In a brief statement after their Washington talks, the G7 stopped short of backing a British plan to guarantee lending between banks, something many on Wall Street saw as vital to end growing market panic.
The Wall Street Journal reports that Spanish bank Banco Santander SA is in "advanced talks" to acquire Philadelphia-based thrift Sovereign Bancorp Inc.
Investors agonizing over whether the stock market is bottoming out or about to extend its precipitous decline face more uncertainty this week as they await action on the government's rapidly expanding effort to pull the financial system from the brink.
If last week was any indication, Washington's medicine has yet to take hold. Wall Street suffered through its worst five-day period in history as investor fears about frozen credit markets deepened and they yanked money out of the markets, sending major indexes tumbling from New York to Hong Kong.
With its iconic stagecoach, Wells Fargo & Co. has evoked images of the wild West throughout its 156-year history.
While the rest of the world is facing a financial meltdown, the Iraq Stock Exchange is booming.
The ISX index soared nearly 40 percent during September, boosted by increasing confidence in security gains.
The ISX is only open two hours a day, three days a week and brokers track trading activity on the floor with colored markers and white bulletin boards instead of computers. But investors are seeing gains, especially in the hotel sector, even as markets elsewhere are taking a tumble.
'I don't think that the current financial crisis will hurt our economy and especially this market because we are not connected to any of the global markets and we have very few foreign investors,' said Omar Mouwaffak, a 73-year-old trader resting on a bench along the wall.
The declaration says the governments would guarantee "for an interim period and on appropriate commercial terms" new interbank loans between private institutions for the next five years.
France's President and current European Union president Nicolas Sarkozy welcomes Luxembourg's Prime Minister Jean-Claude Juncker ahead of a financial crisis summit gathering on Sunday.
Major British banks are likely to announce their plans to recapitalize early on Monday, a person familiar with the matter said, a move which could see the government take multi-billion pound stakes in several ...
The four most dangerous words for investors are: This time is different. In 1999, technology companies with no earnings or sales were valued at billions of dollars.
Following up an announced government plan to buy mortgages from Canadian banks, a number of lenders on Friday announced plans to cut their prime rates - though by differing degrees.
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