Business News: CBSNews.com

Markets Bounce On Interest Rate Cut Hopes

Tue, 07 Oct 2008 07:00:03 EDT

Asian stocks are mixed as a big interest rate cut in Australia helps spur recoveries in several regional markets, sparking hopes that other central banks will lower rates to help loosen the global credit crunch.

AIG Next In Line To Face House Scrutiny

Tue, 07 Oct 2008 08:30:03 EDT

The government's rescue of American International Group Inc. last month is getting a critical eye from lawmakers examining the chain of events that forced a $700 billion bailout of the financial industry.

Fed Considers Plan To Unthaw Credit Lines

Tue, 07 Oct 2008 08:03:29 EDT

The government is weighing a bold plan to buy massive amounts of unsecured short-term debts in a dramatic effort to break through a credit clog that is imperiling the economy.

Wall Street Ends Wild Ride Down 370 Points

Tue, 07 Oct 2008 06:00:02 EDT

It has been another extraordinary and traumatic day on Wall Street, with the Dow Jones industrials plunging as much as 800 points before closing with a loss of about 350.

Forecasters See Wobbly U.S. Economy Ahead

Mon, 06 Oct 2008 14:30:05 EDT

A growing number of economists believe the United States is on the brink of - or already in - its first recession since 2001 and that it will be longer lasting.

Emerging Market Investment: Safe Bet?

Tue, 07 Oct 2008 03:27:58 EDT

But before you start stuffing money under your mattress, consider going online to loan some of it to a strawberry farmer in Ecuador, a secondhand clothing store in Senegal or a health food store in Zapata, Texas.

Bank Settles Countrywide Mortgage Lawsuit

Mon, 06 Oct 2008 09:00:06 EDT

Facing a lawsuit over deceptive mortgage practices, a Bank of America Corp. subsidiary has agreed to modify tens of thousands of loans to keep people in 11 states from losing their homes, the Illinois attorney general's office said.

Oil Hits 8-Month Low Under $90 A Barrel

Mon, 06 Oct 2008 05:37:26 EDT

Oil prices fell to an 8-month low below $90 a barrel on speculation that the spreading financial crisis will exacerbate a global economic slowdown and cut demand for crude oil.

Post-Bailout Prediction: More Failed Banks

Mon, 06 Oct 2008 03:00:02 EDT

Here's a safe bet for uncertain times: A lot of banks won't survive the next year of upheaval despite the U.S. government's $700 billion plan to restore order to the financial industry.

World Markets Plummet Despite Bailout

Mon, 06 Oct 2008 09:30:03 EDT

Asian markets have plunged and European stocks are on the same downward slope as global investors take scant comfort from Washington's passage of a $700 billion bank bailout.

Judge Blocks Wachovia Sale To Wells Fargo

Sun, 05 Oct 2008 18:00:02 EDT

The fight over control of Wachovia has intensified now that a New York judge has temporarily agreed to block the sale of the bank to Wells Fargo.

Sarkozy: Global Response To Crisis Needed

Sat, 04 Oct 2008 22:30:04 EDT

A European summit on the global financial crisis opened Saturday with Britain's leader saying strong banks should be protected and "whatever is necessary" must be done to restore stability.

FAA Faulted Over Outsourced Maintenance

Sat, 04 Oct 2008 15:30:02 EDT

As major U.S. increasingly farm out aircraft maintenance and hire outside contractors, investigators said the Federal Aviation Administration has failed to closely track how much maintenance is outsourced and where it is performed.

Stocks Turn Lower Despite Bailout Plan OK

Fri, 03 Oct 2008 17:30:03 EDT

Stocks are ending a volatile week with another sharp loss after enthusiasm over the government's $700 billion financial rescue plan gave way to worries about obstacles still facing the economy.

Will Bailout Loosen Calif. Credit Market?

Fri, 03 Oct 2008 22:30:05 EDT

Gov. Arnold Schwarzenegger and California's top finance officials reacted cautiously to congressional approval of the $700 billion Wall Street bailout package.

