United States

• Tuesday, December 16th 2008 - 20:00 UTC

  With zero rate, further cuts not an option for the US Fed

  

  The US Federal Reserve has slashed its key interest rate from 1% to a range of between zero and 0.25% as it battles the country's recession. In its statement, the Federal Reserve warned that “the outlook for economic activity has weakened further”.

• Monday, December 15th 2008 - 20:00 UTC

  Major world banks caught in Madoff's hedge fund con

  

  Some of the world's biggest banks have revealed they are victims of an alleged fraud which has lost 50 billion US dollars. Bernard Madoff, who was arrested on Thursday, has been charged with fraud in what is being described as one of the biggest-ever such cases.

• Sunday, December 14th 2008 - 20:00 UTC

  Wall Street hedge fund con: where are the US regulators?

  

  A firm that counted itself a client of a broker accused of a 50 billion US dollars Wall Street con has criticised US regulators for what it says are “systemic failures”. Bramdean Alternatives said the charges against Bernard Madoff raised “fundamental questions” about the American financial regulatory system.

• Friday, December 12th 2008 - 20:00 UTC

  Bush, Obama support emergency aid for US car industry

  

  The outgoing George Bush administration said it may be willing to give emergency aid to the ailing US car industry, keeping open the prospects for a bailout the day after Congress failed to approve a deal.

• Friday, December 12th 2008 - 20:00 UTC

  Ex Nasdaq chairman fraud could trigger hedge funds-run

  

  The former chairman of the Nasdaq stock market has been arrested and charged with securities fraud, in what may be one of the biggest fraud cases yet. Bernard Madoff ran a hedge fund which ran up 50 billion US dollars of fraudulent losses and which he called “one big lie”, prosecutors allege.

• Thursday, December 11th 2008 - 20:00 UTC

  Republicans oppose US auto industry rescue agreement

  

  The White House and leading Congressional Democrats reached on Wednesday a broad agreement on a 14 billion US dollars rescue package for the “Big Three” US auto manufacturers but Republicans are still holding out.

• Thursday, December 11th 2008 - 20:00 UTC

  US numbers deeper in the red in spite of falling oil prices

  

  The US trade deficit unexpectedly grew in October, despite falling oil prices, according to Commerce Department data released this week. The trade deficit rose to 57.2bn, which was an increase of 1.1% from September's figure.

• Monday, December 8th 2008 - 20:00 UTC

  World markets soar on Obama's infrastructure plan

  

  United States shares echoed gains in stock markets worldwide on hopes that new stimulus plans in the US and other countries will revive global economic growth. The benchmark Dow Jones index on Monday was up 298 points or 3.5% in afternoon trading in New York, shrugging off Friday's grim unemployment numbers.

• Friday, December 5th 2008 - 20:00 UTC

  US jobless rate rises to 15-year high, and worsening

  

  The US economy lost 533,000 jobs in November, the biggest monthly cut since 1974, the US Labour Department said on Friday. In a dramatic indication of the worsening economic situation, the US jobless rate rose to a 15-year high of 6.7% from 6.5% in October.

• Wednesday, December 3rd 2008 - 20:00 UTC

  Congress watchdog critical of US bail-out plan implementation

  

  The 700 billion dollars bail-out of the US banking system is being carried out without adequate oversight, according to the General Accounting Office (GAO). The Congressional watchdog says that the US Treasury is failing to monitor whether banks have complied with requirements on executive pay.