Glenn Somerville

IMF presses Europe to contain debt crisis

Europe was pressed by other world powers on Saturday to take strong measures to fix its debt-heavy economy.

G20 nations see different paths for securing recovery

World leaders aimed for a common target on Thursday of securing the economic recovery, but disagreed over how best to reach it.

US to woo investors with toxic asset plan

The United States on Monday offered generous financing for private investors to help cleanse banks of up to -trillion in toxic assets.

Obama team too busy at home to spur G7?

The G7 meet in Rome this week to kick off a run of high-profile meetings among leaders wrestling to get recession-hit economies back on their feet.

US steps in to save Citi, Obama eyes tax relief

The US government agreed to prop up Citigroup with more than -billion, the latest bailout in a sector crippled by exposure to toxic debts.

World leaders pledge action plan to fight crisis

World leaders grappling with a global financial crisis pledged on Friday to deliver an action plan to ward off recession and prevent future meltdowns.

Wall Street woes force US to seek cash for central bank

The US government sought to raise -billion on Wednesday to help its central bank finance a rescue plan for insurance giant AIG.

US govt takes over Fannie Mae, Freddie Mac

The US government seizes control of mortgage finance companies Fannie Mae and Freddie Mac in an aggressive move to help the distressed US economy.

Rescue of Fannie, Freddie calms markets for now

A government plan to shore up Fannie Mae and Freddie Mac helped calm markets on Monday but did little to allay fears about the health of the system.

Paulson says China market reforms to continue

China is too far down the road toward a market economy to turn back from reforms now, even if United States financial market turmoil is causing it some qualms, US Treasury Secretary Henry Paulson said on Thursday. Paulson told reporters the biggest threat to continued reforms came from firms in China that want to be protected against competition.

US recession fears rise on more job cuts

United States employers unexpectedly cut jobs in February at the steepest rate in nearly five years, a second straight month of employment losses that heightened fears the world's largest economy has skidded into recession. ''The question appears no longer to be are we going into a recession but how long and deep it will be,'' said economist Joel Naroff.

US economic growth weakest in five years

United States growth skidded lower in the fourth quarter and was the weakest in five years for all of 2007, according to a government report on Wednesday that highlighted the toll an enfeebled housing sector has taken on the national economy. The dollar's value declined against other major currencies on the soft GDP data.

Press Releases