.
AT&T Inc expects to pass 2 million customers for its U-Verse video service today, Ralph de la Vega, the company's head of its wireless business and consumer markets, said on Wednesday.
Treasury Secretary Timothy Geithner on Wednesday moved to extend the government's $700 billion bailout fund into October 2010 and pledged to deploy no more than $550 billion of it.
BlackRock Inc . Chief Executive Officer Laurence Fink is worried that some financial regulatory proposals under consideration could do more harm than good.
Low interest rates will prevail through most of next year as the U.S. economy expands modestly and the unemployment rate remains stuck in double digits, the UCLA Anderson Forecast group said on Wednesday.
Wall Street was set for a modestly higher open on Wednesday, potentially bouncing back from two sessions of losses as investors regained some optimism about the strength of the market rally.
The Treasury must seek Congressional approval if it wants to funnel some of its $700 billion bailout fund to jobs programs that do not involve financial services firms as intermediaries, a key overseer said on Wednesday.
The Canadian dollar climbed against the U.S. currency on Wednesday, boosted by firmer commodity prices and as investor risk appetite returned after recent losses.
The Obama administration plans to announce on Wednesday that it intends to extend the life of the $700 billion financial bailout fund until next October, administration officials said on Tuesday.
As soothsayers and strategists gaze into 2010, one statistic on the retiring baby-boom generation makes anxious reading for stock market bulls.
Concern over debts at Dubai's utility provider and losses at Nakheel, builder of the emirate's palm-shaped islands, hit markets on Wednesday, drowning out assurances by top officials that Gulf economies were sound.
The dollar had earlier advanced broadly after Fitch downgraded Greece on Tuesday to below the single-A bracket for the first time in a decade, and prompted short covering in the U.S. currency and the yen.
Japan's economy grew at a far slower pace in the third quarter than first thought as capital spending fell, but a double-dip recession is seen as unlikely as exports rebound and corporate spending shows signs of bottoming out.
Stock index futures rose on Wednesday, indicating shares could bounce back after two sessions of losses as investors regain some optimism about the strength of the market rally.
