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Eddie Bauer became the latest high profile corporate entity to buckle under recession when it filed for bankruptcy on Wednesday. The retail company declared that it was being compelled to declare bankruptcy under pressure of enormous debt payments and sharp drop in customer spending. Eddie Bauer Holdings Inc is believed to have lost almost half... »

 The US president has plans to invest the Federal Reserve with greater powers but is aware that the reforms will have to be balanced out with a new regulatory body. The US administration has released a report titled “Financial Regulatory Reform: A New Foundation” which calls for broad changes in the structure of the central... »

UK stocks rose for the second consecutive day on Thursday on news that the Royal Bank of Scotland Group Plc would insure 325 billion pounds of assets into a state backed program and transfer toxic assets into a separate division. The surge in UK stock markets was mainly driven by banking stocks, the chief among... »

Housing prices across the US suffered a record fall of 18.2% in the last three months of 2008, says an industry report released on Tuesday. According to the S&P Case-Shiller National Home Price Index, housing values across the country contracted by 18.2% over the final three months last year as against the same period in... »

Target Corp reported a drop of nearly 41% in profits as buyers reduced their expenditure on fashion items and many of them defaulted on payments for Target credit cards. The results mark the sixth successive drop in quarterly profits for the major US retailer. According to the company quarterly sales declined 1.6% to $19 billion... »

Citigroup Inc is in the middle of negotiations with federal officials under which the government stake in the bank may be increased to 40%, according to a report in the Wall Street Journal. Citigroup is one of the largest banks in the US. It received around $45 billion in federal aid after the Wall Street... »

US stocks fell sharply on Thursday sending the Dow Jones Industrial Average to a six-year low. The decline was primarily triggered by financial shares which sank to the lowest level since 1995 on concern over increasing credit card defaults. Stocks of Bank of America Corp and Citigroup Inc slid 14% each thus driving the Dow... »

The US government sued Swiss banking giant, UBS AG, in an attempt to reveal the identities of over 52,000 American customers who have been defaulting on tax payment by hiding their money in the bank’s accounts. The Justice Department lawsuit filed in a federal court in Miami claimed that the UBS bank held secret accounts... »

Entertainment conglomerate Walt Disney Co reported that its quarterly profit fell 13% owing to a combination of bad financial decisions and less successful films at the box office. Walt Disney announced its fourth fiscal results on Thursday which revealed that its profits had come down to $760 million or 40 cents a share in the... »

Three of the four major wireless carriers in US reported at least a ten percent surge in text messaging on the night the country elected its newest president. AT&T said on Thursday that on election night it witnessed the largest jump in text messaging in the company’s history as traffic jumped by 44%. Sprint too... »