Reuters
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Egypt's Finance Minister and International Monetary and Financial Committee (IMFC) Chairman Youssef Bourtos-Ghali (2nd R), International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn (C), IMF's First Deputy Managing Director John Lipsky (2nd L) and IMF Secretary Shailendra Anjaria (R) attend the meeting of the IMFC at IMF Headquarters in Washington October 11, 2008. (Stephen Jaffe/IMF/Handout/Reuters)

IMF warns of financial meltdown; Europe seeks unity

23 minutes ago

WASHINGTON/ COLOMBEY-LES-DEUX-EGLISES, France (Reuters) - The IMF warned on Saturday that the global financial system was on the brink of meltdown, while France and Germany pushed ahead with a pan-European crisis response to try to prevent the worst global downturn in decades.

  • Italy to push for broader G7 membership 9 minutes ago

    WASHINGTON (Reuters) - Italy will push for broadening membership in the Group of Seven when it takes over leading the rich nations' club next year, Italian Economy Minister Giulio Tremonti pledged on Saturday.

  • General Motors Corp Headquarters is seen along the Detroit River in Detroit, Michigan September 17, 2008. (Rebecca Cook/Reuters)
    GM, Chrysler in merger talks: source 7 minutes ago

    DETROIT/NEW YORK (Reuters) - General Motors has had talks with smaller rival Chrysler LLC about a merger that would combine the No. 1 and No. 3 American automakers at a time when both are struggling to cut costs and shore up cash, according to a source briefed on the matter.

  • U.S. Treasury Secretary Henry Paulson gestures during his news conference after the G7 Ministerial meeting in Washington October 10, 2008. (Yuri Gripas/Reuters)
    Paulson warns emerging markets not immune to turmoil 2 hours, 50 minutes ago

    WASHINGTON (Reuters) - Treasury Secretary Henry Paulson said on Saturday that emerging market countries are not immune to the most serious global economic risks in recent memory and must be careful in their policy choices.

  • Ford plans to sell Mazda shares: source 2 hours, 37 minutes ago

    TOKYO (Reuters) - Ford Motor Co is considering selling its stake in Japan's Mazda Motor Co (7261.T), a source familiar with the matter said on Saturday, as debt-laden U.S. automakers struggle with weakening auto sales and the global credit crunch.

  • Two small banks fail; brings 2008 tally to 15 Fri Oct 10, 10:01 PM ET

    WASHINGTON (Reuters) - U.S. regulators took over two small banks on Friday, in Michigan and Illinois, bringing the tally of bank failures to 15 so far this year.

  • GE mulled bank charter as credit markets chilled Fri Oct 10, 8:50 PM ET

    WASHINGTON/BOSTON (Reuters) - As General Electric faced a recent credit crunch, the U.S. conglomerate considered seeking a bank charter that would give it access to government lending channels, sources familiar with the company's thinking said on Friday.

  • A trader works on the floor of the New York Stock Exchange, October 7, 2008. (Brendan McDermid/Reuters)
    Market ends mostly lower after wild session Fri Oct 10, 4:48 PM ET

    NEW YORK (Reuters) - The Dow and the S&P 500 dropped for an eighth session on Friday, as a dramatic late-day comeback stalled out to cap the worst week ever for the S&P amid more anxiety about the condition of credit markets and the threat of a global recession.

  • Pepsi to reinvest in soft drink business Fri Oct 10, 8:34 PM ET

    NEW YORK (Reuters) - PepsiCo Inc said on Friday it is making a major multi-year investment in its soft drink business to restore growth in a business that has declined as U.S. consumers seek drinks they view as healthier.

  • Belgium offers Fortis shareholders profit coupon Sat Oct 11, 6:02 AM ET

    BRUSSELS (Reuters) - Shareholders in Fortis will be able to claim a part of any profit the Belgian state makes from its investment in BNP Paribas through a coupon to be issued over the weekend, the Belgian government said.