Highest Monthly Job Loss In 5 Years

Fri, 03 Oct 2008 22:30:05 EDT

Employers slashed payrolls by 159,000 in September, the most in more than five years, a worrisome sign that the economy is hurtling toward a deep recession.

Fight Over Wachovia Intensifies

Fri, 03 Oct 2008 11:30:05 EDT

Wells Fargo says it is acquiring Wachovia in an all-stock transaction worth about $15.1 billion, as Wachovia ends talks with rival suitor Citigroup.

Bailout Hope Fails To Boost World Markets

Fri, 03 Oct 2008 05:29:21 EDT

World markets fell Friday in the wake of another plunge on Wall Street amid doubts that Washington's bank bailout plan will prevent a recession in the U.S. and an economic slump around the world.

Arm Twisting, Add-Ons Aid Bailout's Appeal

Thu, 02 Oct 2008 09:30:04 EDT

Bit by bit, lawmaker by lawmaker, forces in favor of the massive financial rescue plan rejected just days ago are turning around the tide of opinion in Congress.

Stocks Plunge Amid Market Pessimism

Thu, 02 Oct 2008 18:00:05 EDT

Pessimism about a protracted economic downturn washed over the financial markets Thursday, sending stocks plunging and further tightening the credit markets. Weekly unemployment figures rose and factory demand fell.

European Nations To Hold Economic Summit

Thu, 02 Oct 2008 08:30:04 EDT

France will host a European financial summit in Paris, bringing together leaders of four countries to deal with the international financial crisis.

Senate Approves $700B Financial Bailout

Thu, 02 Oct 2008 08:00:02 EDT

After one spectacular failure, the $700 billion financial industry bailout has found a second life, passing in the Senate and gaining ground in the House where conservative opposition seemed to soften.

Wall St. Down Slightly After Calmer Day

Wed, 01 Oct 2008 18:30:05 EDT

The Dow Jones industrials zigzagged during the session, losing more than 200 points in early trading but closing down about 20 - far from the huge swings the blue chips saw during the first two sessions of the week.

Mayors Expect Millions Of New Green Jobs

Thu, 02 Oct 2008 10:00:05 EDT

A major shift to renewable energy and efficiency is expected to produce 4.2 million new environmentally friendly "green" jobs over the next three decades, according to a study commissioned by the nation's mayors.

Nuclear Pact With India Approved By Senate

Thu, 02 Oct 2008 08:30:04 EDT

U.S. senators have voted to overturn a three-decade ban on atomic trade with India, giving final congressional approval to a landmark U.S.-India nuclear cooperation accord.

Senate Lends World Markets Cautious Hope

Wed, 01 Oct 2008 06:16:38 EDT

Most Asian markets have bounced back on hopes that a $700 billion bailout for the U.S. financial system will soon win legislative approval, although doubts persist about the long-term outlook for the global economy.

Lobbyists Unite Over Bailout Bill

Wed, 01 Oct 2008 08:30:04 EDT

In a letter to all members of Congress, more than 50 business trade groups said legislators had to quickly act "to prevent a meltdown" of the country's capital markets and disappearance of credit.

With Or Without Bailout, Tough Times Ahead

Tue, 30 Sep 2008 19:00:02 EDT

The economic wreckage that the administration and Congress have warned about - rising unemployment, shrinking retirement nest eggs and recession - might not happen immediately, but that doesn't mean it won't happen at all, experts say.

EU Leans On U.S. To Fix Financial Crisis

Tue, 30 Sep 2008 09:00:04 EDT

The European Commission has urged the United States to show "statesmanship" in the financial crisis for sake of world economy. Global markets were largely down in the wake of the U.S. House of Representatives failure to pass a bailout.

