Swiss bank UBS is selling some of its subprime mortgages to an American investment firm for $15 billion — 25% of the face value. Some see the deal as a sign the credit crisis might be easing. Stephen Beard reports from London.
New York City's art auction season opens today. Sotheby's and Christie's are hoping to sell $1.8 billion worth of works — 25% more than last year. Jill Barshay reports on the art bubble that's just getting larger, despite a struggling U.S. economy.
The Federal Reserve has joined with the European Central Bank to pump billions more dollars into the banking system, trying to persuade financial institutions there's money to be had. Bob Moon explains.
The Center on Budget and Policy Priorities reports today that the potential budget shortfalls in 25 states total about $40 billion. With tax revenues down and expenses up, some hard-hit states have enacted hiring freezes. Janet Babin reports.
A leading economics institute in Britain has found a new culprit to blame for the severity and worldwide spread of the credit crunch. It's America's bankruptcy laws, and they should be made more strict. Stephen Beard reports from London.
It can cost up to $200,000 a month to rent a decent summer place in the Hamptons on Long Island. With the American economy in a slump, those rentals might go empty this year, but for the foreign exchange rate. Ashly Milne-Tyte reports.
Homeowners aren't the only ones who've gotten up to their ears in debt in the subprime loan debacle fallout. Investment banks and hedge funds have gotten into trouble by borrowing more and more to finance their investments. Amy Scott reports.
Exxon Mobil reported $10.9 billion in profits last quarter, but Wall Street was disappointed. Because even though Big Oil's prospects look good at the well head, they're mostly evaporating by the time consumers pull up to the gas station. Bob Moon reports.
Corporations are subject to some of the same economic stresses as the rest of us — especially companies that sell food. Kraft and Kellogg reported lower profits today. But they did better than anybody was expecting. Alisa Roth reports.
The Federal Reserve did exactly what everyone thought it was going to do today — cut short-term interest rates 0.25%. In the process it said some not-so-reassuring things. John Dimsdale reports.
