700 billion rescue bill details historic bailout: related news

$700 billion rescue bill details historic bailout

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$700 Billion Bailout Signed Into Law

Many readers reminded us of what no-one can have failed to hear: that the Congress passed and the President signed a $700B bailout bill in an attempt to avert the meltdown of the US economy. The bill allocates $700 billion to the Treasury Department for the purchase of so-called "toxic assets" that have been weighing down Wall Street balance sheets. This isn't particularly a tech story, though tech will be affected as will virtually all parts of the economy, and not just in the US. Among the $110B in so-called pork added to the bill to sway reluctant legislators are extensions of popular tax benefits for business R&D and alternative energy, relief for the growing pool of people subject to the alternative minimum tax, and a provision raising the FDIC's ceiling of guaranteed deposits to $250,000.

110 banks have asked for $170b under bailout plan

WASHINGTON (Agencies): At least 110 banks have requested more than $170 billion from the Treasury Department's rescue fund, and many more are expected to have submitted applications before Friday's deadline. The requests would come from the $250 billion the Treasury set aside from the $700 billion fund to purchase stock in banks. Analysts at Keefe, Bruyette & Woods estimated that 62 banks have received full or preliminary approval from the Treasury for $173 billion from the Troubled Asset Relief Program. The government said Monday that American International Group Inc. also would receive $40 billion from the program. That $40 billion, however, won't come from the $250 billion set aside for the banks. Another 48 banks have applied for about $6.

Russian banks to pay $18.5 bln in foreign debt in Q4, companies - $29bln

MOSCOW. Oct 10 (Interfax) - Russian banks will have to pay a total of $18.5 billion in foreign debt in the fourth quarter of 2008, while companies working in other sectors of the economy will have to pay $29 billion, the Central Bank said on its website. Banks will have to pay off $16.5 billion in principal debt in the fourth quarter and $2 billion in interest payments. Companies working in other sectors will have to pay $26 billion in principal debt and $3 billion in interest payments. The payments will decline in 2009. Banks will have to pay foreign debt of $13.6 billion in the first quarter of 2009, $12.9 billion in the second quarter, $8.3 billion in the third quarter and $13.2 billion in the fourth quarter, the Central Bank said. Other companies are planning to pay $16.

Germany unveils $681 billion bank rescue plan

LONDON (MarketWatch) -- German Chancellor Angela Merkel on Monday outlined a 500 billion euro ($681 billion) rescue package for German banks. The plan includes 400 billion euros to guarantee loans and up to 80 billion euros to be used to recapitalize the German banking sector. In addition the package includes a 20 billion euro provision to cover potential losses. Merkel said the plan is aimed at stabilizing markets and added banks that take advantage of the plan will have to abide by certain requirements, including restrictions on management pay and a commitment to maintain lending. She also said countries need to work more closely on overseeing international firms and the IMF should take a bigger supervisory role when dealing with those firms.

Banks have 500.5 bln rbs on CBR correspondent accounts on November 17

MOSCOW. November 17 (Interfax) - Russian banks have 500.5 billion rubles on correspondent accounts in the Central Bank as of November 17 including 343.9 billion rubles for Moscow banks. The balance on November 14 was 531.3 billion rubles and 350.5 billion rubles, respectively. Banks had 338.2 billion rubles on deposit accounts in the Central Bank on November 17 against 409.9 billion rubles on previous day. [RU ASIA EUROPE EEU EMRG CEN BNK M MMT ECI MCE]

The $150 Journalist Bailout

ScaryDollar.jpgWall Street got a $700 billion bailout. The automakers got a $25 billion loan and might get more. Laid off journalists?

Bank of New York Mellon Chosen to Help Manage $700 Billion Bailout

The Bank of New York Mellon today confirmed that it has been selected by the U.S. Department of the Treasury to provide a range of services to support the government's Troubled Asset Relief Program authorized under the Emergency Economic Stabilization Act (aka the $700 billion bailout bill).

U.S. Treasury pays $33.56B to 21 banks as part of rescue program

WASHINGTON - The U.S. government says it has supplied $33.56 billion to 21 banks in a second round of payments from the $700 billion rescue program.

