By Mark Deen
April 22 (Bloomberg) — Chancellor of the Exchequer Alistair Darling today will deliver a U.K. budget with what may be the biggest deficit on record, limiting his ability to counter the worst recession since World War II.
The shortfall this year may jump to 160 billion pounds ($232 billion), or 11 percent of gross [...]
No surprise here: The New York-based insurance company that spawned an out-of-control London derivatives dealership is now a $170 billion (and counting) headache for the American taxpayer. The bulk of the losses came from the hundreds of billions of dollars worth of contracts created by AIG Financial Products to pay off holders of mortgage-backed securities [...]
London – Thomson Reuters today announced plans to support the growth in commodities trading through new enhancements made to its multi-asset class transaction service, Reuters Trading for Exchanges. The major enhancements to Reuters Trading for Exchanges (RTEx) were unveiled today, just ahead of Trade Tech Paris, which extend the service’s use beyond the equity markets [...]
Yahoo said last October it would cut about one-tenth of its workforce, or about 1,600 jobs. The company finished 2008 with roughly 13,600 employees and said it would take severance charges from the new round of layoffs during the second quarter.
Yahoo said its operating cash flow, excluding certain items, was $409 million in the [...]
U.S. stock markets plunged yesterday after several major firms cautioned that the recession continues to weigh on their businesses, prompting investors to lock in profits from the past month’s rally.
The Dow Jones industrial average fell 3.6 percent, or 289.60 points, to 7841.73. The broader Standard & Poor’s 500-stock index dropped 4.3 percent, or [...]
Treasury Secretary Timothy F. Geithner said yesterday that the “ultimate test” for determining which banks can repay government bailout money is whether the entire financial system is capable of offering enough credit to revive the economy.
Geithner’s remarks indicate that regulators will require banks to meet high standards to get out from under the government’s [...]