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| Recession to push millions to poverty: World Bank |
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| Plummeting economic growth rates will push millions more in the developing countries into poverty and also retard progress in reducing infant mortality, a World Bank research has said.
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| Guest column: Sub-prime crisis is the flip side of a booming economy |
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| In a mortgage market, borrowers are categorised either as ‘prime’, which indicates their good credit-worthiness, based on their sound track record; or as ‘sub-prime’, meaning that their track record in repaying loans is below par.
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| Senate to try again on stimulus after impasse on spending cuts |
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| Obama says House to set aside ‘gamesmanship’ and finish the legislation.
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| Obama admin may impose $500,000 cap for rescued cos' execs |
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| The Obama administration is expected to impose a cap of $500,000 for top executives at companies that receive large amounts of bailout money, a media report said today, citing people familiar with the plan.
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| Obama rescue plan may guarantee re-written loans |
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| The Obama administration is considering government guarantees for home loans modified by their servicers, seeking to stem the record surge of foreclosures that’s hammering US property values.
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| Republicans threaten to block Obama stimulus in Senate |
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| President Barack Obama's signature attempt to kick-start the stricken US economy risks running into a Republican wall in the Senate this week, a top opposition senator said today.
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| Senate panel unveils part of $455 bn stimulus |
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| A Senate committee announced part of its economic stimulus plan, including $275 billion in tax cuts for businesses and producers of renewable energy that differ from a package proposed by House Democrats.
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| Brown tightens grip on UK banks as recession worsens |
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| Prime Minister Gordon Brown’s government tightened its grip on Britain’s financial system, guaranteeing toxic assets and giving the Bank of England unprecedented power to buy securities.
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| RBS may post $41 billion loss, biggest ever by a UK firm |
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| Royal Bank of Scotland Group Plc said it may post a loss of as much as £28 billion ($41 billion), the biggest ever reported by a UK company, as the credit crisis worsens.
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| Merrill to pay $550 m to settle subprime mortgage suits |
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| Merrill Lynch & Co will pay $550 million to settle claims by the Ohio State Teachers Retirement System and other shareholders that it misled investors about assets backed by subprime mortgages.
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| BofA may get US aid for Merrill Lynch purchase |
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| Bank of America Corp, the biggest US bank by assets, may get more aid from the government to help absorb losses tied to this month’s acquisition of Merrill Lynch & Co, three people familiar with the matter said.
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| US economy may shrink 1.5% in 2009 |
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| Economists slashed forecasts for US growth in 2009 and projected Federal Reserve policy makers won’t be able to start raising interest rates until 2010, according to a monthly Bloomberg News survey.
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| Citi may book $10 bn gain on Morgan Stanley deal |
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| Citigroup Inc may book a gain of as much as $10 billion by selling control of its brokerage to Morgan Stanley, helping to replenish capital depleted by the biggest losses in the bank’s history, a person familiar with the talks said.
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| Deutsche losses reveal industry setback |
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| Anshu Jain, who helped generate about half of Deutsche Bank AG’s earnings in 2007 as co-head of investment banking, is winding down buying and selling debt for the bank’s own account after at least $1.5 billion of losses. As Jain retreats from what was the most-profitable part of Wall Street during the past six years, the securities industry is preparing to report its worst quarterly trading results.
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| US companies cut 693,000 jobs in December: Report |
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| Companies accelerate the pace of firings.
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