NPR Topics: BusinessSales Of Home Safes Climb Amid Financial Turmoil Sat, 11 Oct 2008 17:56:00 -0400
About the same time Lehman Brothers filed for bankruptcy and the stock market began plummeting, one of the nation's leading sellers of safes started to see a sales boost. The company's CEO says he thinks the increase is due to people losing faith in banks.
G-7 Leaders: We'll Tackle Crisis Together Sat, 11 Oct 2008 14:29:00 -0400
Finance ministers from around the world tried to show they are working in a coordinated way to tackle a global financial crisis that has proved to be far more serious than anyone anticipated.
World Powers Meet To Combat Credit Crisis Sat, 11 Oct 2008 10:14:00 -0400
President Bush was short of specifics in his brief statement after Saturday morning's meeting. Will the meeting itself be enough to calm the worldwide markets after the weekend, or will the finance ministers have to offer a concrete plan to stabilize the world's financial systems?
Latest financial news - CNNMoney.comBritish bank plan on tap Sat, 11 Oct 2008 17:56:35 -0400
Battered British banks, along with the United Kingdom Treasury office, are expected to unveil details of a massive capital raising plan on Sunday, according to The Wall Street Journal, citing people familiar with the situation.
Economy 101: World players Sat, 11 Oct 2008 15:13:59 -0400
Following is a list of organizations that have a role in the global financial system and what that role is:
Read the text of Bush's speech Sat, 11 Oct 2008 09:49:12 -0400
Here is the text of President Bush's speech about the world response to the financial crisis, following a meeting with the G7 finance ministers:
The Financial PageJames Surowiecki: What drives market volatility?James Surowiecki Mon, 25 Aug 2008 04:00:00 -0000
American investors are frazzled. True, oil prices have fallen from their most vertiginous highs, the dollar is a bit stronger, and the stock market has actually risen over the past month. But none of those things have happened in a smooth and steady fashion. The stock market’s “ascent,” in particular . . .
James Surowiecki: Too many stakeholders can be a deal-breaker.James Surowiecki Mon, 04 Aug 2008 04:00:00 -0000
In the second decade of the twentieth century, it was almost impossible to build an airplane in the United States. That was the result of a chaotic legal battle among the dozens of companies--including one owned by Orville Wright--that held patents on the various components that made a . . .
James Surowiecki: Sponsoring RecklessnessJames Surowiecki Mon, 21 Jul 2008 04:00:00 -0000
When do the words “not guaranteed” actually mean “guaranteed”? Whenever the mortgage giants Fannie Mae and Freddie Mac are involved. The two companies have long been required to tell investors that their securities are not guaranteed by the federal government. But in the financial markets everyone has always assumed that . . .
Reuters: Business NewsFinance leaders endorse G7 plan to calm markets Sun, 12 Oct 2008 01:35:29 -0400
WASHINGTON (Reuters) - Finance leaders from the International Monetary Fund's 185 member countries on Saturday endorsed a plan by major economies to chart a course out of the credit crisis, hoping the broader support will calm markets.
IMF warns of meltdown; France says Europe to act Sun, 12 Oct 2008 02:24:54 -0400
WASHINGTON (Reuters) - The IMF warned the world's financial system was near meltdown and France promised that a meeting of European leaders in Paris will detail measures to keep a market panic from triggering the most severe global downturn in decades.
Britain to launch banking rescue: paper Sun, 12 Oct 2008 02:35:32 -0400
LONDON (Reuters) - Britain will launch its biggest retail bank rescue on Monday when the four largest, HBOS, Royal Bank of Scotland, Lloyds TSB and Barclays, ask for a combined 35 billion pound ($60.5 billion) lifeline, the Sunday Times reported.
ABC News: MoneyAnalysts: GM Would Need Cash to Acquire Chrysler Sat, 11 Oct 2008 21:35:28 -0400
Analysts say GM would need cash to acquire Chrysler, it may take too long to see cost savings
Meeting G7, Bush Vows World Economic Fix Sat, 11 Oct 2008 18:21:46 -0400
The president pledges a global response for "global crisis."
Economy, TV and the American Family Sat, 11 Oct 2008 14:33:36 -0400
In tough economic times, what does what you watch say about you?
BBC News | Business | UK EditionEU chiefs confront markets crisis Sun, 12 Oct 2008 05:31:28 -0000
The 15 eurozone leaders are to meet in Paris to try to establish a common approach to the global financial crisis.
UK will lead the way, says Brown Sun, 12 Oct 2008 02:46:54 -0000
Gordon Brown promises Britain will "lead the way" through the global financial crisis, ahead of an emergency EU summit in Paris.
Councils seek Iceland cash pledge Sun, 12 Oct 2008 03:06:46 -0000
Councils are to meet the Icelandic ambassador to demand back bank deposits - amid fears of lost staff wages.
