Credit Munch

Wal-Mart shake-up shocks Wall Street

The retailer has announced the replacement of Lee Scott, the chief executive who led it to success in Middle America

Recession stalks world economies

The broader-based S&P 500 fell even more sharply, closing down 6.7 per cent at 752.44, its lowest close since April 1997

Citigroup dives despite Saudi stake

Fears the banking giant would need a huge new capital injection of up to $100bn intensified as shares fell 26 per cent

Big Three jet into furore over funding call

Bloggers respond after chiefs of GM, Chrysler and Ford took their private jets to Washington to ask for Government help

Queen of Capitol Hill seals $15m fundraising

The Huffington Post is to confirm within the next week that it has completed a $15 million fundraising from investors

One of Big Three US carmakers ‘could fail’

General Motors, Chrysler, and Ford in trouble after bail-out plans for the country’s near-bust car industry are left in tatters

US inflation in fastest plunge for 60 years

US stocks plunge to lowest in five and a half years as investors girded for a lengthy economic downturn

US housing starts at worst level since 1959

Work on new homes in America during October fell to near 50-year lows while building permits plunged

Paulson rejects aid plea from US carmakers

Warning that General Motors and Chrysler could go bust as Paulson insists bailout fund must only be used to rescue banks

Wall Street looks to interest rates of 0.5%

New York traders hail a drop of 2.8 per cent in producer prices in October, triggered by collapse of global energy prices

Paulson fund ‘is not the answer’ to all America’s ills

The US Treasury Secretary says the TARP should not be seen as a stimulus package to kick start the US economy

Fight for carmakers to share $700bn

Barack Obama's Democratic party is gearing up to force through legislation allowing GM, Ford and Chrysler access to the US bailout fund

Industrial figures confirm US downturn

New data leads economists to estimate that corporate spending on technology is plunging at its fastest rate for six years

Paulo Sergio Silva shocks financial exchange

Trader for the brokerage arm of Brazilian banking giant Itau, apparently tried to commit suicide during afternoon trading

Citigroup to cut 52,000 global employees

US banking group announces plans to reduce its headcount in one of the largest single job culls of the current downturn

Wall Street gets jitters on weak sales data

Retail sales fall at their fastest rate for almost two decades as the world's biggest economy weakens far faster than expected

Winning streak nears end after three decades

The abrupt resignation of Terry Lanni of MGM Mirage is little more than the latest reverse in a rather nasty losing streak

Freddie Mac says it is worth less than zero

US mortgage giant adds its voice to pleas for cash from federal rescue fund to those of other financial institutions

US CEOs starting to share our pain

In a meltdown that has wiped out trillions of dollars of shareholder value, corporate leaders are under an intense glare

Brown warns US: saving car giants will ruin us all

Gordon Brown says protectionism is ‘unacceptable’ as international tensions surface at the G20 summit in Washington