LATEST BUSINESS NEWS AND HEADLINES
HONG KONG (Reuters) - A 6 percent fall in Asia pushed world stocks to their lowest in 5- years on Thursday, while oil fell below $53 and safe havens such as the yen gained on fears the global recession and a financial crisis will get uglier.
Global stocks hit 5-1/2 year lows
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Financials need at least $1 trillion: analyst
(Reuters) - The U.S. financial system still needs at least $1 trillion to $1.2 trillion of tangible common equity to restore confidence and improve liquidity in the credit markets, Friedman Billings Ramsey analyst Paul Miller said.
Prospect for auto bailout dims as Senate races clock
WASHINGTON (Reuters) - Chances dimmed that a last-minute plan being crafted by Republican senators, with White House support, to provide $25 billion to bail out U.S. automakers would receive enough backing from Democrats to pass before the end of this week.
Banks back mandatory CDS clearing: report
LONDON (Reuters) - Some of the world's top banks are backing a proposal to develop a mandatory central clearing system for the $55 trillion credit default swap (CDS) market, a report in the Financial Times said on Thursday. Dealer banks are stepping up efforts to back CDS clearing to head off a more radical overhaul, which includes a proposal to move trading of over-the-counter CDS on to an exchange, the report said, citing an internal Morgan Stanley email.
GM and Toyota to cut Thai output amid weak sales
BANGKOK (Reuters) - U.S. car giant General Motors Corp announced a two-month shutdown at its Thai plant on Thursday, the latest move by global automakers seeking to slash costs in the face of weak sales and deepening economic gloom.
Weak Japan exports pile on economic gloom
TOKYO/BEIJING (Reuters) - Japan's exports to Asia fell in October for the first time since 2002, showing that the fallout from the credit crisis has spread to neighbors such as China and adding momentum to investors' flight to the safety of cash.
Microsoft modifies Zune subscription model
(Reuters) - Microsoft Corp on Thursday announced a new music subscription plan for owners of its Zune players, which would allow them to keep 10 tracks per month and add them to their permanent collection.
Oil falls more than $1 as crisis crimps growth
SINGAPORE (Reuters) - Oil fell for a fifth straight session to approach $50 a barrel on Thursday as the fallout from the credit crisis hits the global economy, crimping demand for fuel.
Yahoo, T-Mobile announce mobile search deal
SAN FRANCISCO (Reuters) - Yahoo Inc announced an expansion of its mobile Web portals to T-mobile, so its smart phone users who get data will have Yahoo search by default.
General Growth takes on bankruptcy counsel: report
NEW YORK (Reuters) - General Growth Properties Inc has hired law firm Sidley Austin as bankruptcy counsel as it negotiates with lenders for more time to restructure its $27 billion debt, the Wall Street Journal said on Wednesday.
Global stocks hit 5-1/2 year lows
HONG KONG (Reuters) - A 6 percent fall in Asia pushed world stocks to their lowest in 5- years on Thursday, while oil fell below $53 and safe havens such as the yen gained on fears the global recession and a financial crisis will get uglier.
... read more
Weak Japan exports pile on economic gloom
TOKYO/BEIJING (Reuters) - Japan's exports to Asia fell in October for the first time since 2002, showing that the fallout from the credit crisis has spread to neighbors such as China and adding momentum to investors' flight to the safety of cash.
... read more
Prospect for auto bailout dims as Senate races clock
WASHINGTON (Reuters) - Chances dimmed that a last-minute plan being crafted by Republican senators, with White House support, to provide $25 billion to bail out U.S. automakers would receive enough backing from Democrats to pass before the end of this week.
... read more
Financials need at least $1 trillion: analyst
(Reuters) - The U.S. financial system still needs at least $1 trillion to $1.2 trillion of tangible common equity to restore confidence and improve liquidity in the credit markets, Friedman Billings Ramsey analyst Paul Miller said.
... read more
Obama taps Arizona governor for homeland security: report
WASHINGTON (Reuters) - U.S. President-elect Barack Obama's top choice to lead the U.S. Department of Homeland Security is Arizona Gov. Janet Napolitano, CNN reported on Wednesday, citing multiple sources.
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Oil falls more than $1 as crisis crimps growth
SINGAPORE (Reuters) - Oil fell for a fifth straight session to approach $50 a barrel on Thursday as the fallout from the credit crisis hits the global economy, crimping demand for fuel.
... read more
Small businesses feel Wall Street's pain
BOSTON (Reuters) - Wall Street's pain is rippling through U.S. small businesses, as bankers who once pulled in million-dollar bonuses lose their jobs and cut back spending on everything from parties to home improvements.
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California court to hear gay marriage ban case
SAN FRANCISCO (Reuters) - California's Supreme Court on Wednesday agreed to hear a legal challenge against the state's voter-approved ban on gay marriage and let the ban stand in the meantime.
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U.S. woman posed as teen online, teased girl: attorney
LOS ANGELES (Reuters) - A Missouri woman established a fake identity online to torment a vulnerable teenage girl who later committed suicide, federal prosecutors said on Wednesday in a trial that is being closely watched by the burgeoning social networking industry.
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Pakistan summons U.S. envoy to protest missiles
ISLAMABAD (Reuters) - Pakistan summoned U.S. ambassador Anne Patterson on Thursday to receive a formal protest over missile strikes launched by pilotless drone aircraft against militant targets on Pakistani soil, a Pakistani foreign ministry official said.
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