United States Treasury Secretary Henry Paulson said that what remains of the 700 billion USD bail out plan authorized by Congress will be left for unforeseen emergencies and to help the incoming President elect Barack Obama administration.
Troubled US carmaker Ford Motor is selling a 20% stake in Japan's carmaker Mazda Motor. The announcement follows General Motors decision to sell its 3% stake in carmaker Suzuki for 230 million US dollars to raise cash.
Falling energy costs meant US wholesale prices dropped by 2.8% in October, the biggest one-month decline since records began more than 60 years ago. The larger-than-expected fall was triggered by a 12.8% drop in energy prices, the biggest monthly decline for 22 years.
United States president-elect Barack Obama said all parties involved in the US auto industry should come together to formulate an economic survival plan.
Billionaire investor George Soros offered a gloomy outlook for the US economy, stating that a depression is possible. Testifying at a US Lower House Oversight and Government Reform Committee hearing on Thursday, Soros predicted that not only will the US muddle through a deep recession, but that hedge funds will be decimated by the current financial crisis.
United States retail sales fell 2.8% in October, the largest drop on record for the month and another sign that US consumers are clamping down amid the faltering economy, the Commerce Department reported Friday.
President-elect Barack Obama named former Secretary of State Madeleine Albright and former Republican Representative Jim Leach as his emissaries at the international economic summit hosted by President George Bush in Washington on November 14/15.
The 700 billion US dollars bail-out package has already clearly helped stabilise the financial system, US Treasury Secretary Henry Paulson said on Wednesday but he also warned there were still many challenges ahead and market turbulence was likely to continue for some time.
No major changes or initiatives, but a change in tone” - that is the commonly-held view of Washington analysts on Barack Obama's likely policies towards Latin America.
US president-elect Barack Obama, vowed on Friday to confront the current economic crisis head on in his first news conference since his victory in Tuesday's election.