AIG in focus as financial meltdown spreads
HONG KONG (Reuters) - American International Group Inc, thrown a $20 billion lifeline by New York state officials, came under fresh pressure for survival on Tuesday as ratings agencies downgraded the insurer's debt and the global financial sector meltdown spread.
Lehman in talks to sell part of firm to Barclays: report
NEW YORK (Reuters) - Lehman Brothers is in talks to sell parts of the company to Barclays Plc, with the potential for an agreement to be reached as early as Tuesday, the Wall Street Journal reported on its website.
Fed set to hold rates steady, may signal cuts
WASHINGTON (Reuters) - Federal Reserve policy-makers are expected to stop short of lowering U.S. interest rates at a meeting on Tuesday but could signal readiness to cut them quickly if needed to protect the economy from one of the most serious financial crises in decades.
AIG gets NY state help to stave off cash crunch
NEW YORK (Reuters) - A complex asset swap brokered by New York state officials will give embattled American International Group a $20 billion lifeline, but the insurer's longer term rescue plan will depend on additional funding.
Asia cen banks try to calm markets with cash, words
TOKYO/SYDNEY (Reuters) - Japan, Australia and India plied money markets with cash on Tuesday as central banks across Asia-Pacific moved to prevent the upheaval on Wall Street from clogging the pipes of the global financial system.
Wall Street mauled by Lehman bankruptcy, AIG fears
NEW YORK (Reuters) - Wall Street had its worst day since markets reopened after the September 11 attacks as fears about the U.S. financial system's stability surged on Monday after Lehman Brothers filed for bankruptcy and insurer AIG struggled for survival.
Holders of preferred shares to sue Fannie Mae
LOS ANGELES (Reuters) - A California law firm will sue Fannie Mae on Tuesday on behalf of holders of the mortgage finance company's preferred shares, a lawyer with the firm said late on Monday.
Washington Mutual cut to junk by S&P
NEW YORK (Reuters) - Washington Mutual Inc , was downgraded to "junk" status on Monday by Standard & Poor's amid concern about mortgage losses, causing shares of the largest U.S. savings and loan to slide after-hours following a 27 percent plunge in regular trading.
HP to cut 24,600 jobs; to take $1.7 billion EDS charge
SAN FRANCISCO (Reuters) - Hewlett-Packard Co plans to cut 7.5 percent of its work force, or 24,600 jobs, seeking to realize savings from its recent acquisition of Electronic Data Systems Corp, the company said on Monday.
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