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05 Mar, 2008


By Phil Cozens | 6:53:56 AM | Wednesday, March 05, 2008

US Fed chief calls for more action to help homeowners and Citigroup shares plunge amid fears of further writedowns.

* Dow closes 45 points down after falling over 200 points and Nasdaq hardens two points
* US Federal Reserve chairman Ben Bernanke calls for additional action to prevent more distressed homeowners from falling into foreclosure
* US Federal Reserve governor Frederic Mishkin warns slowdown may get worse
* Confidence among service sector companies has weakened sharply over the last quarter
* Citigroup shares plumb 10-year low as analysts forecast further writedowns
* All mortgages in Britain will be in effect graded and the least risky will be given an official seal of approval under plans to be revealed in next week's budget
* Leading bankers are proposing new guidelines on pay and bonuses as they seek to head off a growing political backlash
* William Morrison share of UK grocery market at record level, according to Taylor Nelson survey; Tesco market share recedes
* Traders and investors are being cold-called by the Financial Services Authority in its latest attempt to gather evidence of potential insider dealing crimes
* President Bush accuses Opec of worsening the US economic slowdown by keeping oil prices at record high
* Bank of Canada cuts interest rates by half a point
* Taxpayers will bear the risks of Northern Rock's Granite unit
* Legal & General may sue government if Northern Rock compensation 'falls short'
* Gerrard staff defect from Barclays
* Threat of war as Venezuela and Ecuador order troops to Colombian border
* Mahmoud Abbas rejects calls to reopen peace dialogue with Israel
* HBOS may build a hub for 6,000 of its employees in Edinburgh on the site of a former Scottish & Newcastle brewery
* BP chiefs lose out on bonuses after worst company performance of major oil groups
* Fresh fears over clothing sales as Marks & Spencer makes surprise price cuts
* Asda calls it a day for George in the high street

       
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