Barack Obama’s economic team is working on an overhaul of the -billion programme, with the aim of doing more to spur the flow of credit to the US.
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/ 24 December 2008
In the season of goodwill, Henry Paulson is proving to be an American Santa Claus, doling out sacks of money to aid ailing businesses across the US.
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/ 11 October 2008
The US government plans to invest directly in US banks for the first time since the Great Depression, says Treasury Secretary Henry Paulson.
Governments rushed out new emergency measures in a desperate bid to stop the haemmorhaging of confidence on Thursday.
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/ 30 September 2008
Bank rescues spread in Europe on Tuesday and some investors expressed faith that the US Congress would eventually pass a -billion bailout plan.
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/ 28 September 2008
US Treasury Secretary Henry Paulson and leading lawmakers early on Sunday reported "great progress toward" reaching a Wall Street bail-out plan.
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/ 23 September 2008
The architects of a -billion bailout for the United States financial system urged lawmakers on Tuesday to move quickly.
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/ 22 September 2008
Oil prices rose on Monday as investors grappled with the possible effects on crude demand of a -billion US proposal to buy bad mortgage debt.
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/ 21 September 2008
The Bush administration asked Congress on Saturday for -billion to bail out firms burdened with bad mortgage debt.
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/ 20 September 2008
The United States surged into action on Friday to launch an all-out attack against the worst financial crisis since the Great Depression.
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/ 7 September 2008
The US government seizes control of mortgage finance companies Fannie Mae and Freddie Mac in an aggressive move to help the distressed US economy.
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.
China urged the United States to understand the true nature of the Dalai Lama clique — which it blames for stirring up last month’s violence in Tibet — and support China’s ”just position”, state media said on Thursday. China blames Tibet’s exiled spiritual leader, whom it labels a separatist, for stirring up the Lhasa violence.
Chinese security forces sealed off parts of Lhasa on Saturday and Tibet’s government-in-exile said it was investigating reports of fresh protests, weeks after the city was shaken by an anti-government riot. The reports coincided with a visit by a group of diplomats, who were led on a closely guarded tour of the city.
JP Morgan Chase set a deal to buy stricken rival Bear Stearns for a rock-bottom price, while the United States Federal Reserve expanded lending to securities firms for the first time since the Great Depression to prop up the financial system. The shock news, the biggest sign yet of how devastating the credit crisis is for Wall Street, slammed the US dollar to a record low against the euro,
Stocks tumbled on Thursday as investors recoiled following a further decline in the dollar, spikes in gold and oil prices and a warning that a Carlyle Group fund is near collapse. The major indexes each lost more than 1%; the Dow Jones industrial average at times fell more than 200 points.
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/ 19 November 2007
The momentum towards regional integration in East Africa received encouragement from the United States this week, with US Treasury Secretary Henry Paulson saying that it should boost economic growth in the five-member East Africa bloc. "This is a region that has showed great economic growth over the last couple of years," he said.
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/ 25 October 2007
Ratcheting up the pressure on Tehran, the United States on Thursday designated Iran’s Revolutionary Guard Corps a proliferater of weapons of mass destruction and its elite Qods force a supporter of terrorism. In total, Washington slapped sanctions on more than 20 Iranian companies, major banks and individuals as well as the Defence Ministry.
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/ 28 September 2007
United States President George Bush on Friday called for a ”strong and transparent” way for nations to measure progress on fighting climate change, but said each country should set its own approach. In a speech to a US-sponsored conference of major emitting countries, Bush also called for the creation of a global fund to promote clean technology.
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/ 20 September 2007
United States Federal Reserve Chairperson Ben Bernanke told Congress on Thursday that the credit crisis has created ”significant market stress” and offered fresh assurances that regulators will take steps to curb fallout related to the mortgage mess.
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/ 12 September 2007
The dollar plunged to a record low against the euro on Wednesday as an expected interest-rate cut next week from the Federal Reserve has dampened the United States currency’s appeal. The dollar also dropped to a fresh 15-year trough against a basket of currencies.
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/ 11 September 2007
The United States trade deficit declined slightly in July as record exports of farm goods, autos and other products offset a big jump in foreign oil prices. The deficit with China hit the second-highest level yet, reflecting strong demand for Chinese-made goods despite a string of high-profile recalls.
United States President George Bush will outline reforms on Friday to help struggling subprime mortgage borrowers and his central bank chief will deliver a speech which will be pored over for hints of a looming rate cut. Federal Reserve chairperson Ben Bernanke speaks on ”Housing and Monetary Policy” at around 2pm GMT.