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The government will buy an ownership stake in a broad array of American banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said late Friday, announcing the historic step after stock markets jolted still lower around the world despite all efforts to slow the selling stampede.
Ford Motor Co is considering selling its stake in Japan's Mazda Motor Co (7261.T), a source familiar with the matter said on Saturday, as debt-laden U.S. automakers struggle with weakening auto sales and the global credit crunch.
WASHINGTON – The U.S. and its closest allies agreed on common guidelines to address the world financial crisis, a move that opens the way for a series of government actions. However, the action falls short of the joint plan that many investors had hoped for.
MOSCOW, Idaho -- The demons don't visit nearly as often as they did when Bart Gutke was sent home from the Iraq in 2006, a 21-year-old with a traumatic brain injury.
WASHINGTON - So how will it end? President Bush is down to his final 100 days in office as of Sunday. Don't expect a quiet fade into the Texas night. The bleakest economic downturn in decades has changed the dynamic drastically, keeping Bush and his financial team in activist mode to the end.
WASHINGTON -(Dow Jones)- Emerging from a meeting with Group of Seven finance ministers, U.S. President George W. Bush said Saturday that turmoil in financial markets requires a "serious global response," but cautioned that the world wide economic crisis won't be solved "overnight."
David Roeder: All together now, let's hear it for Total Capitulation! It doesn't work too well as a cheer, of course. (Two, four, six, eight, watch as we ca-pit-u-late!) But as long as the market is determined to destroy wealth, we'd all be better off if the Big C comes soon. These hard, late-in-the-trading-day selloffs don't do the trick.
The Bush administration plans to remove North Korea from a terrorism blacklist on Saturday after getting assurances the Stalinist nation has agreed to a plan to inspect its nuclear facilities, The Associated Press has learned.
UNITED NATIONS (Reuters) - Instead of sidelining the fight against climate change, the global credit crisis could hasten countries' efforts to create "green growth" industries by revamping the financial system behind them, the U.N. climate chief said on Friday.
Oct. 11 (Bloomberg) -- Iceland's government will ``honor its obligations'' to depositors at failed Icelandic banks abroad, including the U.K., said Prime Minister Geir Haarde , who will meet a British delegation to the island today.
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