Buying opportunities 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.
S.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.
Linens Canada files for bankruptcy protection
NEW YORK (Reuters) - The Canadian subsidiary of Linens 'n Things has filed for bankruptcy protection in Canada, the retailer said in a statement on Sunday. It said Linens 'n Things Canada Corp (Linens Canada) expects to appear in court in Canada in the next week to seek approval under the Canadian Bankruptcy and Insolvency Act.
Canada says national regulation alone not enough
QUEBEC CITY (Reuters) - The world must continue to take immediate steps to stabilize markets and prevent the collapse of banking systems but must also address the long-term need for more effective international financial institutions, Canadian Prime Minister Stephen Harper said on Sunday. "I do not believe that national regulation alone is sufficient," he told a news conference at the end of a summit of French-speaking nations, at which he also warned against the dangers of erecting trade barriers.
OPEC may cut oil supplies in 2 rounds: Khelil
ALGIERS (Reuters) - OPEC oil producers may cut oil supplies in two rounds, one when they meet next week in Vienna and a second later on, to drain oil supply surplus off markets and firm up prices, the group president on Sunday. "It is not clear that we will take the decision to reduce supplies by 2 million barrels per day but it very likely that we will take a reduction decision this time and another decision later on to ensure prices stability," Chakib Khelil told Algerian state television.
GM, Chrysler pushing for rapid deal: report
DETROIT (Reuters) - U.S. automakers Chrysler LLC and General Motors Corp
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.
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.
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