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When the Great Depression hit, it came over a stock ticker, not via myriad hyperventilating news outlets and personality-driven 24-hour cable news loudspeakers. What happens when every talking head on TV says there's no credit? Well, people assume there's no...
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PARIS (Reuters) - French power company EDF said on Wednesday it would not make a competing bid for U.S. power company Constellation Energy Group Inc because the credit crisis has made financing more difficult to obtain.
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The country had little exposure to subprime lending or to Western financial institutions, but the government is pulling out all its tools to combat the global financial turmoil.
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Debt markets be damned! Wachovia was so eager to unload its 21-story pile of bricks at 1372 Broadway, despite the general unavailability of large real estate loans, that the bank financed its own building’s sale to real estate mogul Lloyd Goldman. The Carlton Group’s Howard Michaels put the financing scheme together, and it’s an ingenious (if confusing) one. Essentially, Wachovia issued a mortgage of $235 million—86 percent of the full $274 million price tag—to Mr. Goldman, at a very low rate. Now, banks don’t own a lot of bricks. But they do own a lot of commercial real estate loans that are looking increasingly risky. read more »
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According to a draft version of the proposal, rating agencies would be required to make their working methods public and obey new rules on how employees are paid and how long they can work with clients.
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NEW YORK -- The growing financial crisis is constraining world trade with a jumbled mess of frozen credit that could mean shortages of food and energy supplies for some countries.
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Lenders are wary in the current economic environment so, unless a foreign buyer is flush with funds, the buying process in the United States has become onerous.
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Santanu K. Baruah, acting administrator for the Small Business Administration, discusses the changes the agency is making to help small companies weather the economic downturn.
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The government reported that Americans saw their usable incomes plunge more than 9 percent in the third quarter - the biggest drop on record. That makes credit that much more critical to consumers, and to the businesses they once frequented.
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Ryan Fochler, who owns a 20-employee pet care business called Dog Paws 'n Cat Claws in South Arlington, was alerted by a middle-of-the-night e-mail on his BlackBerry recently that two credit card firms had reduced his credit line from $56,000 to less than $1,000. When he tried to find other sources of funding, he was stymied by banks hesitant to lend to small businesses amid deteriorating economic conditions.
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NEW YORK -- Investors know the future will bring either inflation or deflation, but they can't decide which. So they're erring on the side of a worst case scenario, keeping the credit markets in a stranglehold and Treasury notes extremely popular.
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People selling homes in Edmonton are dropping their prices by tens of thousands of dollars, making ownership affordable for many who considered it nearly impossible 12 to 18 months ago.
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A precipitous drop in commodity prices is hurting some Prairie farmers who have signed contracts for their product, only to discover the buyer is no longer interested.
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Private investors agree to purchase the bank for $13.9 billion and promise to make the 33-branch thrift a 'healthy banking institution' again. How they'll do so remains unclear. Private investors closed a deal Friday to buy Pasadena's IndyMac Bank from regulators, promising to make the 33-branch thrift a "healthy banking institution" again.
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LEADING banks are ripping off their credit card customers by almost $900,000 a day by refusing to cut their sky-high interest rates.
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When Mark Rood began his apprenticeship in electrical installation at Eastleigh College a year ago, he could never have believed that, just 12 months later, he would be a victim of the credit crunch.
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Consumers shopping across European borders are to get sweeping new rights and guarantees under plans unveiled in Brussels yesterday to help them take advantage of cheaper prices.
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Gov. Arnold Schwarzenegger and legislative leaders promised they would find the billions needed to avert sharp cuts in public services.
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We investigate just how the current financial instability around the world is impacting on rugby union.
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We investigate just how the current financial instability around the world is impacting on cricket.
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We investigate just how the current financial instability around the world is impacting on football.
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We investigate just how the current financial instability around the world is impacting on London 2012.
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We investigate just how the current financial instability around the world is impacting on tennis.
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Investment in racing is often the first item on the corporate budget to suffer when road car sales fall as they are now doing.
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The government's reaction to the credit crunch has had a bad effect on pensions, an independent policy adviser has said.
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Graduates are being warned not to use their credit cards to fund purchases that they cannot afford to pay for by cash.
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From Bloomberg:China cut interest rates and allowed banks to set aside smaller reserves, supporting an unprecedented global effort to unfreeze credit markets and ease the worst financial crisis since the Great Depression. The one-year lending and deposit rates will be
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MOSCOW (Reuters) - The global financial crisis may affect Russia's preparations to host the 2014 Winter Olympics and require the state to step in with more cash, Interfax news agency quoted a senior official as saying on Thursday.
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NEW YORK (Reuters) - The Dow and the S&P 500 fell in choppy trade on Thursday as persistent fears that the widening credit crisis will tip the global economy into recession derailed an attempted rebound, with financials leading the slide.
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Stock market volatility leads to frequent trading halts as foreign investors bail out.
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States are struggling to pay for day-to-day operations with the frozen credit markets.
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Entrepreneurs may need to turn to new innovative ways to get financing.
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Financial meltdown shows we are all in this together.
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FICTION
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The credit markets might not be quite as squeezed as they have been recently, thanks to the Federal Reserve's interest rate cut. But they're hardly back to normal.
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Scottish First Minister Alex Salmond is asked for reassurance about major public projects during FMQs.
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Investors cast a shocking vote of no confidence in the future of U.S. automakers Thursday.
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Plans for the London 2012 Olympic media centre are set to be redrawn as a result of the credit crunch.
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The stockmarket is as grudging as ever about the government's bail-out for the High Street banks
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How bad has the financial crisis gotten? Today's Dr. Phil devotes itself to the economy, with a roster of guests including CNBC's James Cramer and economist/game-show-host Ben Stein. To be fair, it's not as if Dr. Phil just discovered personal...
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The global financial crisis means work on a massive expansion at Newfoundland and Labrador's only oil refinery could be delayed until 2010, its Calgary-based owner says.
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