Financial News

WASHINGTON, Oct 11 (Reuters) - Below is the text of a statement from OPEC to the International Monetary Fund's steering committee meeting in Washington on Saturday: OPEC would like to assure the distinguished delegates to the IMFC of the Organization's ongoing commitment to oil market stability. This has been reflected in recent efforts to help reduce excessive volatility, which have mainly been  ...

LONDON, Oct 10 (Reuters) - TEST TEST TEST TEST TEST TEST TEST Nuclear power operator British Energy (BGY ) said on Friday work on four reactors at two power stations was slightly behind schedule, and it was likely they would not return to service until early next year. British Energy said earlier this month all reactors at its Hartlepool and Heysham 1 nuclear power stations would restart over t ...

Simon Duke, Daily Mail11 October 2008, 3:09pm Royal Bank of Scotland looks to be first in line to tap the government's £500bn bank rescue scheme, sources said. Begging bowl: Sir Fred Goodwin of RBS WANT TO KNOW MORE? How safe is...RBS-Natwest? OTHER STORIES The 'worst week in market history' Market report: Friday close Markets in freefall as UK shares record worst week since 1987 crash Sterling hit by bets Iceland row will grow Savers warned over home safes  ...

By Kevin Krolicki and Jui Chakravorty Das DETROIT/NEW YORK (Reuters) - General Motors has had talks with smaller rival Chrysler LLC about a merger that would combine the No. 1 and No. 3 American automakers at a time when both are struggling to cut costs and shore up cash, according to a source briefed on the matter. Separately, Ford Motor Co, plans to sell its shares from its control ...

Philip Scott, This is Money11 October 2008, 5:00am Vote | Quiz | Calculate It is unlikely to muster much sympathy from the public but the ongoing global financial crisis has caused UK bank directors to nurse losses of more than £49m on the shares in the firms they work for so far this year. Hitting the wallet: Barclays Capital boss Bob Diamond has lost £9m on his stake which was worth £16.7m WANT TO KNOW MORE? QUIZ: Stock market crashes POLL: The FTSE has  ...

Philip Scott, This is Money11 October 2008, 5:00am Vote | Quiz | Calculate It started badly, got rapidly worse and then ultimately descended into utter misery as the sellers came out en masse. Stock watch: Our round up of London's trading week WANT TO KNOW MORE? Market report: Friday latest QUIZ: Stock market crashes POLL: The FTSE has fallen 40% so far this year (Oct 10). What will the total performance be for 2008? OTHER STORIES A round-up of the newspapers: Tue ...

WASHINGTON (Reuters) - General Motors is in preliminary talks about a possible merger with fellow U.S. automaker Chrysler, The New York Times reported late on Friday. The talks between GM and Cerberus Capital Management, the private equity firm that owns Chrysler, began more than a month ago and are not certain to produce a deal, the paper said. The Wall Street Journal reported on Fr ...

Daily Mail11 October 2008, 12:49am Morgan Stanley last night became the latest financial giant to be engulfed by the crisis. Under pressure: Morgan Stanley CEO Jack Mack WANT TO KNOW MORE? Just five FTSE 100 firms rise over a year OTHER STORIES Fears over US corporate giants sink Dow further towards 8000 Market report: Friday close Yesterday's trading: No luck of Irish for Henderson Barclays plans to raise funds from markets Will Brown have to nationalise all b ...

- (Recasts; adds details) Oct 10 (Reuters) - Semiconductor maker International Rectifier Corp said shareholders rejected the slate of directors proposed by Vishay Intertechnology Inc, which launched a takeover bid for the company late last month. International Rectifier said shareholders re-elected its nominees Jack Vance, Thomas Lacey and Mary Cranston at an annual meeting.  ...

FRANKFURT, Oct 10 (Reuters) - Commerzbank's retail banking operations have been adding customers and deposits even as the credit market crisis worsened in recent weeks, a Commerzbank board member said in a newspaper interview. Retail banking head Achim Kassow told the Frankfurter Allgemeine Zeitung daily the crisis had unsettled retail customers and boosted their demand for information but ...