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Traders said oil’s gains on Thursday were largely driven by news that U.S. lawmakers appeared close to a final agreement on the massive bailout plan, a deal that could help the world’s largest energy-consuming nation avoid a deep recession that would cut deeply into fuel demand.
But the deal to rescue the faltering U.S. financial system [...]

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President Bush and Treasury Secretary Henry Paulson on Friday outlined a series of far-reaching steps - likely to cost hundreds of billions of dollars - aimed at stemming a widening financial crisis that is roiling the financial markets and undermining confidence in the banking system.
“We must act now to protect our nation’s economic health from [...]

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While the Federal Reserve had been tipped to leave rates on hold, analysts said a cut looked more likely after Lehman Brothers filed for bankruptcy.
The Fed has sought to soothe nerves and earlier injected $70bn  into markets to boost liquidity.
Central banks worldwide have faced the twin threat of quickening inflation and a wider economic slowdown.
“The [...]

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Wall Street remained on alert late Sunday as hopes for a buyout of beleaguered Lehman Brothers faded and following extensive efforts by both executives and regulators to stave off a broader financial crisis.
As the weekend drew to a close, the Federal Reserve announced plans to expand its lending to the banking industry in an effort [...]

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After six years of steady decline, the U.S. currency is on a major upswing, fueled by fears of a global recession and a meltdown in financial markets.
The New York dollar index, a measure of the dollar’s value against the currencies of major trading partners, is up 14% off an all-time low set in the Bear [...]

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Nearly a quarter of U.S. fuel production had been shut down due to the approach of Hurricane Ike, according to a government assessment released Friday.
By 10:00 A.M. ET, 13 of the 26 Texas refineries, representing a production capacity of 3.6 million barrels of fuel a day, had been shut down, the Energy Department said.
Texas accounts [...]

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Federal regulators said Thursday they could not determine after a lengthy review how much speculators have influenced commodity prices, especially the runup earlier this year in oil prices.
The Commodity Futures Trading Commission released a much-anticipated report examining the activities of large index investors and so-called “swap” traders - those who trade on behalf of banks [...]

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The federal government’s takeover of Fannie Mae and Freddie Mac may save the battered real estate market from a complete meltdown. But financial experts say the bailout won’t lead to a housing recovery just yet.
Instead, some on Wall Street said the housing sector is in as tough shape today as it was before Sunday’s rescue [...]

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(Fortune Small Business) — With commodity, fuel and insurance costs hitting record highs, small-business owners are anxious about next week’s federal minimum wage hike, which will require employers in 26 states and the District of Columbia to raise their base to at least $6.55.
Next week’s increase of the current $5.85/hour minimum wage is the second [...]

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President Bush on Saturday tried to pin the blame on Congress for soaring energy prices and said lawmakers need to lift long-standing restrictions on drilling for oil in pristine lands and offshore tracts believed to hold huge reserves of fuel.
“It’s time for members of Congress to address the pain that high gas prices are causing [...]

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