The British government moved to break up the country’s two biggest retail banks, imposing a major shakeup on the financial sector as it exacts payback for last year’s massive state bailout at the height of the financial crisis.
The government also injected billions of pounds more of taxpayer funds into Royal Bank of Scotland PLC and [...]
Archive for November, 2009
A look at economic developments around the globe
November 4th, 2009 by Financial Writer
Tags: banking sector, economic, financial crisis, financial sector, retail banks
more...Buffett’s big bet: $34B on 2nd-largest railroad
November 3rd, 2009 by Financial Writer
The biggest name in investing is making what he calls an “all-in wager” on the U.S. economy — $34 billion to own a railroad that hauls everything from corn to cars across the country.
The acquisition of Burlington Northern Santa Fe, the nation’s second-largest railroad, would be the biggest ever for Warren Buffett’s Berkshire Hathaway investment [...]
Tags: Buffett, economic, economy, railroad industry, world of finance
G20 to seek progress on world growth scheme
November 3rd, 2009 by Financial Writer
Group of 20 financial leaders will seek to firm up a plan to rebalance the world economy when they meet this week, looking to beat out how to set national policy goals and make sure everyone keeps to them, officials said on Monday.
Sources from the group of rich and developing nations said that talks were [...]
Tags: Economic Turmoil, economy, financial leaders, financial markets, g20
New business coalition opposes House health bill
November 2nd, 2009 by Financial Writer
Eleven of the nation’s largest business groups are beginning a multimillion-dollar TV ad campaign that says the health overhaul legislation in the House would raise taxes and worsen the economy without curbing medical expenses.
“Over $500 billion in crushing tax increases. But nothing to control rising health care costs,” says the ad, which is to begin [...]
Tags: business, economy, healthy economy, house health bill
3 strong economic reports lift hopes for recovery
November 2nd, 2009 by Financial Writer
Hopes for the fledgling economic recovery got a boost Monday from better-than-expected news on manufacturing, construction and contracts to buy homes.
U.S. manufacturing activity grew in October at the fastest pace in more than three years, according to a private group’s measure. It was driven by government spending, businesses’ need to rebuild their inventories and higher [...]
Tags: businesses, decision economics, economic, financial stocks, inventories
Commercial lending giant CIT files bankruptcy
November 2nd, 2009 by Financial Writer
Lender CIT Group has filed for bankruptcy protection, in an effort to restructure its debt while trying to keep loans flowing to the thousands of mid-sized and small businesses.
CIT made the filing in New York bankruptcy court Sunday, after a debt-exchange offer to bondholders failed. CIT said in a statement that its bondholders have overwhelmingly [...]
Tags: bankruptcy, businesses, commercial lending, Debt, economy