Main Street 9

  Europe may be reeling from the worst recession in living memory, but in Italy you can barely tell. As leaders around the continent suffer the backlash from factory closures and job losses, Prime Minister Silvio Berlusconi is more popular than ever, there is not a hint of social unrest and unemployment remains close to [...]

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U.S. oil prices rose above $35 a barrel  parring but not reversing  nearly 7% drop on renewed economy concerns, slumping demand and bloated inventories. U.S. crude for March delivery rose 32 cents to $35.25 a barrel. “The crude market is still hanging on to the low end of its range,” said Tom Bentz, an analyst at [...]

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General Motors and Chrysler LLC said Tuesday they could need an additional $21.6 billion in federal loans between them because of worsening demand for their cars and trucks. The two firms, in documents submitted to the Treasury Department, also detailed plans to cut 50,000 jobs worldwide by the end of the year. GM said it plans [...]

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  The White House said a disorderly bankruptcy in the motor industry would be a huge blow which the US economy could not withstand. Meanwhile General Motors said it was temporarily stopping some production. And Honda is also to cut back output in North America. GM, which has been pleading for an emergency government loan [...]

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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 [...]

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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 [...]

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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 [...]

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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 [...]

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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 [...]

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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. [...]

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