Business News - AFP

NEW YORK (AFP) - Stocks plunged for a second day running on Wall Street on Tuesday, while those in Europe were mixed, on persistent anxiety over the health of the banking sector -- and despite central bank initiatives to shore up confidence.

TOKYO (AFP) - Japan's benchmark Nikkei-225 index dropped more than four percent to 9698.72 in early Wednesday morning trade after another big fall on Wall Street overnight.

WASHINGTON (AFP) - The Federal Reserve must consider whether its current interest rate policy "remains appropriate" in view of exceptional market turmoil, chairman Ben Bernanke said Tuesday amid swirling speculation about a need for rate cuts.

BERLIN (AFP) - German Chancellor Angela Merkel said Tuesday that the long-term consequences of the global financial crisis were uncertain but that she was confident the "strong" German economy would survive.

WASHINGTON (AFP) - AIG spent more than 440,000 dollars for an executive getaway at a California beach resort just days after the insurance giant was rescued by an 85-billion-dollar US government loan, lawmakers said Tuesday.

SANTIAGO (AFP) - It was bad news for Telefonica as shareholders of Chile's CTC nixed a takeover bid by Spain's telecoms giant, which has interests across Latin America.

NASHVILLE, Tennessee, (AFP) - Democratic White House hopeful Barack Obama and his Republican rival John McCain Tuesday agreed that one of the world's richest men, Warren Buffett, would make a good treasury secretary.

LONDON (AFP) - London's Olympic chiefs are having to rework their budgets as the global credit crunch squeezes private funding for the 2012 Games -- although Team GB's success in Beijing has helped boost the coffers.

NEW YORK (AFP) - Oil prices rebounded on Tuesday as the market speculated about an OPEC output cut and a concerted interest rate cut by central banks to face a global financial crisis.

BRUSSELS (AFP) - The new bosses at Dexia, which has been badly mauled by the global financial crisis, on Tuesday promised to announce within days fresh measures to assure the future of the Franco-Belgian banking group.

WASHINGTON (AFP) - The US Federal Reserve and four other central banks announced plans Tuesday for coordinated efforts to get funding for year-end cash needs into the global banking system strained by a worldwide credit crunch.

DUBAI (AFP) - Property developers in Dubai remain upbeat about the growth of the sector, which has seen prices rocket in recent years, despite warnings of overheating and the global financial turmoil.

NEW YORK (AFP) - The euro rebounded against the dollar Tuesday, a day after plumbing 13-month lows, as central banks unveiled a series of measures to reassure nervous markets.

WASHINGTON (AFP) - Desperate measures by governments in Europe and North America to steady the banking system failed to stem panic in global markets Monday amid deepening gloom at the scope of the financial crisis.

NEW YORK (AFP) - Global stock markets reeled Monday, as panicked investors scurried for cover on fears that a much-vaunted US finance sector bailout will fail to end a crippling credit crisis.

WASHINGTON (AFP) - In the face of an escalating court battle over troubled bank Wachovia, suitors Wells Fargo and Citigroup agreed Monday to a two-day "standstill" on litigation actions.

PARIS (AFP) - Belgian Prime Minister Yves Leterme said Monday that new steps would be taken in the days ahead to shore up French-Belgian bank Dexia, which has already received 6.4 billion euros from authorities in Belgium, France and Luxembourg.

WASHINGTON (AFP) - US lawmakers Monday grilled the head of Lehman Brothers demanding he justify some 500 million dollars he had earned since 2000, as well as huge bonuses sought for top executives even as the bank failed.

BRUSSELS (AFP) - Fortis shareholders on Monday mulled legal action after French bank BNP Paribas agreed a deal with the Belgian and Luxembourg governments to carve up the troubled finance group.

BRUSSELS (AFP) - Brussels ground to a virtual standstill Monday with international train services halted and government offices closed as thousands of workers across Belgium protested against rising living costs.

WASHINGTON (AFP) - Bank of America said Monday it was ready to spend up to 8.4 billion dollars to restructure the loan portfolio of mortgage giant Countrywide following settlement of a lawsuit targeting the firm's "predatory" lending practices.

NEW YORK (AFP) - Crude oil nosedived below 90 dollars a barrel Monday as deepening global financial turmoil and plunging stock markets raised fears about slowing demand for energy.

NEW YORK (AFP) - The deepening global financial crisis on Monday pushed the euro below 1.35 dollars and drove the yen higher against the euro and dollar.

NEW YORK (AFP) - US stocks plunged Tuesday for a second straight day with a vicious downward spiral reinforced by fears of a deeper credit crunch leading to severe recession.

NEW YORK (AFP) - US stocks plunged Tuesday for a second straight day as investors were gripped by fears of a deeper credit crunch leading to severe recession.

WASHINGTON (AFP) - The US opened up a major new front Tuesday in the global financial crisis, backstopping huge amounts of corporate debt as European governments staged new rescues, but the moves did little to boost market confidence.

LONDON (AFP) - The euro rebounded sharply against the dollar on Tuesday, one day after plumbing fresh 13-month lows, as central banks unveiled a series of measures to reassure nervous markets.

LONDON (AFP) - US and European stock markets lost steam in volatile trading Tuesday, giving up early gains on persistent anxiety over the health of the banking sector and despite fresh central bank support.