Stock index futures rose on Tuesday, positioning Wall Street to recoup the rest of last week's losses, as upbeat quarterly results from Home Depot Inc bolstered hopes the economic downturn was easing.
The trustee for Bernard Madoff on Monday sued funds run by Fairfield Greenwich Group, the confessed swindler's largest feeder fund, for $3.5 billion, claiming it should have been aware he was engaged in fraud.
Oil rose to a new six-month high above $60 a barrel on Tuesday as unrest in key producer Nigeria and a U.S. refinery outage kindled concerns over oil fundamentals after weeks of equity-led rallies.
A bill to curb sharp practices in the credit card business was on track for approval by the U.S. Senate as early as Tuesday, with President Barack Obama expected to sign it into law before the end of the month.
The pace of contraction in world economic output appears to be easing and recovery could begin at the end of this year, World Bank President Robert Zoellick told Spanish television on Tuesday.
Goldman Sachs Group Inc, Morgan Stanley and other banks have applied to repay billions of dollars they borrowed under the U.S. government's Troubled Asset Relief Program, sources familiar with the situation said on Monday.
Oil rose to a fresh six month high above $60 a barrel on Tuesday as unrest in key producer Nigeria and a U.S. refinery outage kindled concerns over oil fundamentals after weeks of equity-led rallies.
World stocks rose for a third day running on Tuesday with banking stocks leading the gains in Europe, while oil hit a six-month peak.
Asian shares climbed to their highest level in seven months on Tuesday on fresh hopes the global recession is easing, and oil hovered at six-month peaks as supply concerns helped buoy up prices.
U.S. crude for June rose above $60 a barrel ahead of expiry on Tuesday, extending gains from a six-month high settlement a day earlier amid supply concerns over Nigeria and a U.S. refinery.
Asian shares climbed to their highest level in seven months on Tuesday on fresh hopes the global recession is easing, while oil hovered at six-month peaks as supply concerns helped buoy prices.
Geithner says markets mending but jobs at risk
The Federal Deposit Insurance Corp plans to shift the burden of resolving the financial crisis by charging banks fees based on their assets instead of their domestic deposits, a source familiar with the situation told Reuters on Monday.
Fairfield Greenwich Group, has been sued by the trustee for Bernardo Madoff’s now inactive money management firm, seeking $3.54 billion.
Despite tightening regulations due to the economic downturn and in the wake of the high profile Madoff ponzi scandal, Luxembourg hopes to gain an advantage over even more highly unregulated investment centers, the chairman of a leading funds association there said.
American Express said Tuesday it would cut about 4,000 jobs, or 6 percent of its worldwide workforce, along with other reductions in spending, as the company said it was taking a “cautious outlook” as the economy moves toward a recovery.
Oil prices steadied around $59 a barrel on Tuesday after settling a day earlier at a six-month high on supply concerns from Nigeria and a key U.S. refinery, as investors looked to equities and the dollar for further cues.
Japan's Nikkei stock average jumped 3.2 percent on Tuesday, with Honda Motor Co and other exporters gaining after the yen retreated against the dollar.
Iomega unveils a BlackBelt Portable Hard Drive 500GB USB 2.0 to be available in June while other Iomega eGo Portable Hard Drive USB 2.0 family of drives are now available.
Nine major Japanese electronics companies gave the financial report for FY 2008 by May 15, and all but Mitsubishi Electric Corporation reported loss.
A bill restricting credit card practices is on track to being approved by the U.S. senate; President Barack Obama is expected to sign it into law before the end of the month.
Treasury Secretary Timothy Geithner on Monday opposed the federal government placing limits on the compensation of top executives of banks that have received relief from the government.
Smart Grid networking would surpassed the internet to up to 100 times according to Marie Hattar, Vice President of Network Systems and Security, Cisco.
Federal regulators are considering forcing larger U.S. banks to bear a bigger portion of the cost of cleaning up the banking crisis, a source familiar with the plan said on Monday.
American Express Co , the credit card and travel services company, on Monday said it plans to eliminate 4,000 jobs, or 6 percent of its workforce, as the weakened economy causes higher customer defaults.
The Aussie dollar followed local equity markets lower in early trade yesterday to test critical technical support ahead of 0.7450.
On Monday, Acer announced two new Aspires netbooks, the 11.6-inch AO751h and the 10.1-inch AOD250 that are ready to ship.
First Financial Bancorp said Monday it will buy 17 of Peoples’ 19 branches in southwestern Ohio and southeastern Indiana.
Sony announces three new cameras, the DSLR-a230, DSLR-a330, and DSLR-a380 for entry level customers wanting easy-to-use point-and-shoot digital still cameras.
Stocks rallied on Monday as better-than-expected results from the No. 2 U.S. home improvement retailer, Lowe's Cos Inc , helped spark broad-based buying on hopes the recession is easing and consumer spending is stabilizing.
