Word: bankes
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Dates: during 2000-2009
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TIME: How is microlending today different from where it was a few years ago when Grameen Bank was expanding rapidly...
...expected to give up the controversial jobs bank and approve a change in funding the VEBA trust that is supposed to take over paying for health-care of blue-collar retirees in January, 2010. The $7 billion contribution GM owes its VEBA could be postponed indefinitely, according to Sean McAlinden, vice president of the Center For Automotive Research in Ann Arbor...
...Washington will soon push through regulations that will increase costs. What's more, Simmons says, the credit crunch is having an effect. "Drillers have to rely on their own cash flow, and that means some projects don't work anymore," says Simmons. "No one wants to count on bank financing...
...Meanwhile, the European Investment Bank is set to pledge $2.5 billion to help the continent's auto industry develop more environmentally friendly cars, according to Reuters. That support could help struggling companies stay in the race to bring greener vehicles to market during a global economic downturn. Fiat CEO Sergio Marchionne summed up the situation in simple terms: "Either [aid] is for everyone...
Financials were among the worst performing sectors of the day, with bank stocks dropping more than 17% on average. Shares of Citigroup, Merrill Lynch, Bank of America and Wachovia all fell more than 20%, largely erasing last week's financial-stock rally. Shares of oil companies fell sharply as well on Monday, as the price of crude sank to $49.28 per barrel, a decline of more than 9%. (See the Top 10 Wall Street Meltdowns...