LOS ANGELES (AP) — IndyMac Bank's assets were seized by federal regulators on Friday after succumbing to the pressures of tighter credit, tumbling home prices and rising foreclosures.

The Office of Thrift Supervision said it transferred IndyMac's operations to the Federal Deposit Insurance Corporation because it did not think the lender could meet its depositors' demands.

...

admin | 2008-07-11 11:15

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Published: Thursday, July 10, 2008 4:45 PM CDT WASHINGTON - Condoleezza Rice flexed America's muscles in the Middle East Thursday, forcefully warning Iran the U.S. won't ignore threats and will take any action necessary to defend friends and interests in the Persian Gulf. A fresh Iranian missile test prompted a show of force from Israel as well.

Rice said Iran's leaders should understa...

admin | 2008-07-10 11:15

BEIJING (AP) — China's trade surplus fell 20 percent in June as export growth plunged, the government said Thursday, and analysts said Beijing might try to help struggling exporters by slowing the rise of its currency in defiance of pressure from trading partners.

The June trade gap was still China's biggest so far this year at $21.3 billion, the General Administration of Customs...

BEIJING (Reuters) - A flurry of visits by Chinese leaders to cities hit by sluggish exports and a reported tax rebate for textile exporters are being interpreted by the market as signals that Beijing might cautiously ease tight economic policies.

The official China Securities Journal said on Wednesday that China will soon agree to raise tax rebates on exports of textile products and garme...

CALHOUN, Ga.—Carpet and flooring manufacturer Mohawk Industries Inc. lowered its second-quarter earnings outlook Tuesday citing the continuing decline in the U.S. residential housing market, slowing demand in Europe and growing raw materials and energy costs.

The company now expects earnings of $1.23 to $1.26 per share in the second quarter, below its prior outlook of $1.36 to $1.45...

admin | 2008-07-07 23:15

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Air France KLM has confirmed reports that it is considering an alliance with European transport group Veolia which could see it become a train operator and mark the first time an airline has commissioned its own high speed rolling stock.

The company, which is the world's biggest airline by revenues, is considering the feasibility of establishing a standalone rail operation in response to...

German Chancellor Angela Merkel called on the Group of Eightsummit to agree on a "comprehensive package of measures"to tackle the fallout from soaring food prices, according tocommentary published Sunday.

The leaders of the world's leading industrial nations opentheir annual summit in Japan on Monday at a time when a jump infood prices is hurting the world's poor in particular.

"T...

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