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Todays Top Business News
From around the world and across the street.
•Bailout Critic: Plan Could Cost $3 Trillion
5 minutes ago
Even some who believe in the bailout say it will cost more than $700 billion.
[From ABC News: Money]
•UK bank bail-out to take big stakes in top banks
13 minutes ago
LONDON (Reuters) - Britain waded in with 37 billion pounds ($64 billion) of taxpayers' cash to bail out three major banks on Monday, in a move that could make the government their main shareholder.
[From Reuters: Business News]
•World Markets Confident: But Will it Last?
17 minutes ago
Dow up more than 400 points in early trading.
[From ABC News: Money]
•Dow jumps 600 as US government pledges bank aid
17 minutes ago
NEW YORK (AP) -- The Dow Jones industrial average rebounded as much as 600 points today as Wall Street snapped back from last week's devastating losses after major governments announced further steps to support the global banking system, including plans by the U.S. Treasury to buy stocks of some banks. All the major indexes rose about 7 percent....
[From AP Top Business News At 2:06 p.m. EDT]
•GM shares jump, Chrysler in talks with others
19 minutes ago
DETROIT (Reuters) - Shares of General Motors Corp jumped almost 18 percent on Monday after reports the No. 1 U.S. automaker had been in merger talks in recent weeks with smaller rivals Ford Motor Co and Chrysler LLC.
[From Reuters: Business News]
•Stocks roar back on bank rescues, Morgan deal
24 minutes ago
NEW YORK (Reuters) - Stocks surged on Monday, following the worst week ever, as global efforts by governments to pump cash into banks sparked a rally in financial shares, while credit markets showed some signs of loosening up.
[From Reuters: Business News]
•Iceland officially requests IMF help for crisis
27 minutes ago
REYKJAVIK (Reuters) - Iceland has officially requested financing from the International Monetary Fund, an IMF official said on Monday, part of efforts to combat a crisis that has overwhelmed its once-flourishing financial sector.
[From Reuters: Business News]
•Global bank rescue aims to halt crisis
30 minutes ago
NEW YORK (Reuters) - The world bet solidly on recapitalizing ailing banks as the fastest way out of the financial crisis in a clear new direction on Monday that reinvigorated stock markets after their worst week in history.
[From Reuters: Business News]
•Treasury moves on plan to recapitalize banks
36 minutes ago
WASHINGTON (Reuters) - The U.S. Treasury and Federal Reserve were working on Monday to finalize details on a plan to recapitalize banks and stabilize financial markets in the wake of new measures announced in Europe.
[From Reuters: Business News]
•Europe puts $2.3 trillion on line for banks
by By ANGELA CHARLTON and EMMA VANDORE
39 minutes ago
PARIS (AP) -- European governments overcame their differences to put $2.3 trillion on the line Monday in guarantees and other emergency measures to save the banking system in their most unified response yet to the global financial crisis....
[From AP Top Business News At 2:06 p.m. EDT]
•Russian markets drop sharply in seesaw trading
by By NATALIYA VASILYEVA
58 minutes ago
MOSCOW (AP) -- Russian stock benchmarks dropped sharply Monday on declining world oil prices and new struggles for control of the world's largest nickel miner, prompting trading suspensions on the country's two exchanges....
[From AP Top Business News At 2:06 p.m. EDT]
•Markets Up as Rescue Plan Takes Shape
1 hour ago
Administration hopes to calm markets with quick action on banks.
[From ABC News: Money]
•US summons banks to meeting on rescue plan
by By MARTIN CRUTSINGER
1 hour ago
WASHINGTON (AP) -- Major stock markets around the world rose for the first time in days Monday as the U.S. said it plans to swiftly implement a broad financial rescue package and Europe put almost $2 trillion on the line to break the lending logjam threatening the world's economy....
[From AP Top Business News At 2:06 p.m. EDT]
•Oil jumps $3 as bank plan spurs global market rally
1 hour ago
NEW YORK (Reuters) - Oil prices rose more than $3 to $81 a barrel on Monday as global markets rallied after governments launched bailout schemes to shore up banks.
[From Reuters: Business News]
•Columnist Paul Krugman wins Nobel economics prize
by By KARL RITTER and MATT MOORE
1 hour ago
STOCKHOLM, Sweden (AP) -- Paul Krugman, the Princeton University scholar, New York Times columnist and unabashed liberal, won the Nobel prize in economics Monday for his analysis of how economies of scale can affect international trade patterns....
[From AP Top Business News At 2:06 p.m. EDT]
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