was blamed by some politicians for exacerbating the banking crisis and economic meltdown.
In the United States, regulators will soon launch a series of stress tests to determine which of the U.S. banks should get bigger capital cushions in case of a deeper recession, a person familiar with the plans of President Barack Obama's administration said.
The largest U.S. banks are well capitali...
European leaders meet on Sunday to form a consensual approach to tackle the global economic crisis, while U.S. President Barack Obama is due to unveil an ambitious plan to cut the ballooning deficit in half by 2013.
Financial markets plumbed new lows last week on fears governments may have to intervene to nationalize struggling banks and as grim global economic data sent investors scurrying to se...
Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.
Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.
He said the bankruptcy of Lehman Brothers in September marked a t...
U.S. Secretary of State Hillary Clinton said on Saturday the United States and China could help the world recover from economic crisis by working together, adding Washington appreciated Beijing's confidence in U.S. government debt.
The global economy may be deteriorating even faster than it did during the Great Depression, Paul Volcker, a top adviser to President Barack Obama, said on Friday.
Bank of America Corp shares sank below $3 and Citigroup Inc tumbled below $2 on Friday, hammered by growing fears that the U.S. government could nationalize the banks, wiping out shareholders.
and it's getting worse, said Nouriel Roubini, a prominent New York University economist who forecast much of the credit and housing recession.
The cost of insuring $10 million of Citigroup debt for five years rose to $475,000 annually from $405,000 on Thursday, according to data from Phoenix Partners Group.
The cost of insuring Bank of America debt rose to $275,000 a year from $245,000.
S...
The White House said on Friday it strongly believed in a privately held bank system, after rumors that the U.S. government could nationalize banks caused shares in Bank of America and Citigroup plummet.
Let me reassure as best I can on banks, White House press secretary Robert Gibbs told a briefing with reporters.
This administration continues to strongly believe that a privately held bank...
Gold rose above $1,000 an ounce on Friday for the first time since March last year as nervous investors piled into the yellow metal to preserve wealth amid a tumbling stock market.
Long-term inflation worries fanned by the massive U.S. economic stimulus package signed by President Barack Obama this week has driven investors into gold, which is perceived as the most likely asset to hold its value ...
The Nasdaq turned higher on Friday, while both the Dow and S&P 500 sharply cut losses, after the White House said it strongly believed a privately held banking system was the correct way to go, tempering investor fears about possible nationalization.
CNBC reported that the U.S. Treasury department will provide some details on the Obama administration's bank rescue plan next week, helping fin...
they are sidelining the dollar strength, sidelining deflationary concerns and lower oil prices. They are very much buying gold as a safe-haven asset, Cooper said. There is potential for us to breach the $1,000 level.
Saxo Bank senior manager Ole Hansen said the deteriorating macroeconomic picture and inflows into exchange-traded funds were currently the main influences on the gold price, n...
President Barack Obama on Thursday assured Canada, his country's biggest trading partner, that he would not pursue protectionist policies, and the two neighbors agreed to cooperate on cleaner energy technology.
The telephones have been ringing off the hook at U.S. mortgage lenders since President Barack Obama pledged $275 billion on Wednesday to help stem a wave of home foreclosures.
Iran has considerably slowed down the expansion of its contested uranium enrichment program, said a confidential International Atomic Energy Agency report obtained by Reuters on Thursday.
Kyrgyzstan's parliament voted on Thursday to close the last remaining U.S. air base in Central Asia, dealing a blow to U.S. efforts to use the region as a jumping-off point for its growing campaign in Afghanistan.
Switzerland on Thursday embarked on a struggle to defend a landmark decision allowing bank giant UBS to transfer client data to the United States in a tax settlement that experts say will dilute bank secrecy laws.
UBS, the world's biggest bank to the rich, agreed late on Wednesday to pay a hefty $780 million fine and disclose the identity of some clients after U.S. investigators accused it of he...
Barack Obama will seek to quell Canadian concerns about U.S. protectionism when he makes his first foreign trip as president on Thursday to the United States' biggest trading partner and energy supplier.
World stocks rose from the previous day's three-month low on Thursday, while the dollar and government bonds fell, as some European corporate quarterly results were better than the most pessimistic expectations.
Nestle the world's biggest food group, beat forecasts with underlying sales growth of 8.3 percent in 2008 and it was cautiously upbeat for 2009.
BNP Paribas
Oil prices rose above $35 a barrel on Thursday ahead of United States data expected to show crude inventories in the top energy consumer hit an 11-year high amid a worsening recession.
Oil stocks in the U.S. have risen by 20 percent since September as the downturn has crushed consumption, and helped pull crude prices more than $110 off their peaks last summer.
A day ahead of expiry, U.S. crude f...
Oil prices were steady below $35 a barrel on Thursday, ahead of U.S. data expected to show crude inventories in the top energy consumer have hit an 11-year high amid the worsening recession.
Oil stocks in the United States have already risen by 20 percent since September as the economic downturn crushed consumption, which helped pull crude prices more than $110 off their peaks last summer.
A day...
After more than a decade of hype about the Internet being the next great stage for mass entertainment, it remains dominated by amateurs with most Hollywood stars watching from the wings.
The U.S. has allocated $43 billion from the $787 billion economic stimulus package to boost clean and efficient energy.
