WASHINGTON (Reuters) - The Federal Reserve on Tuesday announced it would create a special-purpose facility, with the Treasury Department's blessing, to begin buying commercial paper in yet another emergency move aimed at calming chaotic financial markets.
REYKJAVIK/LONDON (Reuters) - Russia negotiated an emergency bailout for Iceland and unveiled an aid package for its own banks on Tuesday, while Japan called for greater coordination in tackling the global financial crisis.
NEW YORK (Reuters) - Stocks opened higher on Tuesday after the Federal Reserve moved to unclog the commercial paper market, which is widely used to fund day-to-day business by companies.
NEW YORK (Reuters) - Bank of America Corp shares fell almost 8 percent on Tuesday, the day after the company said it would cut its dividend and raise $10 billion to offset rising loan losses.
SYDNEY/TOKYO (Reuters) - Australia stunned markets with its steepest interest cut in 16 years Tuesday and investors expected that other central banks would follow suit in a coordinated move to combat the global credit crisis.
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