US congress has rejected $700 billion bail out package by 23 votes. This is a big blow for outgoing US administration. President George W. Bush himself made personal appeals to US Lawmakers to get it approved as early as possible. US stocks were down and Dow Jones fell 700 points.
Monthly Archive for September, 2008
Spot Gold rose to day high of $906.50 an ounce as Investors still consider the precious metal a safe heaven, due to uncertainity of $700 billion Us bailout package approval.
British pound fell against dollar after European Governments bailout Banks, Belgium,Nietherland and Luxumberg extended 11.2 Billion Euro as Life line to Fortis. British pound slide to 1.7859 from 1.8445 since 26th September. The pound fell because of Bradford and Bingley in trouble.
By Ben Livesey and Poppy Trowbridge
Sept. 27 (Bloomberg) — British banks are proposing the government help bail them out of losses from the credit crunch so they can resume lending, said four people with knowledge of the discussions.
Industry executives held talks this week about different options, including the establishment of a so-called bad bank, run by the government. It would take over assets including mortgage-backed securities that declined in value with the collapse of the U.S. subprime home-loan market, said the people, who declined to be identified because the negotiations are confidential.
Sept 27, $ 700 Bailout package is under debate in US congress and is expected to be approved before Asian Markets open on Monday.