Javelin Report Says Online Payments to Reach $148 Billion in 2008

Financial services research firm Javelin Strategy & Research released its 2008 Online Retail Payments Forecast. The study found that while online payments represents only 3.5% of total retail sales in 2008, consumers are steadily increasing adoption of alternative payment types, replacing transactions from the traditional, financial institution-controlled credit and debit cards. Javelin said during this year's holiday shopping season, it projects $7.8 billion will come from alternative payments versus $35 billion from traditional online payment methods. The overall projected growth for online payments is expected to reach $148 billion in 2008, climbing to $268 billion by 2013.

Earnings: Nokia Profit Down 30 Percent; Sales, Market Share Down

Nokia (NYSE: NOK) reported third quarter earnings today, which saw its net income fall 30 percent to 1.09 billion euros ($1.47 billion), from 1.56 billion euros ($2.10 billion), compared to a year ago. Third quarter earnings per share came in at 0.29 euros, down from 0.40 euros year on year, missing analyst forecasts of 0.31 euros. Sales were down 5 percent to 12.2 billion euros ($16.4 billion), falling short of analyst expectations of 12.7 billion euros ($17.1 billion). The handset maker shipped 117.8 million units, up 5 percent year on year and down 3 percent sequentially.

Apple earnings climb 26%, iPod, Mac sales rise

on Tuesday reported a fiscal fourth-quarter profit of $1.14 billion, or $1.26 a share, on revenue of $7.9 billion, up from of $904 million, or $1.01 a share, on $6.22 billion in sales in the same period a year ago. Analysts surveyed by FactSet Research had forecast Apple to earn $1.10 a share on revenue of $8.02 billion. Apple said that when adjusting to eliminate the impact of subscription-based accounting related to certain products, it would have earned $2.44 billion on $11.68 billion in sales. For its first quarter, Apple estimates it will earn between $1.06 to $1.35 share on revenue in a range of $9 billion to $10 billion. End of Story

CORRECT: Vodafone cuts sales outlook as profit falls

the world's largest mobile operator by sales, on Tuesday said first-half net income fell 35% to 2.14 billion pounds, or 4.02 pence a share, from 3.29 billion pounds, or 6.19 pence a share, earned in the year-earlier period. Profit in the latest period was hit by an impairment loss of 1.7 billion-pound impairment related to the group's Turkish business. Excluding one-time items, adjusted earnings came in at 7.52 pence a share, up 17% from a year earlier. Sales rose 17% to 19.9 billion pounds. The company also lowered its outlook for the year. It now expects revenue in the range of 38.8 billion pounds to 39.7 billion pounds, instead of its previous forecast of around 39.8 billion pounds, and adjusted operating profit of 11 billion pounds to 11.

Vodafone cuts sales outlook as quarterly profit falls 35%

the world's largest mobile operator by sales, on Tuesday said first-half net income fell 35% to 2.14 billion pounds, or 4.02 pence a share, from 3.29 billion pounds, or 6.19 pence a share, earned in the year-earlier period. Profit in the latest period was hit by an impairment loss of 1.7 billion-pound impairment related to the group's Turkish business. Excluding one-time items, adjusted earnings came in at 7.52 pence a share, up 17% from a year earlier. Sales rose 17% to 19.9 billion pounds. The company also lowered its outlook for the year. It now expects revenue in the range of 38.8 billion pounds to 39.7 billion pounds, instead of its previous forecast of around 39.8 billion pounds, and adjusted operating profit of 11 billion pounds to 11.

China c.bank to sell up to 5 bln yuan 1-year bills

SHANGHAI, Nov 17 (Reuters) - China's central bank said on Monday it would auction up to 5 billion yuan ($733 million) of one-year bills in its regular open market operation on Tuesday, down from 10 billion yuan at the previous auction of such bills two weeks ago. A total of 26.5 billion yuan in central bank bills is due to mature this week and there are no repos maturing this week. Last week, the central bank conducted a net injection of 84.5 billion yuan into the market, after it injected a net 11.5 billion yuan in the previous week. ($1 = 6.82 yuan) (Reporting by Karen Yeung; Editing by Jonathan Hopfner) Keywords: CHINA OPENMARKET (karen.yeung@thomsonreuters.com; +86 21 6104 1783; Reuters Messaging: karen.yeung.reuters.com@reuters.net)

U.S. Bailout May Set Back Science Funding, Experts Fear

With the U.S. Congress wrangling over a $700-billion bailout plan for the financial crisis this week, the final contours of any bailout are hard to predict. But some experts say that any bailout—or even no bailout at all—may set back funding for science.

