October 6, 2008
Shares Drop as Government Discuss Bank Options
The government promised on Monday to protect ordinary savers in the face of global financial turmoil but shares in the country's banks fell sharply amid fears the government would seek partial ownership in return for support.
Bank of America says to spend up to $8.4 bln on Countrywide
Bank of America said Monday it was ready to spend up to 8.4 billion dollars to restructure the troubled mortgage loan portfolio of the recently-acquired mortgage lender Countrywide.
Panic grips world stock markets
World stock markets plummeted on Monday, striking four-year lows, as panic-stricken investors doubted whether a Wall Street bailout package would stem the global financial crisis.
