United States is set to take unprecedented measures to tackle the crisis gripping US financial markets, announced President George Bush on Friday. But he warned the moves, which include spending of billions of dollars to buy up bad debts, would risk a significant amount of taxpayers' money.
United States officials said they will hammer out a comprehensive plan to ease what has become a global financial crisis. US Treasury Secretary Henry Paulson said after meeting members of Congress that legislation would be required to help rid US banks of their bad assets.
Bill Gates remains the richest man in the United States with 57 billion US dollars in assets despite losing his crown to Warren Buffett for a few months earlier this year according to the latest The Forbes 400 billionaires.
Billionaire investor George Soros has given his gloomiest assessment of the state of the US and world economies. Speaking with BBC business editor Robert Peston Soros said that the acute phase of the credit crunch may be over but effects on the real economy are yet to be felt.
In a bid to save financial markets and economy from further turmoil the United States government agreed Tuesday evening to provide an 85 billion US dollars emergency loan to rescue the huge insurer AIG.
United States current account trade deficit increased by 4.3% to 183.1 billion US dollars in the second quarter of this year, up from 175.6 billion in the first quarter, the US Commerce Department reported Wednesday.
The United States Federal Reserve left interest rates unchanged at 2% on Tuesday arguing slower economic growth but also warning about an inflation outlook highly uncertain.
Bank of America is to buy Merrill Lynch in a deal worth 50 billion US dollars that will create a new financial giant. The deal came amid a hectic weekend on Wall Street, with Lehman Brothers announcing that it would file for bankruptcy protection.
Executives at United States investment bank Lehman Brothers are racing to meet a deadline of Sunday night to find a new owner for the troubled bank, the BBC has learned.
The United States stopped trying to be polite Friday in an escalating diplomatic shoving match with the populist leaders of Venezuela and Bolivia. Washington slapped new sanctions on three aides close to Venezuelan President Hugo Chavez and called him weak and desperate. The Venezuelan ambassador got the boot for good measure, a move that was purely for show. Chavez had already brought his man home.