Global markets crash on swine flu. Asia and Europe down 2%+. Oil $49.
BofA, Citi fail stress test. Regulators have told BofA and Citigroup that they may need to raise more capital, based on early results of the government’s stress tests. Surprising only because the stress tests seemed so wimpy.
Swine flu spreading, WHO says it “can’t be contained.” The WHO moved closer to declaring a flu pandemic. The number of confirmed U.S. cases rose to 40. The U.S. also issued a travel advisory for Mexico. Mexico City faces threat of shutdown.
Swine flu outbreak threatens global recovery. Full-blown flu pandemic would trigger recession two to three times worse than current crisis, economists warn of a new round of woes.Apple planning two new wireless devices: iPhone Lite and a “media pad. In talks with Verizon. Story might have been planted to build up pressure on AT&T.
Ken Lewis on the firing line. He’ll probably squeak by…
UAW Retiree Health Fund getting 55% stake in Chrysler instead of cash. More than half the company’s equity to pay for retirement benefits. Again, no surprise, but boy is something wrong with this picture.
Wilbur Ross, Invesco playing the PPIP together. Wilbur leading $1 billion investment in the government attempt to rid banks of toxic assets.
Honda actually reports slight profit for year A strong motorcycle business, cheaper cars and aggressive cost-cutting are helping the company weather a downturn that has some rivals fighting for survival.
Chinese face rising cost of dying Funeral costs are extortionate