Rescue bill offers relief to some valley taxpayers hit with the AMT

The $700 billion federal bailout bill contains a two-page provision that spells relief for thousands of Silicon Valley high-tech workers hit during the dot-com bubble with gigantic tax bills on money they never made.

Congressional negotiators reach agreement on $700 billion rescue package

WASHINGTON: Congressional negotiators from both parties announced Thursday that they had reached general agreement on a $700 billion rescue effort for the U.S. financial system.

$51.1 billion for 21 more banks

WASHINGTON, USA - THE US Treasury said on Monday it had injected US$33.56 billion (S$51.1 billion) into 21 additional banks as part of a financial rescue aimed at recapitalising the financial sector.

Fannie Mae posts $29 billion loss in third quarter

on Monday said its third-quarter loss widened to $29 billion, or $13 a share in its fiscal third quarter ending Sept. 30, from a loss of $1.52 billion, or $1.56 a share in the year-ago period. Fannie Mae also reported a decrease in the non-GAAP estimated fair value of its net assets, from a positive $35.8 billion on Dec. 31 to a negative $46.4 billion on Sept. 30. Third-quarter results were driven primarily by a $21.4 billion non-cash charge to establish a valuation allowance against deferred tax assets, as well as $9.2 billion in credit-related expenses arising from the ongoing deterioration in mortgage credit conditions and declining home prices, the Washington, D.C. lender said. On Sept. 6, Fannie Mae began operating under the conservatorship of the Federal Housing Finance Agency.

Banks say they're using bailout money for loans

WASHINGTON — Some of the nation's largest banks sharing in the $700 billion government bailout of the financial industry tried to assure lawmakers Thursday they are using the money to make more loans and help financially strapped homeowners avoid foreclosure.

Local banks should use the 9 billion tenge allocated to them as part of the "Damu-Regions" programme for the development of SMEs before the 25th of December

Local banks should use the 9 billion tenge allocated to them as part of the “Damu-Regions” programme for the development of SMEs before the 25th of December. The first tranche of 56 billion tenge has already been allocated but currently only 6 billion has been used. To hasten the process, the government is to remove a number of banking restrictions.

Fannie Mae to sell $2 billion in reopened benchmark notes

said Monday it plans to reopen its three-year and five-year notes, selling $1 billion of each maturity. Fannie Mae currently has $4 billion in five-year notes and $3.5 billion in three-year notes outstanding. Both issues are slated to price Monday for settlement Wednesday. End of Story

Korea Close On ?Graduated Response? Bill Aimed At Copyright Infringers

Korean legislation might be getting tougher on copyright infringers as a new bill is expected to be considered by the National Assembly as soon as this month, according to a Korean official. Following France, the United Kingdom and other countries, Korea's new bill would include four changes among which is a "graduated response" provision that would require internet service providers to carry a significant part of the load of enforcement, according to an unofficial translation of the bill.

Central Bank foreign currency reserves during the first quarter of 2008 increasing by $ 400 million to reach $ 35 billion marking a 1.35 % increase above their level three months ago.

Central Bank foreign currency reserves during the first quarter of 2008 increased by $ 400 million to reach $ 35 billion marking a 1.35 % increase above their level three months ago. That was announced by the Central Bank Governor, Dr. Farouk Al Oqda, confirming that imports during FY 2007/ 2008 reached $ 52.7 billion & that compares with $ 29.4 billion leaving the country with $ 23.3 billion balance of trade deficit. Dr. Al Oqda revealed that total foreign indebtedness as at 6/30/2008 reached $ 33.9 billion apart from local indebtedness put at L.E. 666.1 billion as at the same date. N.B. The daily Al Akhbar of the same day (P. 4) has quoted Dr. Al Oqda indicating that the said foreign currency reserves cover 8 months' imports. Utmost interesting statements of the Governor were regarding the Egyptian expatriates transfers (earlier repeate

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