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IMF warns of financial meltdown; Europe seeks unity
(Reuters)
Reuters - The IMF warned on Saturday that the global financial system was on the brink of meltdown, while France and Germany pushed ahead with a pan-European crisis response to try to prevent the worst global downturn in decades.
Sarkozy, Merkel prepare European crisis plan
(Reuters)
Reuters - French President Nicolas Sarkozy and German Chancellor Angela Merkel paved the way on Saturday for European measures to tackle the global financial crisis but revealed little about their plans.
GM, Chrysler in merger talks: source
(Reuters)
Reuters - General Motors has had talks with smaller rival Chrysler LLC about a merger that would combine the No. 1 and No. 3 American automakers at a time when both are struggling to cut costs and shore up cash, according to a source briefed on the matter.
Paulson warns emerging markets not immune to turmoil
(Reuters)
Reuters - Treasury Secretary Henry Paulson said on Saturday that emerging market countries are not immune to the most serious global economic risks in recent memory and must be careful in their policy choices.
Ford plans to sell Mazda shares: source
(Reuters)
Reuters - Ford Motor Co is considering selling its stake in Japan's Mazda Motor Co (7261.T), a source familiar with the matter said on Saturday, as debt-laden U.S. automakers struggle with weakening auto sales and the global credit crunch.
G7 pledges urgent, decisive action as markets reel
(Reuters)
Reuters - Finance chiefs of the world's major economies pledged on Friday to take decisive action and work together to stem the escalating financial crisis after another day of gut-wrenching drops on world markets.
Money-market funds flock to guarantee program
(AP)
AP - Nearly all the $3.4 trillion in money-market mutual funds is expected to be federally guaranteed for at least the next three months, now that all the major fund providers signed up to participate by a deadline that passed Wednesday.
Apparel chains report dismal September sales
(AP)
AP - Dismal September sales results from mall-based apparel chains, released Thursday, offered more fresh evidence that American consumers, spooked by the financial meltdown, shut their wallets tight last month.
