Washington - US Federal Reserve chief Ben Bernanke warned Wednesday that the emergency action taken by the Bush administration in response to the financial crisis is unlikely to produce a swift economic recovery.
"Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away," Bernanke said in a speech to the Economic Club of New York.
Washington - Doctors examining US Vice President Dick Cheney discovered an abnormal rhythm in his heart Wednesday and ordered him to undergo treatment, the White House said.
Cheney has cancelled plans to attend a campaign event in Illinois to go to George Washington University Hospital for the outpatient procedure involving an electrical impulse to restore a normal rhythm in his heart's upper chamber, Cheney spokeswoman Megan Mitchell said.
New York - US stocks continued their decline at opening bell Wednesday, hit by the largest drop of retail sales in three years and growing worry over a US recession.
The president of the Federal Reserve Bank of San Francisco, Janet Yellen, said late Tuesday that the US is already in a recession and that the job of the central bank is to "mitigate the dark scenario on the downside risk."
New York - Coca-Cola Co, the world's largest soft drink manufacturer on Wednesday reported a third-quarter profit increase of 14 per cent to 1.9 billion dollars despite the economic downturn.
Sales rose by 9 per cent to 8.4 billion dollars. The company's success in emerging countries had more than compensated for the weak US market, CEO Muhtar Kent said Wednesday in a statement released by Coca-Cola headquarters in Atlanta, Georgia.
Coca-Cola has gained significantly from the weak dollar, with its performance clearly exceeding expectations.
New York - The third-largest US air carrier Delta Air Lines reported Wednesday that it lost 50 million dollars in the third quarter of 2008 amid rising fuel costs.
The loss compares with the 220 million dollar profit in the same quarter of 2007, but represented a slowdown in the airline's red ink after the company had posted 7.4 billion dollars in losses in the first six months.
New York - Wells Fargo & Co., the bank in the limelight in the acquisition of Wachovia Corp., reported Wednesday that it achieved 1.64 billion dollars in net income in the third-quarter.
The figure was down 24 per cent from the 2.17 billion dollar profit in the third quarter last year, but was better than what analysts had been projecting.
The Q3 net profit of 49 cents per share beat the average 43 cents forecast which analysts had projected in a survey for the business wire agency Bloomberg.
Washington - US Federal Reserve chief Ben Bernanke warned Wednesday that the emergency action taken by the Bush administration in response to the financial crisis is unlikely to produce a swift economic recovery.
Washington - Doctors examining US Vice President Dick Cheney discovered an abnormal rhythm in his heart Wednesday and ordered him to undergo treatment, the White House said.
New York - US stocks continued their decline at opening bell Wednesday, hit by the largest drop of retail sales in three years and growing worry over a US recession.
New York - Coca-Cola Co, the world's largest soft drink manufacturer on Wednesday reported a third-quarter profit increase of 14 per cent to 1.9 billion dollars despite the economic downturn.
New York - The third-largest US air carrier Delta Air Lines reported Wednesday that it lost 50 million dollars in the third quarter of 2008 amid rising fuel costs.
New York - Wells Fargo & Co., the bank in the limelight in the acquisition of Wachovia Corp., reported Wednesday that it achieved 1.64 billion dollars in net income in the third-quarter.