Stocks Take Record Tumble, Down 777 Points

Tue, 30 Sep 2008 02:00:01 EDT

Wall Street watched Washington with shock and fear as the bailout package flamed out on Capital Hill. And as that $700 billion financial rescue plan went down, the Dow went down like a sub, reports CBS News business correspondent Anthony Mason

Citigroup To Take Over Wachovia

Mon, 29 Sep 2008 09:00:05 EDT

In the latest byproduct of the widening global financial crisis, Citigroup Inc. will acquire the banking operations of Charlotte, N.C.-based Wachovia Corp. in a deal facilitated by the Federal Deposit Insurance Corp.

World Markets Fall, Skeptical Of Bailout

Mon, 29 Sep 2008 17:30:04 EDT

Asian stock markets have fallen amid investors' skepticism that the deal reached in Washington over a $700 billion bank bailout would quickly resolve the bad debt crisis.

U.K. Nationalizes Troubled Mortgage Lender

Mon, 29 Sep 2008 10:00:04 EDT

The British government is nationalizing troubled mortgage lender Bradford & Bingley, taking over the bank's 50 billion ($91 billion) mortgage and loan books as turmoil from the U.S. credit crisis spread across Europe.

InBev Backs $52B Budweiser Buyout Bid

Mon, 29 Sep 2008 06:14:19 EDT

InBev SA shareholders have backed the company's $52 billion takeover of Anheuser-Busch - a deal that would form the world's largest brewer.

Congress, Bush Agree On $700B Bailout Plan

Mon, 29 Sep 2008 03:00:02 EDT

Congressional leaders and the White House agreed to a $700 billion rescue of the ailing financial industry after lawmakers insisted on sharing spending controls with the Bush administration.

Taking Stock Of The Wall Street Bailout

Sun, 28 Sep 2008 12:30:07 EDT

With word of agreement on a Wall Street rescue package, Rita Braver examines what it took to get to this point on Capitol Hill, while from New York Anthony Mason reports on what's at stake for Wall Street - and Main Street.

Model T Turns 100

Mon, 29 Sep 2008 15:30:04 EDT

Henry Ford's famous car helped usher in the industrial age and, the company says, "put the world on wheels." A proud collector brought his to The Saturday Early Show.

Stocks Mixed On Bailout Clash

Fri, 26 Sep 2008 17:30:05 EDT

Stocks have turned in a lopsided finish as investors nervously wait for more news on the government's financial bailout plan.

Economy Cracks Many Nest Eggs

Sat, 27 Sep 2008 09:00:04 EDT

Wall Street's turmoil can seem far removed from many Americans' daily lives. That is, until they take a close look at their retirement fund. Mark Strassmann looks at the golden years ... getting tarnished.

Washington Mutual Falls To Subprime Mess

Fri, 26 Sep 2008 19:30:04 EDT

The Federal Deposit Insurance Corp. seized Washington Mutual, and then sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion.

House Passes Economic Stimulus Bill But...

Fri, 26 Sep 2008 20:00:06 EDT

The House passed a plan by Democrats to pump $61 billion in government spending into the economy. The 264-158 tally was largely symbolic since it came just hours after Senate Republicans blocked a companion measure.

U.S. Economy Grew Slightly In 2Q

Fri, 26 Sep 2008 10:00:05 EDT

The economy's spring rebound turned out to be slightly less energetic than the government previously thought. And, the road ahead is likely to be rocky as the country gets pounded by the worst financial crisis in decades.

Markets Rise On Bailout Hopes

Thu, 25 Sep 2008 17:30:04 EDT

Financial markets grew more upbeat Thursday as congressional leaders said they had struck an agreement in principle on the plan to revive the crippled financial system. The Dow Jones industrial average rose nearly 200 points.

Prepare To Lose Your Job

Thu, 25 Sep 2008 16:00:06 EDT

Ray Martin had advice that could help set you up to weather the storm, just in case, on The Early Show.

No Deal As Bailout Talks Break Down

Fri, 26 Sep 2008 01:30:04 EDT

Urgent efforts to lash together a national economic rescue plan Thursday proved fruitless as Republicans and Democrats could not reach an agreement.

