Stocks Fall for Third Week, Longest Drop Since March, on Recession Concern U.S. stocks fell for a third straight
week, the longest losing streak since March, on concern deeper-
than-estimated job cuts and a drop in consumer confidence will
prolong the recession.
India Joins Russia, China in Questioning Dominance of U.S. Dollar Reserves Suresh Tendulkar, an economic adviser
to Indian Prime Minister Manmohan Singh, said he is urging the
government to diversify its $264.6 billion foreign-exchange
reserves and hold fewer dollars.
Crude Oil Futures Fall to $66 a Barrel in New York, 10% Below Year's High Crude oil futures in New York fell
below $66 a barrel, a 10 percent decline from this year’s high,
marking a market “correction.”
Stanford Clients Sue Willis Group Claiming Insurer Aided $7 Billion Fraud Willis Group Holdings Ltd., the
world’s third-largest insurance broker, was sued by clients of
Stanford Financial Group over claims Willis aided an alleged
$7 billion fraud by Stanford.
Private-Equity Firms Say FDIC Rules Will Thwart Takeovers of Failed Banks Private-equity firms said the Federal
Deposit Insurance Corp. may be diminishing the appetite for
future bank takeovers by demanding buyout groups put more
capital at risk.
GM Says Beijing Auto Submitted Opel Bid as Magna Talks Remain `On Track' General Motors Corp. said Beijing
Automotive Industry Holding Co. submitted an offer for its Opel
division, giving the bankrupt U.S. automaker more options in the
event negotiations with Magna International Inc. fail.
Correa Says He Will End Ecuador Government Contracts With Brother Fabricio Ecuador’s President Rafael Correa
said his administration will unilaterally rescind government
contracts with companies controlled by his brother Fabricio, a
Guayaquil-based entrepreneur.
Emerging-Markets Share of World Stocks Hits Record; China Tops $3 Trillion Developing countries’ share of
worldwide equity value climbed to a record as the fastest-
growing economies lured investors amid the first global
recession since World War II.
Repsol in Talks With China's CNPC, Cnooc to Sell Stake in Argentinean Unit Repsol YPF SA is in talks with China
National Petroleum Corp. and China National Offshore Oil Corp.
about a sale of a stake in its Argentinean unit, three people
familiar with the discussions said.
Colombia's Central Bank Signals Rates May Not Drop Further at Next Meeting Colombia’s central bank policy makers
signaled they may pause after their half-point reduction at
their June 19 meeting, where they also considered a smaller rate
cut or even keeping the rate unchanged.
Colombia's Consumer Prices Slipped 0.1% Last Month, Statistics Office Says Colombia’s consumer prices fell 0.06
percent in June from the previous month.
Brazil's Real Advances Against Dollar on Signs of Faster Economic Recovery Brazil’s real rose, paring losses for
the week, on speculation the economy is recovering after reports
this week that industrial production expanded for a fifth month
and exports grew more than expected.