The Economist: BusinessBankruptcy in China: Silent busts Thu, 09 Oct 2008 11:48:13 -0000
More Chinese businesses are collapsing—though you would never know itOFFICIALLY, only a few thousand companies will declare bankruptcy this year in China. Unofficially, local manufacturing groups believe many more than that will go out of business in the southern province of Guangdong alone. And the underlying causes—falling demand for exports, higher material costs, stricter labour laws—are hardly unique to that province. But in contrast to Europe and America, where business failures are meticulously tracked, the only trace left by most of these firms will be rusting locks on their old front gates.This is because Chinese business owners who wish to shut down their companies have three options: to reach informal agreements with employees, trading partners and the government; to file under the auspices of a court; or to walk away. Each has its drawbacks. ...
Video games and music: Playing along Thu, 09 Oct 2008 11:48:13 -0000
“Guitar Hero” and other games are boosting music sales for some artistsAS THE music industry searches for a new model in the age of digital distribution and internet piracy, it is getting a helping hand from an unexpected quarter: video games such as “Guitar Hero” and “Rock Band”, which let people play along to songs on simplified imitation instruments. “These games are revitalising the industry,” says Aram Sinnreich, an industry expert at New York University. “They’re helping as both a revenue and an advertising platform.”The main impact of the games is to provide exposure. Inclusion of their music in these popular games has allowed previously obscure bands to achieve international fame, and veteran musicians to blast the ears of a new generation. According to Activision Blizzard, the video-game giant behind “Guitar Hero III”, bands whose songs are included in the game can expect online sales of their music to increase by an average of 300% as a result. “We’re definitely in demand—we’re constantly being pitched by artists and management,” says Paul DeGooyer, senior vice-president of games and music at MTV, which publishes “Rock Band”. As well as increasing sales, having a song in his game also boosts a band’s overall fame and popularity. “We’re providing a new outlet for people to experience music,” he says. ...
Pharmaceuticals: Buying opportunity Thu, 09 Oct 2008 11:48:13 -0000
Will drugs giants defy the credit crunch and splash out on biotech deals?THE financial crisis means that most lawyers and bankers specialising in mergers and acquisitions are twiddling their thumbs. With confidence shattered and credit hard to come by, deals have dried up in most industries. But not in pharmaceuticals. This week Eli Lilly, a medium-sized American drugs firm, outbid Bristol-Myers Squibb (BMS), another middling American rival, for ImClone, a coveted biotechnology firm. Carl Icahn, a billionaire investor who owns a stake in ImClone, had noisily dismissed an earlier offer from BMS at a price of $62 per share as inadequate. He then claimed that a mystery bidder had emerged offering $70 a share—51% above the share price on July 30th, before BMS made its offer. When Lilly confirmed that his claim was no bluff, and put forward an all-cash, $70-per-share offer worth $6.5 billion, BMS bowed out.Many are wondering why Lilly is paying so much for ImClone. Roger Longman of Windhover, an industry consultancy, puts it bluntly: “This deal does not seem economically sensible.” Because BMS will keep the North American marketing rights for Erbitux, ImClone’s blockbuster cancer drug, much of the firm’s current revenue will not go to the buyer. Lilly has its eye on the biotech firm’s promising pipeline of drugs, but there too BMS thinks it has rights to some of the revenue from any successor to Erbitux—a claim Lilly is sure to dispute. ...
Business News - UPI.comBranson: Guarantee bank deposits Sat, 11 Oct 2008 23:00:51 -0400
LONDON, Oct. 11 (UPI) -- British entrepreneur Richard Branson said the near-collapse of Halifax Bank of Scotland threatened Virgin Atlantic.
Cerberus considering GMAC buyout Sat, 11 Oct 2008 21:35:23 -0400
DETROIT, Oct. 11 (UPI) -- Cerberus Capital Management LP is talking to General Motors Corp. about the possibility of acquiring the Detroit automaker's lending division.
Ford reportedly rejected GM merger Sat, 11 Oct 2008 20:57:58 -0400
DETROIT, Oct. 11 (UPI) -- Ford Motor Co. rejected a potential merger with General Motors Corp. before GM began talks with Chrysler LLC, The New York Times reported Saturday.
U.S. second-job numbers hold steady Sat, 11 Oct 2008 20:14:17 -0400
WASHINGTON, Oct. 11 (UPI) -- The number of Americans working multiple jobs to make ends meet stayed steady in 2007 compared with the year before, the U.S. Bureau of Labor Statistics says.
Survey: U.S. gas prices approaching $3 Sat, 11 Oct 2008 14:57:41 -0400
NEW YORK, Oct. 11 (UPI) -- The average cost of a gallon of gasoline in the United States is heading toward $3 due to the ailing economy and weak demand, a credit card survey indicates.
Iowa corn crop plentiful despite floods Sat, 11 Oct 2008 13:15:19 -0400
DES MOINES, Iowa, Oct. 11 (UPI) -- A better-than-expected Iowa corn crop is taking pressure off livestock producers and ethanol makers already hurt by the financial crisis, analysts say.
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