USA: 'Stress tests' show banks need to raise $74.6 bln
Stress tests carried out by the US Treasury on 19 top US banks show that 10 of them need to raise $74.6 billion to build up capital to cushion any additional hard economic knocks.
OIL: Venezuela seizes major US oil project, local company assets
President Hugo Chavez tightened his grip on Venezuela's oil industry during tough economic times, seizing a major project from a U.S. firm and a range of assets from local service companies.
USA: Economy sheds 539,000 jobs in April; pace of losses slowing
The unemployment rate in the United States jumped to 8.9 percent, its highest level since 1983. But the pace of job losses slowed appreciably, in a sign that the country's job market may be improving.
AUTO INDUSTRY: Lenders drop opposition to Chrysler bankruptcy plan
A US government-backed bankruptcy plan for Chrysler moved one step forward after a group of dissident lenders dropped their legal challenge. The restructuring plan is designed to help Chrysler set up a partnership with Fiat.
AUTO INDUSTRY: Toyota reports first-ever annual loss, 3.3 billion euros
Japan's Toyota Motor, the world's largest automaker, announced an annual net loss of 436.9 billion yen (3.3 billion euros), its first ever, and warned that it would plunge deeper into the red this year due to the global economic downturn.
BANKING: AIG is still losing money, but less of it: $4.35 billion in first quarter
Beleaguered insurance giant AIG, bailed out by the US government last year, has announced a loss of 4.35 billion dollars for the first quarter of 2009. This is, however, its smallest loss in 18 months.
UK - BANKING: RBS lost £857 million in first quarter
The Royal Bank of Scotland, saved from bankruptcy after being partially nationalised by the British government, has announced it lost £857 million after taxes in the first quarter of 2009, hit by write-offs linked to the credit crunch.
VENEZUELA: Chavez vows to take over oil services rapidly
Just hours after Venezuela's legislature approved a law allowing the nationalization of a group of oil service companies, President Hugo Chavez said the government will immediately start taking control of assets belonging to the companies.
AUTO INDUSTRY: Fiat plan would shut down factories all over Europe, says report
A takeover of Opel by Italian carmaker Fiat would entail the closure of factories in Germany, Italy, Britain and Austria, according to a document reportedly submitted to the German government by Fiat.
FINANCE: ECB cuts main interest rate to a record low of 1 percent
The European Central Bank cut its main interest rate by 0.25 points to 1.0 percent, an historic low. It's the seventh time in a row the ECB has lowered its main rate since the beginning of the financial crisis.
BANKING - FRANCE: Societe Generale reports surprise €278m quarterly net loss
Scandal-ridden French bank Societe Generale has reported a net loss of 278 million euros in the first quarter, roughly the amount analysts had expected - albeit in net profit.
TRADE: EU, US reach deal to end beef, cheese spat
The European Commission and the US announced a provisional deal to end a long-standing dispute over an EU ban of US hormone-treated beef. The deal lifts the threat of new retaliatory duties on EU products imported to the US, such as Roquefort cheese.
AUTO INDUSTRY - GERMANY: Porsche to merge with Volkswagen
The luxury car maker Porsche, which already holds a majority stake in Volkswagen (VW) and made a takeover bid for it three-and-a-half years ago, has announced it will merge with its fellow German auto firm.
BANKING: New chairman for French Societe Generale
Frederic Oudea, 46, is the new chief executive of Societe Generale, the French bank rocked by a mammoth trading scandal last year. He was appointed a week after former chairman Daniel Bouton resigned.
AUTO INDUSTRY: BMW reports loss of 152 million euros
The world’s biggest maker of luxury vehicles, BMW, posted a quarterly loss of 152 million euros, its second in a row, as the global recession crushed demand for upscale vehicles. The results were nonetheless better than expected.
RETAILING: Carrefour negotiate to take over Russian supermarket chain
French retailing giant Carrefour is negotiating a takeover of Russian supermarket chain Sedmoi Kontinent for $1.25 billion (938 million euros), Russian daily Kommersant reported Tuesday.
SPORT: Adidas profit crashes in a first-quarter fall of 97 percent
German sport equipment Adidas registered a 97 percent drop in net profit in the first quarter. Adidas also announced a major restructuring of its operations, including the elimination of regional headquarters in Europe and Asia.
USA: Obama wants to tackle tax havens, outsourcing
President Barack Obama has announced the government's decision to clamp down on tax havens and curb job outsourcing. The measures may lead to savings amounting to $210 billion over the next 10 years.
RECESSION: EC expects economy to shrink 4 percent in worst slump since WWII
The European Commission posted a more-pessimistic economic forecast on Monday, predicting a four percent contraction of both the EU and the euro-zone economies in 2009.