TOPWRAP Plug valve4-U.S. bankers grilled, China trade plunges
Plug valve api valve Flying Banners promotional gifts ccd camera pantalon cuir Impulse Sealer baby powder Surge arrestor hot stamping machine hockey jerseys Plug valve iphone cases largest indoor water park iphone 4 covers crystal glass solar inverter 外匯買賣 monocrystalline Escarpins TOPWRAP 4-U.S. bankers grilled, China trade plungesPublished: 11 Feb 2009 19:24:11 PST
U.S. stocks rebound, Congress questions bankers
Treasury's Geithner pushes new bank bailout plan
China's imports, exports plunge
UK unemployment hits 12-year high
* Credit Suisse posts $7.1 bln annual loss
WASHINGTON/LONDON, Feb 11 - U.S. lawmakers grilled leading American bankers on Wednesday on how they are using the bailout money they got last year and Treasury Secretary Timothy Geithner pushed a new bank bailout plan.
Global trade continued to crumble with a sharp fall in Chinese imports and exports in January underlining the economic damage caused by the global financial crisis.
U.S. stocks opened higher with investors scooping up shares beaten down in Tuesday's selloff on disappointment over the lack of detail in the latest U.S. plan to rescue the financial system.
Bank shares were among U.S. stocks mounting a recovery, led by Bank of America, which rose 9 percent.
Geithner's bank plan would put $2 trillion to work mopping up bad assets and restoring credit, but it was immediately criticized for lacking detail and clarity.
"I completely understand the desire for details and commitments, but we're going to do this carefully, consult carefully so we don't put ourselves in the position again where we're laying out details ahead of the care and substance necessary to get it right," he told the Senate Budget Committee.
Eight bank chiefs appeared before the U.S. House Finance Committee to explain what they are doing with the billions of taxpayer dollars they received to avert collapse and get them lending again.
In London, bank executives also got a dressing down on Wednesday in a parliamentary investigation into the integrity of the British banking system, which was partially nationalized in the crisis.
A top UK financial regulator, James Crosby, deputy chairman of the Financial Services Authority, was forced to step down because of allegations he ignored risk warnings when he was chief executive of British bank HBOS.
The U.S. Congress and the Obama administration moved closer to a deal on an $800 billion economic stimulus package to fight deepening recession in the world's largest economy, which is reeling from a slump in asset prices, scarce credit and millions of lost jobs. Congressional negotiators will meet on Wednesday afternoon to reach a compromise bill, aides said.
President Barack Obama, who has said the stimulus package is essential to avert a catastrophe, wants to have a bill to sign into law by this weekend.
IMPORTS, EXPORTS SLUMP
China, the world's third-largest economy, has seen trade hit as big customer economies, the United States, Europe and Japan, have gone into reverse.
China's January trade data showed exports fell 17.5 percent from a year earlier, a sharp acceleration from a 2.8 percent dip in December.
Imports plummeted 43.1 percent, twice as much as in the previous month.
The declines were sharper than expected and mirrored big falls elsewhere in Asia, suggesting to several analysts that China has yet to hit bottom.
"We will not see good export and import figures in the first and second quarters due to the slowing global economy," said Zhang Shiyuan, an analyst with Southwest Securities in Beijing.
Demand for crude oil has been one of the casualties of the slowdown, and on Wednesday the International Energy Agency said fuel demand this year would contract by about a million barrels a day, double its previous estimate.
Interest rates, too, have been tumbling since the crisis began, with Sweden halving its principal rate to a record low 1 percent on Wednesday.
A number of European Central Bank policymakers said on Wednesday that the euro zone was also likely to se混合机 弹簧 弹簧 クレジット 現金化 Waterproof socks 弹簧 クレジットカード 現金化 口コミ 被リンク