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Stocks roar back on bank rescues, Morgan deal
13 Oct 2008 source: today.reuters.co.uk

By Leah Schnurr NEW YORK (Reuters) - Stocks surged on Monday, following the worst week ever, as global efforts by governments to pump cash into banks sparked a rally in financial shares, while credit markets showed some signs of loosening up. Governments, including those of Germany and France, stepped up efforts to restore confidence in the shaky banking system by offering multibilli ...

McCain attempts fresh comeback bid
13 Oct 2008 source: today.reuters.co.uk

By Matt Spetalnick VIRGINIA BEACH, Virginia (Reuters) - Republican presidential nominee John McCain on Monday sought to assure supporters he can come back to defeat Democrat Barack Obama in the face of drooping poll numbers and doubts in his own party. "My friends, we've got them just where we want them," McCain told a rally in the battleground state of Virginia as he attempted to br ...

Obama proposes new economic recovery measures
13 Oct 2008 source: today.reuters.co.uk

TOLEDO, Ohio (Reuters) - U.S. Democratic presidential candidate Barack Obama on Monday proposed a series of new economic rescue measures, including temporary tax credits and penalty-free withdrawal from retirement accounts. Obama's campaign released a fact sheet and excerpts from a speech he will give later in the day outlining the new economic proposals. They include a temporary tax ...

Bank shares fall despite bail-out
13 Oct 2008 source: bbc.co.uk

Dividend cancelled The government will buy £5bn of preference shares in RBS and another £15bn of ordinary shares if, as many expect, the bank is unable to find willing private investors. BANKS AND THEIR BAIL-OUTS RBS - £20bn (government takes 60% stake ...

UK banks receive £37bn bail-out
13 Oct 2008 source: bbc.co.uk

As a condition of the deal, the government has insisted that senior directors should get no cash bonuses this year, with future bonuses to be paid in the form of shares - a move aimed at encouraging management to take a more long-term approach. Dividend cancelled The government will buy £5bn of preference shares in RBS and another £15bn of ordinary shares if, as many expect, the bank is unable to find willing private investors.  ...

Bush critic Krugman wins 2008 Nobel for economics
13 Oct 2008 source: today.reuters.co.uk

STOCKHOLM (Reuters) - U.S. economist Paul Krugman, a critic of the Bush administration for policies that he argues led to the current financial crisis, won the 2008 Nobel prize for economics, the prize committee said on Monday. The committee awarded Krugman the prize for work that helps explain why some countries dominate international trade. A prominent economist who writes columns  ...

Indian batsmen defy Australians
13 Oct 2008 source: bbc.co.uk

India's batsmen did enough to keep Australia at bay as the first Test of four finished in a draw in Bangalore. Needing 299 from 83 overs following Australia's early declaration, they collapsed to 24-2 early on, but finished fairly comfortably on 177-4. Sachin Tendulkar made 49 in three hours, remaining 14 runs behind Brian Lara's world record for Test runs. He and VVS Laxman (42 not out) did the most to repel the Aussie bowlers as 10 overs were lost to bad light. Tendulkar seemed destined to ...

Beyond merger talks, GM eyes federal funds
13 Oct 2008 source: today.reuters.co.uk

By Kevin Krolicki and John Crawley DETROIT/WASHINGTON (Reuters) - What's good for General Motors Corp is good for the country. When former GM chief executive Charles Wilson told the U.S. Senate that GM "goes with the welfare of the country" in 1953, the automaker had more employees than the populations of Delaware and Nevada combined. Today, it has 266,000 employees worldwide and has ...

UK bank bailout to take big stakes in top banks
13 Oct 2008 source: today.reuters.co.uk

By Jodie Ginsberg and Steve Slater LONDON (Reuters) - Britain waded in with 37 billion pounds ($64 billion) of taxpayers' cash to bail out three major banks on Monday, in a move that could leave it as the main shareholder in at least two of them. In return for the British government's money, the banks will be forced to curtail the bonuses that many believe encouraged a risk-taking cu ...

Obama has four-point lead on McCain
13 Oct 2008 source: today.reuters.co.uk

By Andrew Quinn WASHINGTON (Reuters) - Democrat Barack Obama has a 4-point lead over his Republican rival John McCain in the U.S. presidential race, according to a Reuters/C-SPAN/Zogby tracking poll released on Monday. Obama leads McCain by 48 percent to 44 percent among likely voters, down 2 percentage points from the lead he enjoyed on Sunday. The poll has a margin of error of 2.9  ...

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