European Central Bank cuts rates, to buy euro covered bonds, extend 12-month credit to banksFRANKFURT — The European Central Bank cut interest rates a quarter point and said it would buy euro-denominated bonds as well as offer longer-term credit to banks as it moves to get more money flowing through the 16-nation euro zone economy. 10 big banks need $75 billion in new capital; test results raise tentative hopes for economyWASHINGTON — The government’s long-awaited “stress-test” results have found that 10 of the nation’s 19 largest banks need a total of about $75 billion in new capital to withstand losses if the recession worsened. The Federal Reserve’s findings, released Thursday, show the financial system, like the overall economy, is healing but not yet healed. Tests expected to show large banks don’t have enough money to survive if economy worsensWASHINGTON — Some of the nation’s largest banks will be scrambling to demonstrate that they can raise capital after results of government stress tests leaked out, showing many need more funds. The Treasury Department will officially release results later Thursday. COPC launches seven new certificationsNEW DELHI - COPC, the world’s leading Business Excellence certification in the contact center industry worldwide, has recently launched secen new certifications in association with QAI, their exclusive implementation partner in India, Sri Lanka and Bangladesh. 40 percent leap in Indian student enrolment in AustraliaMELBOURNE - Overseas students continue to defy economic downturn to come to Australia. In one of the few bright spots for the Australian economy, universities set another record with a 21.7 per cent growth in new students in March, driven by a 40 per cent leap in enrolments by Indian students and a 19.6 per cent jump among Chinese students. Job surge in Australia: Positive uptick or rogue figures?SYDNEY - Shocked Australian economists didn’t know whether to jeer or cheer Thursday when official figures showed unemployment falling to 5.4 percent in April from 5.7 percent in March. NFL, MLB, NBA, NHL commissioners focus on economy when they gather for panel discussionNEW YORK — Major league baseball attendance is down 7 percent and the average crowd for 19 of the 30 clubs has dropped from a year ago. The NFL, NBA and NHL are nervously monitoring the recession but hopeful they will weather the downturn. German carmaker BMW reports a first quarter net loss of euro152 millionFRANKFURT — German carmaker BMW AG reported Wednesday a small net loss for the first quarter as the global recession cut deeper into car sales, and said the future of the market remained uncertain for the rest of the year. Boston Globe reaches tentative agreement with largest union after all-night negotiationsBOSTON — The Boston Globe and its largest employees union reached a tentative agreement early Wednesday on concessions that will keep the 137-year-old newspaper publishing, the union president said. US stocks edge lower ahead of stress test resultsNEW YORK - US stocks fell slightly Tuesday amid reports that the government will require banks to raise more capital in the ongoing recession. Las Vegas Sands, MGM Mirage & Wynn Resorts report weak 1st qtr as economy keeps gamblers awayNEW YORK — Casino companies, slammed hard by the recession, said their revenue suffered and profit plunged in the first quarter. Bernanke sounds most optimistic tone yet, says economy should start growing again later in ‘09WASHINGTON — Federal Reserve Chairman Ben Bernanke gave his most optimistic prediction yet Tuesday about the end of the recession, saying he expects the economy to start growing again this year — although the comeback could be weak and more jobs will disappear even after a recovery takes hold. State, local governments left holding the bag in Lehman bankruptcy want federal bailout moneyWASHINGTON — State and local governments from Florida to California believed their public money was safe in top-rated accounts at Lehman Brothers. What could be safer than putting cash in a venerable investment bank that helped finance America’s railroads? Tracking Federal Reserve Chairman Ben Bernanke’s comments on the economyWASHINGTON — Federal Reserve Chairman Ben Bernanke said Tuesday that the U.S. economy could begin to grow later this year if the government can gradually repair the financial system. His testimony to Congress’ Joint Economic Committee largely echoed statements he’s made in recent months. But this time, Bernanke was a bit more optimistic: He said not just that the recession could end but that the economy could start growing again by year’s end. Street slips as traders take profits after big jump; ‘Stress test’ results loom; Dow falls 16NEW YORK — Sometimes a down day on Wall Street can be a good thing — especially when it shows that investors are carefully weighing their next steps. Wall Street slips as investors take profits after big jump; ‘Stress test’ results loomNEW YORK — Caution returned to Wall Street ahead of results of the government’s stress tests of banks. Cha-ching! Federal stimulus provides not only boon for public but PR bounty for politiciansBOSTON — The federal stimulus package isn’t just a boon to many of the country’s citizens and industries. It’s also a gift for politicians. Regulators say failed NJ bank had ‘deficient management,’ poor lending policiesTRENTON, N.J. — A small bank in northern New Jersey has been shut down by state banking regulators, and an industry advocate says he cannot rule out future failures. As demand for online services grows, libraries look to stimulus cash to boost Internet speedsThe libraries in Delaware County, Pa., are trying to shift into warp speed. The county is hooking eight branches to a fiber-optic network to help meet library patrons’ ever-rising demand for high-bandwidth tasks like streaming educational videos and uploading online resumes. Bernanke says economy should pull out of a recession and start growing again later this yearWASHINGTON — Federal Reserve Chairman Ben Bernanke told Congress Tuesday the economy should start growing again later this year, his most optimistic assessment of the country’s financial health since the recession struck with force last year. Feds to tell banks today how they did on ’stress tests’ and how much capital they need to raiseWASHINGTON — Banks will be told today how they did on their “stress tests” and informed of regulators’ final decisions on how much capital they need to raise. AK Steel trims second-quarter outlook on GM, Chrysler production shutdownsPITTSBURGH — Production cuts at General Motors Corp. and Chrysler LLC will leave AK Steel with a larger-than-expected loss in the second-quarter, the steel maker said Tuesday. Boston Globe avoids shutdown for nowNEW YORK/BOSTON - The Boston Globe will survive for at least another day, but the economic problems dogging New England’s storied newspaper are reflective of an entire industry in the midst of a historic, wrenching transformation. Ashland, Cytec, AK Steel, Clorox, Children’s Place among big market movers MondayNEW YORK — Stocks that moved substantially or traded heavily Monday on the New York Stock Exchange and Nasdaq Stock Market: Stocks jump, putting S&P 500 close to flat for the year as pending home sales data boost moodNEW YORK — Brightening news about the economy sent investors rushing into stocks Monday and put Wall Street close to break-even for the year. Stocks add to already big gains following rise in pending home sales, construction spendingNEW YORK — Wall Street is extending its rally as reports on housing and construction show improvement for March. EU revises forecasts down; predicts deep, wide recession as Germany takes global trade hitBRUSSELS — Deepening the economic gloom in Europe, the European Union admitted Monday that its previous forecasts were way off the mark. It now predicts “a deep and widespread recession” across the continent and says unemployment among the 16 nations that use the euro will rise to a postwar record of 11.5 percent in 2010. Big Boston Globe union, management finish all-night negotiation with no deal, plan more talksBOSTON — The Boston Globe and its largest employees union finished all-night talks without a deal Monday, but plan to be back at the bargaining table soon. Lifetime job guarantees are among the final sticking points on a deal that could avert a shutdown of the 137-year-old newspaper. Stocks trade higher ahead of economic reports as upbeat mood about economy continuesNEW YORK — Wall Street is extending its rally as investors wait for the release of readings on housing and construction. Buffett forecasts end to recession but uncertain on timingWASHINGTON — Billionaire Warren Buffett says the latest recession really shook up Americans’ confidence but he sees the economic slide ending. |
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