Eurozone Rates Cut to 1%
The European Central Bank (ECB) cut its benchmark lending rate to a record low of 1 percent today and also announced that it would buy debt in order to get money flowing in the economy. More
New US Jobless Claims Fall to 601,000
The US Labor Department announced today that new applications for unemployment benefits fell to 601,000 last week – the lowest level in fourteen weeks and much lower than the expected 635,000. Total unemployment however continued to climb with 6.35 Americans now receiving unemployment benefits. More
No US Bank Insolvent: Geithner
The official results of the government-mandated stress tests will not be released until after Wall Street’s close today, but speculation is rife that several large banks require further capitalization. Despite the rumors, US Treasury Secretary Timothy Geithner said this morning that all the banks included in the testing process were “safe from insolvency”. More
GM Loses $6 Billion in 1st Quarter
General Motors Corp lost $6 Billion for the first quarter of 2009 and saw its revenue cut almost by half forcing the company to spend $10.2 billion more cash than it earned for the quarter. More
