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Fed Chairman Ben Bernanke acted after the world's largest insurer said it would file for bankruptcy if the government did not come to its aid.
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Industry and government officials say the handouts are cheaper in the long run than doing nothing. But critics say they encourage bad behavior by removing the consequences. >>
INTERNATIONAL
Global stock markets reflect anxiety over exposure to the U.S. meltdown. >>
Its recent acquisitions have created a financial powerhouse. Is such a vast concentration of wealth and power in the best interests of consumers? >>
INVESTING
The fund's asset value falls below the standard $1 a share because of losses on IOUs from Lehman Bros. >>
September 16, 2008
TELEVISION
The fall season will help decide the programming chief's future at the network. >>
WASHINGTON -- Federal regulators today defended their assessment that a chemical widely used in plastic baby bottles and in food packaging is safe, even as the first major study of health effects in people linked it with possible risks for heart disease and diabetes. >>
Crude nears the $90 level. For motorists in some U.S. areas, pump prices hit $5 a gallon. >>
GM executives acknowledge that the $25 billion the industry is seeking in federal loan guarantees would help subsidize the hybrid car's development and production. >>
The asking price for the Hollywood landmark, restored to its former glory in the 1990s, is $31 million. >>
A group of current and former workers accuses the CEO and his predecessor of devising a plan to take the company private to enrich themselves to the detriment of employees. >>
The company releases test results showing that its Technosphere insulin delivery system is as effective for diabetics as injections. But investors are still wary about safety; MannKind's stock slumps. >>
FROM OUR BLOGS
Walt Disney Pictures is making a lot of marketing noise with its upcoming "Beverly Hills Chihuahua," a live-action comedy about a pampered purebred that gets lost in Mexico. >>
One day after falling 504 points, the Dow gains 141. Broader indexes also advance. >>
Despite their relative health, the two investment banks have been dragged down by the same gloom surrounding their less fortunate rivals. >>
Earnings Roundup
Best Buy Co. said Tuesday that its second-quarter profit slid 19% as it spent money to boost cellphone sales by completing the rollout of its Best Buy Mobile concept to nearly 1,000 North American stores. >>
September 16, 2008
WASHINGTON -- Consumer prices in August posted the first monthly decline in nearly two years as Americans finally get a break from surging energy prices. >>
Biotechnology company Amgen Inc. released widely anticipated data Tuesday showing its osteoporosis drug candidate denosumab dramatically cut the risk of spinal and hip fractures in postmenopausal women, compared with a placebo. >>
FROM OUR BLOGS
For those of you who have been anticipating the so-called Google Phone as if it were the next iPhone, the wait is almost over. >>
FROM OUR BLOGS
The Federal Reserve typically doesn't like to surprise Wall Street, but it did Tuesday: Markets had been betting that policymakers would cut their benchmark short-term interest rate, but instead they stood pat, at 2%. >>
The government closed U.S. borders Tuesday to more than 30 generic drugs -- including popular antibiotics and cholesterol medicines -- made by India's biggest pharmaceutical company, citing poor quality in two of its factories. >>
Porsche raised its stake in German automaker Volkswagen on Tuesday to more than 35% -- a move that it said gave it effective control over Europe's biggest carmaker. >>
Here is the text of a statement issued Tuesday by the Federal Reserve: >>
The McClatchy newspaper company announced its second major round of job cuts in three months Tuesday and blamed a sour advertising environment in trimming its payroll by 10%. >>
The acquisition comes after the British bank abandoned plans to buy all of the U.S. securities firm, which has since filed for bankruptcy protection. >>
Merrill Lynch & Co. Chief Executive John Thain and two former Goldman Sachs Group Inc. colleagues he recruited may reap almost $200 million for their year running Merrill if they leave or are given lesser roles after Bank of America Corp. buys the brokerage. >>
Lehman Bros. Holding Inc.'s bankruptcy has sent employees to EBay auction sites to offer knickknacks, memorabilia and even parting shots. >>
Daily developments* Stocks rebounded from their worst slide in years, with the Dow Jones industrial average rising 141.51 points. >>September 16, 2008
The groundwork was laid in 1998, when Hugh McColl's NationsBank swallowed up BofA to create the country's largest bank. Whether the marriage will succeed, however, is a big question. >>
September 16, 2008
Worries over Lehman's fallout and AIG's fate pervade the market >>
Small and mid-size companies could face more difficulty getting financing for expansion, new ventures or acquisitions. >>
WALL STREET
Workers at the two major investment banks are mired in uncertainty after the weekend's shake-ups. >>
A screening method that its maker says would allow for early treatment is already on the market, without FDA approval and facing scrutiny. >>
FUEL
Power outages from Hurricane Ike put the squeeze on gas supplies. Steep hikes at the pump spur complaints on Gulf Coast and elsewhere. >>
INTERNET
Growing scrutiny and opposition could cause problems for both Internet companies. >>
The move is an effort to spark growth in an economy slowed by the turmoil in the financial markets. >>
CONSTRUCTION
He settles charges with the Securities and Exchange Commission, which accused him of taking part in a scheme to backdate stock options for himself and others at the Los Angeles-based home builder. >>
The insurer wins approval to use $20 billion in assets held by its subsidiaries. >>
The Dow plunges 504 points as investors worry about more bad news ahead. Broader stock indicators also decline. Oil falls below $100 a barrel. >>
The agency accuses Irvine lawyer Jeanne Rowzee, Santa Ana insurance salesman James Halstead and Texas venture capitalist Robert Harvey of using investors' money as 'their own personal piggy bank.' >>
BUSINESS BRIEFING
ENERGYOil CEOs asked about sex scandal >>The electronics retailer says the acquisition will allow it to expand its delivery of digital content. >>
Q & A
Lehman stock may be a total write-off, but don't make any drastic moves yet. >>
Recent upheavals provide a dramatic backdrop for the launch of a U.S. Treasury program to educate children about credit. >>
The August weakness is led by an 11.9% decline in production of motor vehicles and parts. >>
The cuts are designed to help the company integrate its operations with those of Electronic Data Systems, which it acquired in August. >>
What's aheadKey economic events this week: >>Fannie Mae and Freddie Mac's regulator is blocking as much as $24 million in "golden parachute" severance payments to the companies' ousted chief executives. >>
At a glance* Stock prices plunged across the globe, with the Dow Jones industrials tumbling 504 points, the most since right after the Sept. 11 attacks. >> |
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