Financial News

Bernanke Vindicated as Fed Lending Spurs Commodities Drop, Rally in Stocks

The biggest commodity collapse in at least five decades may signal Federal Reserve Chairman Ben S. Bernanke has revived confidence in U.S. financial firms.

Auction-Rate Market Shrinks by $21 Billion as Wisconsin, California Escape

Municipal borrowers from Wisconsin to California plan to pull at least $21 billion of bonds out of the auction-rate market by May 1 to escape soaring costs, according to data compiled by Bloomberg.

Dollar Gains Versus Euro, Yen as Fed Acts to Restore Investor Confidence

The U.S. dollar posted its first weekly advances against the euro and the yen in a month on speculation Federal Reserve moves to revive lending among banks will restore confidence in financial markets and the economy.

Goldman Sachs, Lehman Credit-Rating Outlooks Are Cut to `Negative' By S&P

Goldman Sachs Group Inc., the biggest U.S. securities firm, and smaller rival Lehman Brothers Holdings Inc. had their credit-rating outlook cut to negative by Standard & Poor's, which said Wall Street banks' profits may fall as much as 30 percent in the coming year.

Rubin Calls for Urgent Government Action to Stem Home Foreclosures in U.S.

Former Treasury Secretary Robert Rubin called for quick government action to tackle the rising level of home foreclosures and he indicated taxpayer money will have to be used.

FGIC, Bond Insurer Unit Credit Ratings May Be Lowered by Standard & Poor's

FGIC Corp. and its bond insurance unit may have their ratings cut again by Standard & Poor's because of doubt about their ability to raise capital and take on new business.

Asian Stocks Decline for Third Week as Commodity Prices Tumble; BHP Falls Asian stocks fell this week, led by BHP Billiton Ltd. and Mitsubishi Corp., after commodities prices dropped on concern a U.S. recession will cut demand for raw materials.

General News

Obama, Clinton, McCain Passport Files Were Breached, State Department Says

The U.S. State Department is investigating the improper breach of confidential passport files of all three presidential candidates by department contract employees, spokesman Sean McCormack said.

Taiwanese Voters Choose New President, Speed of Closer China Relations

Taiwan's voters choose a new president today in an election that will set the pace of improving relations with China after eight years of confrontation under the pro-independence rule of Chen Shui-bian.

Pakistan Peoples Party Plans to Nominate Next Prime Minister This Weekend

The Pakistan Peoples Party, which leads the country's new governing coalition, will name its choice for prime minister this weekend, party officials say.

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