NEW YORK (Reuters) - President-elect Barack Obama called for urgent passage of a stimulus package to reinvigorate a faltering economy that saw unemployment hit a 14-year high on Friday while U.S. automakers reported billions in losses.
MUMBAI: Indian stocks soared on Monday as the outlook for global and domestic economies improved with strong US jobs data, a crucial election victory in Japan and progress on resolving two big problems facing the Indian economy — bank capital deficit and passage of goods & services tax Bill. The Sensex and Nifty rose over 2% each to near-11-month highs, but their performance was overshadowed by the broader market comprising mid- and smallcaps. BSE midcap index soared to life highs led by financial services firms and banks such as Allahabad Bank, Indiabulls Finance and Berger Paints.
NEW YORK (Reuters) - The transition team of President-elect Barack Obama is considering a swift prepackaged bankruptcy for automakers as an answer to the financial woes of the sector, reported Bloomberg News on Friday, citing a person familiar with the matter.
President-elect Barack Obama pledged quick work Tuesday on an economic recovery plan to include tax cuts and increased federal spending, and told the nation's governors he wants their advice in designing a package to help their hardhit states.