U.S. Treasury to Require Lending Reports
In an attempt to free lending capital, the U.S. Treasury Department is forcing banks that received money through the $700 billion financial rescue plan to provide monthly reports on how each bank is using the money it received. The Treasury also wants information on purchases of mortgage-backed and asset-backed securities. More
Pound Falls to Record Low Against the Yen
The pound fell to its lowest rate ever against the yen, falling from 130.71 yen to the pound yesterday, to 125.96 yen to the pound this morning. Sterling also dropped below $1.40 US for the first time since 2001 as investors fear that the UK banking crisis could deepen. More
U.S. Stock Futures Lower
With stock futures tumbling, it appears that the mini-rally will end today after three straight positive days on Wall Street. More
Fiat Buys 34% of Chrysler
Fiat and Chrysler have announced a deal – described as an “alliance” between the two auto manufacturers – that would see Fiat receive a 35 percent stake in Chrysler. In return for its investment, Fiat will gain access to North America through Chrysler’s dealer network while Chrysler will receive the benefit of Fiat’s fuel-efficient technologies. More
