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AP Business NewsBrief at 7:32 a.m. EST
(AP Online Via Acquire Media NewsEdge) Government unveils bold plan to rescue CitigroupWASHINGTON (AP) _ Rushing to rescue Citigroup, the government agreed to shoulder hundreds of billions of possible losses at the stricken bank and to plow a fresh $20 billion into the company. Regulators hope the dramatic action will bolster badly shaken confidence in the once mighty banking giant as well as the nation's financial system, a goal that so far has been elusive despite a flurry of government interventions to battle the worst global crisis since the 1930s.
European stocks higher on Citigroup rescueLONDON (AP) _ European stock markets rose Monday after Friday's strong close on Wall Street and on relief that the U.S. government is providing a lifeline to ailing banking giant Citigroup. The FTSE 100 index of leading British shares was up 174.98 points, or 4.6 percent, at 3,955.95, while Germany's DAX was 162.51, or 3.9 percent, higher at 4,289.92. The CAC-40 in France was up 140.36, or 4.9 percent, at 3,021.62.
Oil prices rise back above $50Oil prices were fluctuating around $50 a barrel Monday as investors gained some confidence from reports that ailing U.S. bank Citigroup will get a state bailout and that U.S. President-elect Barack Obama has chosen an economic team to tackle what could be the worst slowdown in decades. But worries about falling demand for oil because of the broadening recession kept a lid on prices.
US stocks look to open higher on Citigroup planNEW YORK (AP) _ Wall Street showed relief early Monday over the government's plan to bail out Citigroup Inc. _ a move it hopes will help address some of the uncertainty hounding the financial sector. Stock index futures contracts indicated the market was poised to extend a sharp rally from Friday. While the markets anticipated late last week that some sort of rescue was likely, investors appeared emboldened by the U.S. government's decision late Sunday to invest $20 billion in Citigroup and guarantee $306 billion in risky assets. The move by the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp. is only the latest effort this year to support a banking system troubled by bad debt and flagging confidence.
China addresses stimulus doubts with proposal listBEIJING (AP) _ Trying to dispel doubts about the true size and effectiveness of a giant economic stimulus package, Beijing rolled out an eye-popping figure to show its determination to spend its way out of trouble: a $1.4 trillion shopping list of possible investments. The figure, reported by state television Sunday, represents an avalanche of proposals by local leaders for new roads, airports, railways and other facilities. There was no word on how many might go ahead. But the announcement reflected the government's focus on assuring companies and consumers about the scale of its response as it tries to shield China from a global slowdown by revving up domestic spending.
German business sentiment falls further in Nov.FRANKFURT, Germany (AP) _ German business confidence fell to a 15-year low in November as worries about the economy mounted amid the global economic crisis, a key report showed Monday. The Ifo Institute survey showed all sectors are bracing for the worst, expecting exports to fall and unemployment to rise.
APEC: Global crisis can be overcome in 18 monthsLIMA, Peru (AP) _ Pacific Rim nations assured the world Sunday that the global financial crisis can be quelled in 18 months, but provided few details of how they expect that to happen _ or how their governments can help. The 21 economies, which represent more than half of the world's productive power, also pledged during a two-day summit not to erect new protectionist barriers for the next year, and to jump-start stalled World Trade Organization talks.
President-elect Obama rolling out economic courseCHICAGO (AP) _ Eager to calm economic anxieties, President-elect Barack Obama is rolling out an economic vision that will require congressional cooperation even before he settles into his new desk in the White House's Oval Office. Obama will introduce his new economic leadership team Monday, a key step toward enacting a huge new economic recovery plan that aims to save or create 2.5 million jobs over the next two years.
Random House to digitize thousands of booksNEW YORK (AP) _ With e-book sales exploding in an otherwise sleepy market, Random House Inc. announced Monday that it was making thousands of additional books available in digital form, including novels by John Updike and Harlan Coben, as well as several volumes of the "Magic Treehouse" children's series. Random House CEO Markus Dohle said in a statement that "more people everyday are enjoying reading in the electronic format and Random House wants to extend our reach to them with more of our books."
Hands-off hackers: Crooks opt for surgical strikesSAN JOSE, Calif. (AP) _ Internet criminals have been getting more "professional" for years, trying to run their businesses like Big Business to get better and more profitable at selling stolen data online. Now the bad guys of the cyber-underworld are exhibiting other unexpected traits: remarkable patience and restraint in stalking their victims. A new report by antivirus software vendor Symantec Corp. details a startling trend that highlights the inventive ways criminals are figuring out ways to make money online.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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