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US likely to pump more funds into rescue plan
SEVERAL prominent economists believe the amount budgeted - US$700bil - for the bailout of several large corporations, deemed too important for the US economy's survival, may be the first tranche only.
US Senate approves US$700b rescue plan
After one spectacular failure, the US$700bil financial industry bailout found a second life on Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.
Direct US stake in banks has many precedents
WASHINGTON (AP) - For all the difficult free-market issues raised, the big U.S. intervention in banks has its precedents, from wholesale wartime takeovers of entire industries to the seizing of hundreds of failed savings and loans in the 1980s.
BofA's Lewis hopeful on financial bailout plan
NEW YORK (AP) - Bank of America Corp. Chief Executive Kenneth Lewis says the $25 billion the government is injecting into his bank will be put to work making loans and will be paid back at the latest in five years.
Low interest rate climate will be base for strong market recovery
LAST month, in an interview with i>Bloomberg News/i>, the journalist asked me for a phrase that I thought reflected the current mood. I mulled over the market chaos and changes that have taken place - events which would have been unthinkable just a few months earlier - and a song from alternative band REM popped into my head: i>It's the end of the world as we know it/i>, writes Raymond Tang.
Tax policy and the social agenda
Tax breaks and incentives will continue to feature significantly in our budget strategies
Only citizens can engineer a recovery
Stimulus packages in the next two years must be directed at the people to enable them to pay for housing mortgages or rentals, and also buy goods. Ultimately, if there is no consumption, there will be no economy
China's leadership meets under economic storm
BEIJING (AP) - Risk-averse in the best of times, China's Communist Party leadership is expected to use its biggest meeting of the year for an even tighter show of political unity in the face of the global economic crisis and public calls for political change.
Calls for tough decision on banks
The United States should let some big troubled banks fail rather than commit more federal funds to prop them up, two key congressional Republicans said on Sunday.
Venezuela to pay $1 billion for Spanish bank unit
CARACAS, Venezuela (AP) - Venezuela agreed Friday to pay Spain's Banco Santander $1.05 billion to nationalize the bank's local unit, ending months of stalled talks and transforming President Hugo Chavez's government into the country's top financial player.