  • France's President Nicolas Sarkozy (L) speaks with Germany's Chancellor Angela Merkel as they arrive at the Charles de Gaulle Memorial for its inauguration in Colombey Les Deux Eglises, eastern France, October 11, 2008. (Remy de la Mauviniere/Pool/Reuters)
    Sarkozy, Merkel prepare European crisis plan Sat Oct 11, 12:44 PM ET

    COLOMBEY-LES-DEUX-EGLISES, France (Reuters) - French President Nicolas Sarkozy and German Chancellor Angela Merkel paved the way on Saturday for European measures to tackle the global financial crisis but revealed little about their plans.

  • U.S. President George W. Bush (L) speaks to reporters in the Rose Garden after meeting with G7 finance ministers and heads of international finance institutions at the White House in Washington, October 11, 2008. Also pictured are (L-R): Bank of Italy Governor Mario Draghi, IMF Managing Director Dominique Strauss-Kahn, Eurogroup Chairman Jean-Claude Juncker, Japan's Finance Minister Shoichi Nakagawa, U.S. Secretary of State Condoleezza Rice, U.S. Treasury Secretary Henry Paulson, France's Finance Minister Christine Lagarde, Canada's Finance Minister Jim Flaherty, Britain's Chancellor of the Exchequer Alister Darling, Italy's Economy Minister Giulio Tremonti, Germany's Finance Minster Peer Steinbrueck and World Bank President Robert Zoellick. (Jonathan Ernst/Reuters)
    IMF warns of financial meltdown as crisis rages Sat Oct 11, 12:26 PM ET

    WASHINGTON (Reuters) - The International Monetary Fund warned on Saturday that debt-ridden banks were pushing the global financial system to the brink of meltdown and rich nations had so far failed to restore confidence.

  • Iceland, Britain agree in principle on Icesave Sat Oct 11, 12:40 PM ET

    REYKJAVIK (Reuters) - Iceland and Britain said on Saturday they had made "significant progress" and agreed in principle on an accelerated payout to retail depositors of failed Landsbanki's Icesave bank.

  • U.S. Treasury Secretary Henry Paulson speaks at a news conference after the G7 Ministerial meeting in Washington October 10, 2008. The world's rich nations vowed on Friday to take all necessary steps to unfreeze credit markets and ensure banks can raise money but they offered no collective course of action to avert a deep global recession. (Yuri Gripas/Reuters)
    Paulson says U.S. planning to buy financial equity Fri Oct 10, 9:51 PM ET

    WASHINGTON (Reuters) - The United States is developing plans to buy equity stakes in financial institutions, providing another weapon in its war against financial market turmoil, U.S. Treasury Secretary Henry Paulson said on Friday.

  • President George W. Bush leaves the podium after speaking about the global financial and credit crisis in the Rose Garden of the White House in Washington, October 10, 2008. (Jim Bourg/Reuters)
    Policy-makers weighing more steps to bolster banks Fri Oct 10, 8:41 PM ET

    WASHINGTON (Reuters) - The George W. Bush administration may push for a global backstop of interbank lending along with a U.S. government program to buy shares of major banks in an effort to stabilize the battered financial sector and reeling markets.

  • The exterior of the headquarters of investment bank Morgan Stanley is pictured in New York City, September 17, 2008. (Mike Segar/Reuters)
    Japan's MUFG may seek to change M. Stanley deal: report Fri Oct 10, 7:19 PM ET

    NEW YORK (Reuters) - Mitsubishi UFJ Financial Group Inc (MUFG) could seek to renegotiate the terms of a planned $9 billion cash injection into investment bank Morgan Stanley, CNBC reported on Friday, even as sources told Reuters the deal was still on track to close on Tuesday.

  • General Motors, Chrysler in merger talks: NY Times Fri Oct 10, 10:56 PM ET

    WASHINGTON (Reuters) - General Motors is in preliminary talks about a possible merger with fellow U.S. automaker Chrysler, The New York Times reported late on Friday.