Obama sends Summers to get US$350b

Reuters

US President-elect Barack Obama has sent top economic advisers overnight to push sceptical lawmakers to release US$350 billion in financial rescue funds and avert a showdown that could unsettle Wall Street.

More steps needed to stabilise banks: Bernanke

Reuters

US Federal Reserve Chairman Ben Bernanke says that fiscal stimulus alone will not be enough to promote a lasting US economic recovery, and further steps to backstop banks may be needed.

Another blow for Credit Sail investors

© Fairfax NZ News

Investors in the troubled listed bond issuer Credit Sail have had the value of the $91.5 million investment cut by more than 70 per cent after a fifth bank defaulted on its loan.

US bankruptcies, costs expected to rise

Reuters

There are likely to be a slew of US bankruptcies this year, but the process will be more challenging and costly than ever as a drought in bankruptcy loans has changed the rules of the game.