Treasury Secretary Timothy Geithner has unveiled a comprehensive bank bail-out plan worth at least 1.5 trillion US dollars. Under the plan, the size of a key Federal Reserve lending program will be expanded to 1 trillion from 200 billion.
China car sales topped the US for the first time last January totalling 735,500, a 14% drop, the China Association of Automobile Manufacturers said on Tuesday in an e-mailed statement today. That compares with a 37% plunge to 656,693 in the US, the world's largest auto market last year.
The US Senate has passed an economic stimulus plan expected to cost some 838 billion US dollars. The Democratic-controlled Senate voted 61-37 to approve the measure, with few Republicans opting to back it.
Former bosses at bailed-out banks Royal Bank of Scotland (RBS) and HBOS have said they are profoundly sorry and admitted they under-estimated the extent of the financial crisis.
Delegates from Colombia, Ecuador and Peru begin Monday in Bogotá the first round of negotiations to reach a trade agreement with the European Union which should be completed by mid year.
The US unemployment rate rose to 7.6% in January, up from 7.2% in December, according to official figures released on Friday. The rise puts the unemployment rate at the highest level since 1992.
The US Senate has voted to soften a controversial Buy American clause in an economic recovery package, after warnings it might spark a trade war. The clause had sought to ensure only US iron, steel and manufactured goods were used in projects funded by the bill.
United States President Barack Obama has said he wants to avoid economic stimulus measures that would signal protectionism or spark a trade war. Mr Obama was responding to international criticism of a Buy American clause in the 800 billion US dollars economic recovery package.
The extension of a US Federal Reserve currency swap line to Brazil shows confidence in South America's largest economy, Central Bank President Henrique Meirelles said on Tuesday.
US President Barack Obama announced Wednesday his government will impose a salary cap of 500,000 US dollars for senior executives at companies receiving federal economic bailout funds.