Jobless Claims Hit 7-Year High

Thu, 25 Sep 2008 10:30:04 EDT

New claims for unemployment benefits jumped last week to their highest level in seven years due to the impact of a slowing economy and Hurricanes Ike and Gustav, the Labor Department reported.

GM To Build $370M Plant In Flint, Mich.

Thu, 25 Sep 2008 12:30:04 EDT

General Motors Corp. said it will build a new factory in Flint to make four-cylinder engines for the Chevrolet Volt rechargeable electric car and other models.

Paulson OKs Cutting "Golden Parachutes"

Thu, 25 Sep 2008 00:00:02 EDT

The White House bowed on a major sticking point in the $700 billion financial bailout plan, agreeing to demands from critics in both parties to limit the pay packages of Wall Street executives whose companies would benefit from the proposed bailout.

AIG Takes $85B Rescue Deal From Fed

Wed, 24 Sep 2008 14:00:06 EDT

American International Group Inc. may have agreed to take the U.S. government up on a two-year, $85 billion loan to help stave off bankruptcy, but now the nation's largest insurer faces an FBI investigation.

FBI Probing Companies At Heart Of Meltdown

Wed, 24 Sep 2008 07:35:09 EDT

The FBI is investigating four major U.S. financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration, The Associated Press has learned.

Buffett Buying $5B Stake In Goldman

Wed, 24 Sep 2008 08:00:07 EDT

Warren Buffett's Berkshire Hathaway Inc. is investing at least $5 billion in Goldman Sachs, a huge vote of confidence for one of the survivors of the credit crisis that felled two of its investment banking peers.

Japanese Firm Buys Units Of Lehman Bros.

Tue, 23 Sep 2008 10:23:04 EDT

Japan's largest brokerage, Nomura Holdings Inc., says it is buying the European and Middle Eastern operations of the failed U.S. investment bank Lehman Brothers. It had already agreed to puchase Lehman's Asian businesses.

Top Senators Skeptical Of Bailout Plan

Wed, 24 Sep 2008 00:30:03 EDT

Leading senators of both parties are expressing strong reservations about the administration's financial bailout plan despite pleas from the treasury secretary and Federal Reserve chairman for quick passage.

What Bailout Would Mean To Main Street

Tue, 23 Sep 2008 13:30:05 EDT

The government's proposed package to save Wall Street would hit home for everyone, points out CBS News correspondent Jeff Glor.

FDIC Backs Fed's Bank Bailout Plan

Tue, 23 Sep 2008 14:00:04 EDT

As Congress moves on the financial bailout plan, restructuring of troubled mortgages should be part of the final package, the head of the Federal Deposit Insurance Corp. said.

Wall Street Rattled By Bailout Angst

Mon, 22 Sep 2008 21:00:05 EDT

Volatility again swept the financial markets as investors grew nervous about an amorphous government plan to buy $700 billion in banks' mortgage debt. Stocks fell sharply, taking the Dow Jones industrials down more than 370 points.

G7 Pledges To Fight Global Credit Crisis

Mon, 22 Sep 2008 12:30:05 EDT

Finance officials from the globe's major economic powers pledged to do all they can to fight a worsening credit crisis that threatens the world's economic health and stability.

Japanese Bank Gets Chunk Of Morgan Stanley

Mon, 22 Sep 2008 12:00:07 EDT

Investment bank Morgan Stanley said it signed a letter of intent to sell up to 20 percent of the company to Mitsubishi UFJ Financial Group Inc.

Wall St.'s Surviving Giants Go Commercial

Mon, 22 Sep 2008 13:30:04 EDT

The Federal Reserve said it had granted a request by the last two major U.S. investment banks - Goldman Sachs and Morgan Stanley - to change their status to bank holding companies.

Is Soaring Debt The Lesser Of Two Evils?

Sun, 21 Sep 2008 00:30:05 EDT

The economy could suffer a massive hangover from the government's efforts to rescue the financial system in the form of a soaring debt burden. But the alternatives look infinitely worse.