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Citigroup talking to U.S. government as shares dive: source
(Reuters)
Reuters - Citigroup Inc has begun talks with the U.S. government as its plummeting share price raises doubts about the bank's ability to survive, a person familiar with the matter said.
U.S. Bancorp acquires Downey, PFF deposits
(Reuters)
Reuters - US Bancorp agreed to acquire the deposits of Downey Savings and Loan Association and PFF Bank & Trust, the latest in a growing list of banks to fail this year, U.S. banking regulators said on Friday.
Obama moves to pick Timothy Geithner for Treasury
(Reuters)
Reuters - President-elect Barack Obama on Friday moved toward nominating Timothy Geithner as Treasury secretary and charging the respected head of the New York Federal Reserve with helping pull the United States out of an economic nosedive.
Wall St Week Ahead: Stocks eye Citigroup, Geithner's next moves
(Reuters)
Reuters - Wall Street faces stiff headwinds in the week ahead, the fate of Citigroup largest among them, that stand in the way of building on Friday's big rally and preventing November from winding up as one of the worst months for stocks on record.
Wall Street stages late rally on Geithner news
(Reuters)
Reuters - U.S. stocks stormed higher in a late rally on Friday to cap another volatile week as investors welcomed reports that President-elect Barack Obama has chosen his point person to combat the U.S. economic crisis, instilling confidence about the administration's ability to take action.
AFP - London shares were in the backfoot again Friday after a dire manufacturing report compounded fears that a deep and prolonged recession is ever more likely.
Ask AP: Importance of housing starts, honeybees
(AP)
AP - American farmers have long worried about the declining population of honeybees, a key crop pollinator. But honeybees originally came from Europe, so can't U.S. farms get by without them — with a little help from good old American bugs whose ancestors were here before Columbus?
FHA-Backed Loans: The New Subprime
(BusinessWeek Online)
BusinessWeek Online - As if they haven't done enough damage. Thousands of subprime mortgage lenders and brokers -- many of them the very sorts of firms that helped create the current financial crisis -- are going strong. Their new strategy: taking advantage of a long-standing federal program designed to encourage homeownership by insuring mortgages for buyers of modest means.
Wal-Mart names Duke to succeed Scott as CEO
(AP)
AP - Wal-Mart Stores Inc., the world's largest retailer, unexpectedly announced Friday that its chief executive will retire in February and be replaced by the head of its international division.
