Icelandic Shoppers Splurge as Currency Woes Reduce Food Imports

Reykjavik, Iceland, on Monday, Oct. 13, 2008. After a four-year spending spree, Icelanders are flooding the supermarkets one last time, stocking up on food as the collapse of the banking system threatens to cut the island off from imports. Photographer: Arnaldur Halldorsson/Bloomberg NewsOct. 13 (Bloomberg) — After a four-year spending spree, Icelanders are flooding the [...] continue reading world news

UK: Trains, water and power may be next in line for a bail-out

The chancellor must take emergency steps to prevent rail, water and power companies going bust in the global economic storm, former cabinet minister Peter Hain has warned.Hain, the former work and pensions secretary, urged the government to draw up reserve powers that could be used in the event of a major utility collapsing and taking [...] continue reading world news

U.S. Is Investing $250 Billion in Banks

Treasury Chief Says Banks Must Deploy New CapitalTreasury Secretary Henry M. Paulson Jr., speaking in Washington on Tuesday morning, described the government’s bailout as “extensive, powerful and transformative.” The Federal Reserve chairman, Ben S. Bernanke, is at right.WASHINGTON - Describing the government’s financial bailout plan as “extensive, powerful and transformative,” Treasury Secretary Henry M. [...] continue reading world news

GM to hasten factory closings

Wis. plant, Grand Rapids affectedGeneral Motors announced Monday that it will idle its Janesville, Wis., SUV factory on Dec. 23.(2005 photo by Janesville Gazette via AP)General Motors Corp. announced Monday that it will close its Grand Rapids stamping plant in December 2009 and accelerate the closing of its Janesville, Wis., assembly plant by more than [...] continue reading world news

Iceland shares plunge 76% as trading resumes

Shares on the Reykjavik stock exchange plunged by 76 per cent when trading resumed after three days of closure as Iceland’s economy continued to teeter on the brink of collapse.Shares later recovered to leave the OMX Iceland 15 index down 47 per cent in morning trade.Market officials said the astounding figure was misleading since the [...] continue reading world news

Wall Street Turns South

Most U.S. Stocks Fall as Earnings Concern Overshadows Bank Plan Oct. 14 (Bloomberg) — Most U.S. stocks fell a day after the market’s biggest rally since the 1930s as a worsening outlook for earnings forced investors to look beyond a $2 trillion global push to rescue banks.PepsiCo lost as much as 14 percent, the [...] continue reading world news

Why should gold stop at $1,500?

LONDON (MarketWatch) — Euphoria over bank bailouts and the temporarily buoyant stock markets is masking a sober reality.The piper still has to be paid.One fairly sanguine estimate of the cost of salvaging Wall Street came Tuesday morning from analysts at Merrill Lynch. They figure the inflationary effect of all the bank bailout measures now underway [...] continue reading world news