Global Financial Crisis – International

WASHINGTON: US President-elect Barack Obama’s economic stimulus plan may cost between US$675 billion and US$775 billion (S$978 billion and S$1.12 billion) and will favour long-term infrastructure and job creation projects, his top aides said.

SINGAPORE/NEW YORK (Reuters) – Many investors said good riddance on Wednesday to one of the worst years on record and prayed that government rescue plans will pull the global economy out of its fierce tailspin later in the new year.

CHICAGO (AFP) – The potential collapse of the Detroit Three carmakers capped a turbulent year in the global automotive industry in which worldwide sales crashed and iconic brands swapped hands.

NEW YORK (Reuters) – Retailers’ sales fell as much as 4 percent during the holiday season, as the weak economy and bad weather created one of the worst holiday shopping climates in modern times, according to data released on Thursday by SpendingPulse.

WASHINGTON, D.C.: Banks floundered, grabbed government lifelines, and failed in 2008 as the global financial crisis shredded their own vaunted reputations for security.

WASHINGTON (AFP) — US president-elect Barack Obama on Saturday vowed to make the largest investment in the country’s infrastructure since the 1950s, as part of his plan to revitalize the slumping US economy.

The panic in global financial markets has sparked an unprecedented rush into safe US Treasury securities, driving yields on short-term government notes down to almost zero.