GM, Chrysler pushing for rapid deal: report
DETROIT (Reuters) - U.S. automakers Chrysler LLC and General Motors Corp
Iran: OPEC needs to cut output to avoid price fall
TEHRAN (Reuters) - Iran's oil minister renewed his call for OPEC to cut production when it meets later this week, saying this was the only way to prevent crude prices falling further, the official IRNA news agency reported on Sunday. "The only way to prevent global oil prices from falling further is to cut OPEC's production ceiling," Oil Minister Gholamhossein Nozari said late on Saturday, according to IRNA.
UBS boss aims to rebuild as CS steps into limelight
ZURICH (Reuters) - UBS Chairman Peter Kurer is a stern lawyer who embodies the values of conservative Swiss banking -- the exact qualities the bank is desperate to revive after a disastrous venture into risky investment banking. But local competitor Credit Suisse, under the leadership of U.S. former investment banker Brady Dougan, has quietly stolen the mantle of Swiss sobriety, despite the outsider at its helm, in a role reversal of the two Swiss banking giants.
The buying opportunity could be close
TORONTO (Reuters) - Brace yourself, but there's more bad news coming for Toronto stocks. When companies release their third-quarter results over the next few weeks, the accompanying earnings forecasts are likely to provide some pretty gloomy reading and may drive prices down further. Market focus will not be on the earnings themselves.
South Korea joins global rescue, crisis summit planned
SINGAPORE/LONDON (Reuters) - South Korea joined efforts on Sunday to shore up banks and markets pummeled by the biggest economic crisis since the Great Depression which world leaders said called for a coordinated global response. Authorities in Seoul pledged $130 billion in state guarantees and capital injections hours after U.S. and European leaders said they planned to hold a series of global summits to try to form an action plan.
Spanish banks face income hit, restructuring
MADRID (Reuters) - Rising loan defaults, slowing business and higher financing costs are likely to hurt Spanish bank income and lead to restructuring, bank leaders said in a television program broadcast on Saturday. Spain's banks face falling business and must accept credit growth will not return to past levels, Bank of Spain Governor Miguel Angel Fernandez Ordonez said.
Canada and EU support international summit on crisis
QUEBEC CITY (Reuters) - Canadian Prime Minister Stephen Harper said on Friday that Canada and the European Union support convening an international summit to address the global financial crisis before the end of the year. Harper, speaking after a meeting in Quebec City with French President Nicholas Sarkozy, added that Canada and the European Union reaffirmed their determination to restore confidence and normal functioning in the financial system.
South Korea pledges $130 billion to avert markets meltdown
SEOUL (Reuters) - South Korea announced on Sunday a package worth over $130 billion to rescue its markets dragged down in the global financial crisis, offering a state guarantee on foreign debt and promising to recapitalize financial firms. Asia's fourth-largest economy has looked one of the region's most vulnerable to the credit crunch with its banks struggling to find the dollars they need to pay debt and as frightened investors hammered down the won to its lowest in over a decade.
Dealers expect Bank of Canada rate cut next week
TORONTO (Reuters) - Nearly all of Canada's primary securities dealers predicted on Friday that the Bank of Canada will lower interest rates next week as the slowdown in the global economy shows little sign of easing. Six of Canada's 12 dealers, surveyed by Reuters, forecast Canada's central bank would cut its key overnight rate by 50 basis points at the next rate-setting date on October 21. Three called for a 25-point cut, and three expect no move.
Toronto stocks log biggest weekly gain in 6 years
TORONTO (Reuters) - The Toronto Stock Exchange's main index closed sharply higher on Friday as energy stocks rose on a rebound in crude and investors shopped for bargains. In yet another volatile day with a trading range of nearly 800 points from trough to peak, the S&P/TSX composite index <.GSPTSE> closed up 292.52 points, or 3.16 percent, at 9,562.49, with all of its 10 main groups higher.
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