Senate Expected to Vote Today on Economic Stimulus Bill
After spending Monday selling his vision of his ecoonomic stimulus plan, President Obama has asked the Senate to vote on the bill which calls for over $800 billion in new spending intended to keep money flowing in the economy and preserve jobs. More
Obama to Overhaul Government Rescue Plan
In an attempt to obtain Senate support for his economic stimulus bill, President Obama will introduce new rules for how the second half of the previous $700 billion financial rescue plan introduced under the Bush administration will be distributed. Critics claim that the first half of this money was distributed with little accountability or assurances that the loans would be re-paid. More
UBS Racks Up Huge Loss
UBS – Switzerland’s largest bank – announced that it lost 19.7 billion Swiss francs ($16.8 billion USD) for the 2008 operating year. The loss was due to the writing-off of bad debts in its investment unit. More
China Now World`s Largest Auto Market
China has overtaken the US to take the title of the world’s largest auto market with sales of 735,000 for the month of January compared to 656,976 sold in the US. More
