Monday, September 29, 2008

U.S. House bailout vote fails

The House of Representatives Monday rejected by a vote of 228-205 a Wall Street bailout bill that would have authorized the Treasury Department to spend up to US$700-billion to purchase broken mortgage-backed bonds from banks with the goal of jump-starting stalled capital markets.Defeated by skeptics from both parties who questioned the need for it and whether it would work, the bailout plan was proposed by the Bush administration on Sept. 20.

Saturday, September 27, 2008

U.S. joins pursuit of pirates off Somalia

A U.S. destroyer and a Russian warship headed Saturday for a possible confrontation with pirates who hijacked a cargo ship carrying battle tanks, machine guns and a crew of 21.Though pursued by ships from two of the world's biggest naval powers, the pirates showed no sign of surrendering the Ukrainian vessel Faina, which they boarded Thursday off the Somali coast as it headed to Kenya. Instead, according to unconfirmed reports, they were demanding a $35-million ransom to turn over their unconventional booty, which includes 33 Russian-built T-72 tanks.

Friday, September 26, 2008

WaMu largest U.S. bank failure

Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion.Washington Mutual, the largest U.S. savings and loan, has been one of the lenders hardest hit by the nation's housing bust and credit crisis, and had already suffered from soaring mortgage losses.

Saturday, September 20, 2008

Tintin movie held up

Universal pictures has recoiled at the cost of the 3D animated movie adaptations of the adventures of Tintin by two of hollywood's top directors, steven spielberg and peter jackson.The two legendry directors had submitted to universal a $130 million budget to produce a trilogy of films based on the novel. Now Spielbeeg will have to ask paramount to foot the entire bill, at the time when the director has been looking to end his association with the studios.

Sunday, September 7, 2008

RIL in Forbes list

Billionaire Mukesh Ambani-led Reliance Industries has made it to the annual list of world's 100 most respected companies compiled by the Wall Street Journal. topped by US-based healthcare products major Johnson & Johnson.Ranked 83rd, RIL is the only Indian company on the list, although there are three more companies led by persons of Indian origin -- PepsiCo, ArcelorMittal and Citigroup. It has been topped by US-based healthcare products major Johnson & Johnson.