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Tuesday, Oct. 7, 2008

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Reuters: Business News

Bernanke signals readiness to cut rates
WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke on Tuesday signaled a readiness to lower U.S. interest rates in a dramatic shift to support an economy battered by a financial crisis of "historic dimension."
Morgan Stanley shares fall 35 percent
NEW YORK (Reuters) - Shares of Morgan Stanley fell 35 percent to $15.20 in afternoon trading on the New York Stock Exchange.
UK poised to unveil bank rescue plan: report
LONDON (Reuters) - Britain's government is poised to announce a "comprehensive" rescue package for the banking system, the BBC reported on Tuesday, including the possibility of injecting capital into banks.
Ex-UBS top lawyer settles insider trading case
NEW YORK (Reuters) - A former top lawyer at UBS AG has agreed to pay $6.5 million to settle accusations that he sold his personal holdings of auction-rate securities after acquiring insider information about the collapsing market for the debt, New York's attorney general said.
Nasdaq briefly drops 4 percent in Wall St. slide
NEW YORK (Reuters) - Stocks slid further on Tuesday, sending the Nasdaq briefly down more than 4 percent, as investors worried that the widening impact of the credit crisis threatened to drag the economy into recession.