LUXEMBOURG European Central Bank President Jean-Claude Trichet called Monday for calm in the continent's jittery markets, saying they are overestimating risks and the euro-zone central bank stood ready to provide all the liquidity needed for as long as necessary.
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WASHINGTON The Federal Reserve has granted approval for Japan's largest bank to purchase a stake in U.S. investment giant Morgan Stanley.
WASHINGTON The government's $700 billion rescue, aimed at rebuilding economic confidence, appeared to sound a global alarm instead on Monday, triggering a fearful international sell-off as the U.S. began work on a plan that investors feared would be too little and too late to stave off a worldwide recession.
NEW YORK Bank of America Corp. on Monday reported third-quarter results earlier than planned, revealing a wider-than-expected profit drop and plans to boost capital by selling $10 billion stock and halving its dividend.
WHAT HAPPENED: Indianapolis-based drug maker Eli Lilly & Co. is buying the biotech firm ImClone Systems Inc. for more than $6 billion.
NEW YORK Foodmaker Kraft Foods Inc. said Monday it is cutting 400 jobs in North America to reduce costs.
WHAT'S UP: Retailers are expected to report dismal same-store sales figures on Wednesday, providing the first full gauge of consumer behavior since the financial meltdown began. The only bright spots will be discounters and wholesale clubs as customers focus on bare-bone essentials.
NEW YORK The weak retail sales merchants had been expected to post for September will likely prove to have been a disaster as the financial meltdown that began halfway through the month sent shoppers into hiding.
NEW YORK Starbucks Corp. is facing another complaint from the National Labor Relations Board alleging that the gourmet coffee chain engaged in unfair labor practices by firing a barista in Michigan.
HARRISBURG, Pa. Mars Inc. has closed a $23 billion deal to purchase chewing-gum giant Wm. Wrigley Jr. Co., the companies said Monday, making the combined business the world's largest candy maker.
LOS ANGELES A man who was paid $2.5 million to be a plaintiff in a major lawsuit kickback scheme was sentenced Monday to three months in prison.
LOS ANGELES A man accused of accepting $2.5 million to act as a paid plaintiff in a major lawsuit kickback scheme was sentenced Monday to three months in prison.
NEW YORK Wachovia, Citigroup and Wells Fargo on Monday agreed to a standstill of all formal litigation activity - a sign that the banks and the Federal Reserve are working feverishly to reach an agreement over the fate of Wachovia.
NEW YORK Commodities prices tumbled broadly Monday on growing expectations that the financial crisis pummeling world markets will dramatically reduce global demand for energy and raw materials. Gold prices shot up as investors' faith in stock markets dimmed further, touching off a desperate dash for safe alternative investments.
LONDON Individual European governments issued a cascade of deposit guarantees to shore up their banks but fell short of any coordinated action Monday to deal with the crisis sweeping financial markets, even as stock markets crashed and the euro sank to its lowest level for over a year.
