Mexico auctions off more foreign reserves for peso
Mexico’s central bank has auctioned off another US$3 billion in foreign reserves, its third auction of the day in an increasingly aggressive bid to push the peso stronger. In all, the bank sold off $6.4 billion. The first auction was for $3 billion dollars….
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Mexico auctions off more foreign reserves for peso
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Morgan Stanley shares sink on worries about future
Morgan Stanley Inc. shares plunged Friday as investors questioned the investment bank’s future even with a major investment from Japan’s Mitsubishi UFJ Financial Group. John Mack, the company’s chairman and chief executive, spent the day meeting with major…
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What rate cut? Interbank lending rates keep rising
Governments around the world have slashed interest rates and ramped up their lending to unprecendented levels, but banks are still charging each other extremely high borrowing rates _ a bad sign for the credit markets that remain close to paralysis. Traders…
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Federal regulators clear Wells Fargo-Wachovia deal
Federal antitrust regulators say they have cleared Wells Fargo’s $11.7 billion acquisition of troubled bank Wachovia Corp. The rapid approval comes a day after Citigroup Inc. walked away from its own efforts to buy Charlotte, N.C.-based Wachovia. Wells Fargo &…
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US stocks extend huge losses over credit concerns
Wall Street extended its devastating losses Friday, but prices swung sharply as investors scooped up shares decimated by more than a week of intense and panicked selling. The Dow Jones industrials, down nearly 700 points in the opening minutes of trading,…
More here: US stocks extend huge losses over credit concerns
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Microsoft, Sony to vie in virtual worlds
Japan - Video game rivals Sony and Microsoft are going head to head in virtual worlds for their home consoles later this year. Both companies announced their services, which use graphic images that represent players called avatars, Thursday at the Tokyo Game…
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IBM profit news can’t buoy tech sector
Even after IBM Corp. surprised Wall Street with a healthy profit in the third quarter and a reaffirmation of its earnings outlook for the rest of the year, the broader technology sector dived again Thursday. There’s just not enough of what lifted IBM to go…
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Venezuela tax agency closes McDonald’s temporarily
The Venezuelan government has ordered all McDonald’s restaurants in the country closed for 48 hours for what it calls irregularities in the fast-food chain’s financial books. The country’s state news service says the tax agency issued the order. It affects…
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Flexible OLEDs could be part of lighting’s future
On a bank of the Mohawk River, a windowless industrial building of corrugated steel hides something that could make floor lamps, bedside lamps, wall sconces and nearly every other household lamp obsolete. It’s a machine that prints lights. The size of a…
Original post: Flexible OLEDs could be part of lighting’s future
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Swaggers turn to shudders a year after market high
Just a year ago, investors were swaggering as the stock market surged to an all-time high. Now, almost everyone on Wall Street and Main Street seems to be shuddering amid a frightening reversal of fortune that has erased $8.3 trillion in shareholder wealth in…
View original here: Swaggers turn to shudders a year […]
Oil plummets below US$83 on global slowdown fears
Oil prices tumbled to a one-year low below US$83 a barrel Friday in European trading as fears mounted that governments around the world would be unable to keep the ongoing financial crisis from causing a severe global economic downturn. Light, sweet crude for…
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GE profit falls 22 pct, meeting lowered forecast
General Electric Co.’s third-quarter profit fell 22 percent, hurt by lower earnings at its finance business, which has been battered by the worst financial crisis since the stock market crash of 1929. GE, a bellwether of the U.S. economy, makes everything…
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Wall Street seen adding to global rout
Wall Street appeared headed to a sharply lower open Friday, extending a global sell-off on concerns that even low interest rates won’t help end the worsening credit crisis. Dow Jones industrials futures plunged 185 points ahead of the opening bell in New…
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Money-market funds flock to guarantee program
Nearly all the $3.4 trillion in money-market mutual funds is expected to be federally guaranteed for at least the next three months, now that all the major fund providers signed up to participate by a deadline that passed Wednesday. The universal…
Credit:Money-market funds flock to guarantee program
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Worried Asian investors pray amid stock plunge
After a free fall in share prices this week, investors in Asia could do little else but pray. Hong Kong car dealer Paul Law said he has lost more than 1 million Hong Kong dollars ($128,800) in recent months, despite being conservative in buying what he…
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