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Yahoo! News: Business Mon, 13 Oct 2008 23:04:01 GMT


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NPR Topics: Business Mon, 13 Oct 2008 18:40:00 -0400
  • Dow Surges On Global Bailout PlansThe Dow Jones industrial average has closed up 946 points, its biggest-ever one-day increase. The spike follows a week of massive losses on Wall Street that pushed the Dow below 10,000 points. Jeremy Siegel, professor of finance at The Wharton School of the University of Pennsylvania, attributes Monday's surge in stocks to relief the world's central banks and governments are serious about helping banks.
  • Some Ask Why Lehman Was Allowed To FailThere is a growing consensus that if the current crisis has a proximate cause it is Treasury's decision to let the Wall Street investment firm Lehman Brothers go under. The effects of letting the investment bank collapse are still rippling around the world.
  • Paulson Meets With Bank CEOs On Rescue PlanTreasury Secretary Henry Paulson has called the CEOs of half-dozen big U.S. banks to a meeting in Washington. Paulson and the CEOs were expected to discuss Treasury's plan to stabilize the financial sector by buying equity stakes in banks.
  • Britain Unveils Plan To Boost BanksBritain has said it would provide up to $63 billion to boost the balance sheets of three of the country's largest banks but demanded in return the departure of some of the country's top bankers. Stocks in Britain rose at the news.
  • Europe Vows $2 Trillion Backing For BanksEuropean governments have promised nearly $2 trillion of support for the banking system in Europe. After the British announcement of massive intervention last week, governments using the euro announced similar measures when they met in Paris Sunday night.
  • Dow Jones Posts Biggest One-Day GainStocks have rallied into positive territory, making their biggest-ever one-day gain. The Dow Jones industrial average closed up more than 900 points. Jason Weisberg, senior vice president of Seaport Securities, says Friday's close, the G-7 meeting and the European rescue plan all contributed to the surge.
  • Economy Hurts California's CitiesAs the national economy continues to suffer in the wake of Wall Street's meltdown, California cities are also grappling with the fallout of a troubled state economy hit hard by foreclosures and soaring unemployment.
  • Respecting Latino Culture At WorkThe U.S. is nearing the end of its observance of Latino Heritage Month (Sept. 15-Oct. 15). Aside from fun cultural activities and interesting books there are minefields to navigate too to avoid offending co-workers.
  • Columnist Krugman Wins Nobel For EconomicsPrinceton economist and New York Times columnist Paul Krugman won the Nobel economics prize on Monday for his analysis of how economies of scale can affect trade patterns and the location of economic activity.
  • European Stocks Soar On Bailout NewsStock markets soared after European governments announced a series of giant financial rescue plans. The packages were unveiled by Great Britain, Germany, France, Italy and others. They involve government guarantees of bank lending, as well as cash injections into troubled banks. The rescue plans may involve pay limits for CEOs, and the government taking equity stakes. Great Britain's plan involves the government buying shares in three big financial institutions, and becoming an owner of these once-private banks. The U.S. Treasury is also working on a similar plan.
  • Euopean Leaders Move Forward On BailoutLeaders from the 15 countries that use the Euro as currency met at a summit in Paris over the weekend to plan a bailout for European banks.They've developed an international program in hopes of stimulating markets across Europe.
  • Professor Wants Pairs' 1997 Nobel RevokedEconomists Robert Merton and Myron Scholes won the 1997 Nobel Prize in economics. Their formula for evaluating stock options laid the ground work for risk-management in modern financial markets. Nasim Taleb, a professor at New York University and a hedge fund owner, wants the prize revoked because he says their formula doesn't work.
  • Britain Rescues Three Major BanksThe British government said Monday it will inject $64 billion into some of its largest financial institutions. British taxpayer funds will to go the Royal Bank of Scotland, and Lloyds TSB which is merging with a big mortgage lender. The bailout means top officials at these banks will leave their posts.
  • GM, Chrysler Merger RumorsDetroit automakers have been suffering. There are worries that GM, Ford and Chrysler might not have enough money to make it through the downturn. And over the weekend, there were reports that the carmakers could be looking into dramatic moves including a possible merger between General Motors and Chrysler.
  • Automakers Turn To Product PlacementAutomakers may be in a crunch but they still have to advertise. With more viewers skipping television commercials with technology like TiVo, automakers are trying to draw attention to new models by getting them cast in TV shows. This fall, GM has found supporting roles for two models in an NBC series. Chrysler's Dodge Ram stars in a Fox TV show. Ideally, a TV show can immortalize a car, like the talking Trans Am on the 1980s series "Knight Rider." Though — fans beware — in the 2008 version of "Knight Rider," the Trans Am has been replaced by a Ford Mustang.