NEW YORK - WALL Street shares skidded into a ditch on Monday after the government warned General Motors and Chrysler could face bankruptcy and banks could need more aid, stoking fears about the US economy.
The Dow Jones Industrial Average plunged 254.16 points (3.27 per cent) to 7,522.02 at the market close.
WASHINGTON - PRESIDENT Barack Obama said on Monday that neither General Motors nor Chrysler has proposed sweeping enough changes to justify further large federal bailouts, and demanded 'painful concessions' from creditors, unions and others as their price for survival.
Mr Obama also raised the possibility of a controlled bankruptcy to help either or both 'restructure quickly and emerge stronger' - uttering the term that industry and union officials have warned repeatedly could lead to the collapse of an entire domestic industry.
NEW YORK - US INTERNET advertising revenue climbed in the fourth quarter in spite of the poor economy, but the growth rate was sluggish compared to previous years, according to an analysis released on Monday.
The report from the Interactive Advertising Bureau and PricewaterhouseCoopers said that revenue from online ads - which companies like Google and Yahoo heavily rely on - totaled US$6 billion (S$9 billion) in the last three months of 2008.
LAHORE (Pakistan) - PAKISTANI security forces took control of a police academy in Lahore on Monday after militants rampaged through the centre's parade ground, killing up to 20 people before holing up inside for hours.
'The operation is over. Four terrorists were killed and three arrested,' Interior Ministry Secretary Kamal Shah told Reuters. He said 89 policemen were wounded but the number killed was still being determined.
