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Business News

Stocks roar back on bank rescues, Morgan deal (Reuters)

A woman takes note of stock information in front of an electronic screen at a brokerage house in Beijing, October 13, 2008. (Jason Lee/Reuters)Reuters - Stocks surged on Monday, following the worst week ever, as global efforts by governments to pump cash into banks sparked a rally in financial shares, while credit markets showed some signs of loosening up.


Global bank rescue aims to halt crisis (Reuters)

Traders in the S and P 500 pit of the Chicago Board of Trade signal orders shortly after the opening bell in Chicago, Illinois October 13, 2008. (Frank Polich/Reuters)Reuters - The world bet solidly on recapitalizing ailing banks as the fastest way out of the financial crisis in a clear new direction on Monday that reinvigorated stock markets after their worst week in history.


Morgan Stanley closes MUFG deal, Morgan shares soar (Reuters)

The exterior of the headquarters of investment bank Morgan Stanley is pictured in New York City, September 17, 2008. (Mike Segar/Reuters)Reuters - Mitsubishi UFJ Financial Group Inc (MUFG) completed its $9 billion investment in Morgan Stanley on Monday as U.S. government support helped nail down a critical deal many investors had feared could fall apart.


GM shares rebound after Detroit merger reports (Reuters)

General Motors World Headquarters is seen along the Detroit River in Detroit, Michigan, September 17, 2008. (Rebecca Cook/Reuters)Reuters - Shares of General Motors Corp jumped almost 18 percent on Monday after reports the No. 1 U.S. automaker had been in merger talks in recent weeks with smaller rivals Ford Motor Co and Chrysler LLC.


Iceland officially requests IMF help for crisis (Reuters) Reuters - Iceland has officially requested financing from the International Monetary Fund, an IMF official said on Monday, part of efforts to combat a crisis that has overwhelmed its once-flourishing financial sector.