Asia stocks drop for fifth day

October 7, 2008 on 10:56 pm | In Business News | No Comments

HONG KONG (Reuters) - Asian stocks fell about 4 percent, down for a fifth consecutive day, and government bond prices rose on Wednesday as fears of a looming global recession grew with no sign of a coordinated response or an end …

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Asia stocks drop for fifth day

Oil back below $90 on demand worries

October 7, 2008 on 9:47 pm | In Business News | No Comments

SINGAPORE (Reuters) - Oil prices retreated below $90 a barrel on Wednesday as concerns the global financial crisis will crimp demand for fuels overshadowed signs that producer group OPEC was considering a supply cut.

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Oil back below $90 on demand worries

Fed steps in but U.S. stocks dive

October 7, 2008 on 9:02 pm | In Business News | No Comments

NEW YORK/WASHINGTON (Reuters) - The U.S. Federal Reserve stepped forward as a commercial lender of last resort and signalled a readiness to cut interest rates as stocks spun lower for …

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Fed steps in but U.S. stocks dive

Economy seen to shrink

October 7, 2008 on 7:31 pm | In Business News | No Comments

LONDON (Reuters) - The economy shrank by 0.2 percent in the third quarter, the National Institute of Economic and Social Research said Wednesday as it urged the Bank of England to cut interest rates by half a percentage point.

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Economy seen to shrink

U.S. Fed steps in to stem crisis

October 7, 2008 on 7:01 pm | In Business News | No Comments

NEW YORK/WASHINGTON (Reuters) - The U.S. Federal Reserve stepped forward as a commercial lender of last resort and signalled a readiness to cut interest rates as governments around the world scrambled to stem the growing credit crisis and stocks spun lower for a fifth straight day.

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U.S. Fed steps in to stem crisis

Former AIG execs draw fire from U.S. lawmakers

October 7, 2008 on 6:56 pm | In Business News | No Comments

WASHINGTON (Reuters) - Lawmakers criticized American International Group Inc on Tuesday for ignoring financial warnings and for lavish spending, including an executive retreat just days after getting an $85 billion (48.6 billion pound) rescue loan.

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Former AIG execs draw fire from U.S. lawmakers

Virgin Atlantic pretax profit up in first half

October 7, 2008 on 6:50 pm | In Business News | No Comments

WASHINGTON (Reuters) - Virgin Atlantic reported on Tuesday a jump in pretax profit to 72 million pounds for the first half of its fiscal 2008/2009 on higher passenger traffic and stronger revenues.

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Virgin Atlantic pretax profit up in first half

Government to unveil major bank rescue package

October 7, 2008 on 6:27 pm | In Business News | No Comments

LONDON (Reuters) - Chancellor Alistair Darling will announce a rescue package for the banking system on Wednesday, a move likely to include a major injection of capital into banks, a government source said.

Government to unveil major bank rescue package

BAE unit in U.S. settlement over body armour

October 7, 2008 on 5:26 pm | In Business News | No Comments

WASHINGTON (Reuters) - The Armour Holdings Products unit of BAE Systems has agreed to pay $30 million (17.1 million pounds) to resolve charges that it knowingly made and sold defective bullet-proof vests used by U.S. police and emergency workers, the Justice Department said on Tuesday.

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BAE unit in U.S. settlement over body armour

U.S. judge says cannot rewrite BP refinery plea deal

October 7, 2008 on 5:21 pm | In Business News | No Comments

HOUSTON (Reuters) - A U.S. judge on Tuesday said she lacks legal authority to rewrite BP’s proposed $50 million (28.6 million pound) plea agreement with the U.S. government to resolve criminal liability for a deadly 2005 Texas refinery explosion despite victims’ assertions that it is too lenient.

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U.S. judge says cannot rewrite BP refinery plea deal

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