Headlines News

Wachovia, Citi, Wells Fargo to halt litigation
6 Oct 2008 source: today.reuters.co.uk

By Dan Wilchins and Karey Wutkowski NEW YORK/WASHINGTON (Reuters) - Wachovia Corp and suitors Wells Fargo & Co and Citigroup Inc agreed on Monday to halt all litigation until noon Wednesday in hopes of deciding the winner of the troubled North Carolina-based bank. Wells Fargo and Citigroup have been battling over the bank since Wells Fargo announced an offer Friday that bested Ci ...

Afghan war cannot be won militarily: U.N.
6 Oct 2008 source: today.reuters.co.uk

By Jonathon Burch KABUL (Reuters) - The war in Afghanistan cannot be won militarily and success is only possible through political means including dialogue between all relevant parties, the United Nations' top official in the country said Monday. His comments come after Britain's military commander in Afghanistan said the war could not be won and that the goal was to reduce the insur ...

Obama urges swift action on markets
6 Oct 2008 source: today.reuters.co.uk

ASHEVILLE, North Carolina (Reuters) - Democratic presidential candidate Barack Obama on Monday urged the Bush administration to move swiftly to address the financial crisis, saying contagion was spreading. "Not only are we seeing the stock market go down but there is still a great danger of the credit markets locking up and we've seen that contagion is spreading to all parts of the globe,"  ...

Global rout sinks stocks; Dow below 10,000
6 Oct 2008 source: today.reuters.co.uk

By Ellis Mnyandu NEW YORK (Reuters) - Stocks fell on Monday, with the Dow diving more than 500 points to below 10,000 for the first time in four years, as investors feared the widening fallout from the credit crisis would drag the economy into recession. Wall Street's tumble was part of a global sell-off. But as severe as the U.S. losses were, they were still significantly less than  ...

U.S. calls for unity as crisis wrecks markets
6 Oct 2008 source: today.reuters.co.uk

By Daniel Trotta NEW YORK (Reuters) - Governments and central banks around the world grasped at measures to contain the fast-spreading financial crisis on Monday, but global stocks still plummeted as investors bet the $700 billion bailout could not avert a recession. The response in Europe was fragmented, leading top U.S. officials to call for a "forceful and coordinated" global reac ...

Poverty still plagues U.S. cities: survey
6 Oct 2008 source: today.reuters.co.uk

WASHINGTON (Reuters) - Most U.S. mayors and city officials say poverty is a growing problem, with many families unable to get by, according to a survey released on Monday. Some 90 percent of city officials in the National League of Cities survey of mayors and leaders of towns of 30,000 people or more say that during the last decade poverty rates have either increased or stayed the same in t ...

Fed to boost auctions, pay interest on reserves
6 Oct 2008 source: today.reuters.co.uk

WASHINGTON (Reuters) - The Federal Reserve on Monday announced a series of steps to funnel massive amounts of liquidity through clogged credit markets, including boosting the sizes of cash auctions and offering banks interest on reserves. "The Federal Reserve is substantially increasing the size of the Term Auction Facility (TAF) auctions," the central bank said in a statement. Speci ...

U.S. to allies: Fight in Afghanistan or write check
6 Oct 2008 source: today.reuters.co.uk

By Kristin Roberts WASHINGTON (Reuters) - The United States has asked Japan and NATO allies who have refused to send troops to Afghanistan to pay the estimated $17 billion needed to build up the Afghan army, according to U.S. defense officials. The push to quickly increase the size of Afghanistan's army and spread the cost of the initiative underscores the financial and military stra ...

AIDS pioneers and cancer researcher win Nobel prize
6 Oct 2008 source: today.reuters.co.uk

STOCKHOLM (Reuters) - One German and two French scientists won the 2008 Nobel prize for medicine or physiology for their discoveries of two viruses that cause severe human diseases, the prize awarding institute said on Monday. The prize of 10 million Swedish crowns ($1.4 million) recognized Harald zur Hausen of Germany for his work into the cause of cervical cancer and Francoise Barre-Sinou ...

Bus with gamblers flips in California, 10 dead
6 Oct 2008 source: today.reuters.co.uk

WASHINGTON (Reuters) - A bus traveling to a casino in northern California ran off a rural road and overturned, killing at least 10 people, the San Francisco Chronicle and other media reported on Monday. The newspaper's on-line edition said police confirmed 10 passengers had died and more than 30 others were injured when the charter bus left the road and rolled over into a ditch about 60 mil ...

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