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NEW: Lloyds TSBs secret 10bn loan to HBOS
LLOYDS TSB is secretly providing financial support to HBOS through a 10 billion loan facility, in a covert agreement between the two banks. The revelation of the deal, to help HBOS with its wholesale-funding needs, comes after two of Scotlands mostmore
2 more banks go belly-up
Regulators close down Franklin Bank, a Houston bank with $5.1 billion in assets, and Security Pacific Bank of California, with assets of $561 million, raising the tally of failed banks this year to 19. NEW YORK (CNNMoney.com) -- The tally of failedmore
Jobless Rate at 14-Year High After Big October Losses
The American economy lost another 240,000 jobs in October, the government reported Friday, as cash-strapped consumers pulled back sharply and businesses hunkered down, intensifying the distress gripping much of the country. The unemployment rate spikedmore
T stands for TARP...and Trouble
The Treasury Department's capital purchase program of banks is now underway but there is mounting criticism of the plan from legislators and banks. NEW YORK (CNNMoney.com) -- When the Treasury Department first unveiled its plan to buy stakes in banksmore
Unemployment Rate at 14-Year High After Big October Losses
The government reported Friday that more than 240,000 lost their jobs in October as the unemployment rate rose to 6.5 percent. Above, jobseekers lined up last last month for a career fair sponsored by the I.R.S. The American economy lost another 240,000more
Walsh backs Heathrow expansion
Willie Walsh, one of the most vocal backers of a third runway at Heathrow, has told political opponents of the plan to 'come to terms' with the need for an expanded national airport. The said the need for an expanded Heathrow had become more importantmore
Munich Re profit almost wiped out
Munich Re's profits have been badly hit by the financial crisis German reinsurance giant Munich Re has seen its quarterly profits almost wiped out because of the financial crisis and claims for hurricane damage. Third quarter profits fell by 99% to 12mmore
Japanese index falls more than 7%
The IMF says developed economies will shrink for the whole of 2009 Japan's Nikkei index has fallen more than 7% in early trading, following a day of sharp drops in financial markets around the world. In New York, the Dow Jones Index closed almost 5% downmore
Dynegy Disappoints
Dynegy can't control the weather--or its share price, as it turns out. Shares of the electricity generator sank 13.7%, or 42 cents, to $2.63, despite announcing Thursday that its hedging gains led its third-quarter earnings to nearly triple. Brucemore
Hedgie sees mortgage mess profit
Bryan Caisse says he sees a lot of chances to turn a buck where others have stumbled. (NEW YORK) Fortune -- In a time when closures or panicked liquidations of name-brand hedge funds have become commonplace, the opening of a $1 billion fund tradingmore
Flowers Foods Makes More Dough
Williams Co. reported its third-quarter profit nearly doubled to $366 million, or 62 cents a share, compared to $198 million, or 33 cents a share, in the same period a year ago. Management believes the company will face a much more challengingmore
Fujitsu Buys Up Siemens Stake
The collaboration between Fujitsu and Siemens goes way back to the early days of the 20th century, when Japan looked to Germany more than to the U.S. for help in becoming a modern nation. Even the Japanese company's name contains a reference to itsmore
European Banks Cuts Rates Sharply
LONDON ? Two central banks in Europe made aggressive rates cuts on Thursday, their second in less than a month, as they try to stimulate economies that are rapidly slowing. First, the Bank of England cut its benchmark interest rate by 1.5 percentagemore
For Obama, a Towering Economic To-Do List
The dismal state of the economy helped decide Tuesday?s presidential election. And it almost certainly will dominate the early days of the Obama administration. Few presidents have entered office with an economy in such turmoil. Reflecting worries thatmore
For Obama, Long-Term Ills and Short-Term Pain
BARACK OBAMAs victory in Tuesdays presidential election was in many ways a repeat of Ronald Reagans win 28 years ago. His eventual success as president may depend on a willingness to do what Mr. Reagan did: be willing to combat long-term economicmore
Obama Could Energize Solar
Solar stocks gave up some of the gains they made over the past two days on Wednesday following an unhappy surprise from SunPower, but not due to any worries over the victory of Barack Obama in the U.S. presidential election. Many expect hismore
Cisco nails profits, outlook pending
NEW YORK (Fortune) -- Cisco said Wednesday it froze hiring and slashed sales targets for the current quarter. The San Jose computer networking giant told analysts that order growth fell 3% in October and the order rate fell below the rate of shipments,more
Google abandons deal with Yahoo
The collapse of the deal is a blow for Yahoo Google has decided to abandon its advertising partnership with Yahoo to avoid having a 'protracted legal battle' with regulators. The deal involved Google providing some of the some of the advertising aroundmore
ITV predicts 'challenging' 2009
ITV broadcasts programmes such as Coronation Street Broadcaster ITV has predicted that the current economic slowdown will hit TV and online advertising in 2009. The group also said its net advertising revenue had fallen 2.5% to 1.04bn in the first ninemore
Next sales fall as downturn hits
Next expects sales to continue to fall in 2009 Fashion retailer Next has reported a fall in sales and expects business to continue to be poor next year as a recession looms. The company said like-for-like sales, which ignore the impact of new storemore
Turning On Virus Power
The way Angela Belcher sees it, nature could do a lot more, if only given the opportunity. Belcher, a materials science and biological engineering professor at the Massachusetts Institute of Technology, has long marveled at how abalone can spin a littlemore
Computer games to out-sell music and video
For years they have been the preserve of spotty teenage boys sitting in darkened rooms, but computer games will this year out-sell music and video in the United Kingdom for the first time, according to a report released today. As the music industry hasmore
VeraSun Stalls Plant Opening; Could Have Been Worse
VeraSun Energy filed for Chapter 11 bankruptcy protection last week and will receive up to $215 million in debtor-in-possession financing thanks to a Monday court ruling, but the funding isn't enough to get its nearly finished Minnesota refinery off ofmore
Broker Motivation, Client Consternation
'Who does a financial adviser work for?' Do they work for the client or for their employer? What is their legal obligation to the client? Though the answer may seem simple at first glance, actually, it is much more complex. There are many differentmore
Nokia Unwraps $32 Phone
Acting on its goal to explore new opportunities in emerging markets, mobile phone maker Nokia on Tuesday unveiled its least expensive handset ever, priced at $32. The Espoo, Finland-based company said it will introduce a range of Internet-based servicesmore
Boeing Delays Test Flight of New Dreamliner
The Boeing Company said Tuesday that its new long-range airplane, the Boeing 787, would not make its first test flight this year because of delays caused by a strike of the machinists? union. The setback is the latest in the development of the plane,more
Strike delays Boeing 787 launch
The delays had been expected as a result of the strike Boeing has delayed the first flight of its 787 Dreamliner aircraft until 2009, having previously aimed to get it off the ground before the end of 2008. It is the fifth substantial delay to themore
RBS's 20bn cash call: What the analysts say
did not impress the City today as it announced new credit crunch losses, launched a 15bn rights issue underwritten by the government, and agreed to sell UK Treasury a further 5bn of preference shares. Clarke warned that new chief executive Stephenmore
RBS braces for first annual loss
RBS has been hit hard by the global financial crisis Royal Bank of Scotland has signalled it expects to make its first annual loss in 2008 as it unveiled more write-downs on assets hit by the credit crunch. The beleaguered lender said bad debt chargesmore
Profits fall at Marks and Spencer
M&S chief Sir Stuart Rose says business has been volatile Half-year profits at Marks and Spencer have fallen 34% as the weakening economy has hit consumer confidence. The retailer said adjusted pre-tax profit stood at 291.8m in the first half of themore