HONG KONG (Reuters) - Asian stocks slumped 7 percent and commodity-related currencies tumbled on Thursday as more evidence that the U.S. economy is shrinking made investors brace for a potentially deep and prolonged global recession.
WASHINGTON — When the government took over mortgage giants Fannie Mae and Freddie Mac, taxpayers inherited more than just bad debts. They’re also potentially on the hook for tens of millions of dollars in legal fees for the executives at the center of the housing market’s collapse.
WASHINGTON/KIEV (Reuters) - The International Monetary Fund approved a $16.5 billion loan program for Ukraine that includes monetary and exchange rate policy shifts to ease strains from the global financial crisis.
BRUSSELS, Belgium — Belgium’s KBC bank on Thursday said it swung to a loss of 906 million euros (US$1.16 billion) in the third quarter after it wrote off 1.4 billion euros (US$1.8 billion) from the value of complex financial investments.
WASHINGTON — At a time when most administrations are slowing down, the Bush White House appears to be speeding up _ at least when it comes to getting the $700 billion financial rescue program up and running.
SYDNEY, Australia — Westpac Banking Corp., which is aiming to become Australia’s largest bank through the acquisition of a smaller rival, shrugged off the gloom of the global financial crisis and posted a healthy 12 percent rise in annual net profit.
SEOUL, South Korea — South Korea’s benchmark stock index soared a record 12 percent Thursday and the won surged the most in nearly 11 years after a currency deal between the U.S. and South Korea eased fears about a possible dollar shortage.
DETROIT — Some issues standing in the way of General Motors Corp. acquiring Chrysler LLC have been resolved, but others remain including the biggest: how to finance the deal, according to two people who have been briefed on the talks.
MIDDLETOWN, Ohio — Retired steelworker Claude Cunningham strides into the John McCain campaign office on Main Street and asks for yard signs.
HONG KONG — Relieved investors stormed back into global markets Thursday, sending stock indices in Hong Kong, South Korea and Japan surging by double digits, after the U.S. Federal Reserve slashed interest rates to help revive the world’s largest economy and opened new credit lines with central banks.