Reuters - The Federal Reserve on Tuesday announced it would create a special-purpose facility, with the Treasury Department's blessing, to begin buying commercial paper in yet another emergency move aimed at calming chaotic financial markets.
Reuters - Russia negotiated an emergency bailout for Iceland and unveiled an aid package for its own banks on Tuesday, while Japan called for greater coordination in tackling the global financial crisis.
Reuters - Stocks briefly turned negative on Tuesday, weighed down by financial shares, as disappointment about the absence of coordinated rate cuts by central banks tempered optimism about a Federal Reserve plan to strengthen the commercial paper market.
Reuters - Bank of America Corp shares fell almost 8 percent on Tuesday, the day after the company said it would cut its dividend and raise $10 billion to offset rising loan losses.
Reuters - Australia stunned markets with its steepest interest cut in 16 years Tuesday and investors expected that other central banks would follow suit in a coordinated move to combat the global credit crisis.
AFP - The London stock market eased 0.28 percent in volatile late morning trade on Tuesday a day after it slumped by 7.8 percent in a global markets rout.
Tax rules on borrowing from subsidiaries eased
(Reuters)
Reuters - Regulators last week relaxed a rule allowing U.S. companies to borrow from their foreign subsidiaries, without triggering a 35 percent corporate income tax, in a move ease access to capital.
September consumer sales drop sharply: MasterCard
(Reuters)
Reuters - U.S. shoppers worried by shrinking bank and retirement accounts tamped down spending across the board in September as the country's financial crisis worsened, MasterCard Advisors said in a report on Tuesday.
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