WASHINGTON - PRESIDENT Barack Obama vowed on Thursday while meeting credit card executives to stamp out abusive rate hikes and fees in the industry and to provide 'strong' protections for consumers.
Mr Obama said he wanted to create a more stable and consumer-friendly system while safeguarding the beleaguered sector.
CHARLOTTE (North Carolina) - NEW York's attorney general says government officials pressured Bank of America's CEO Ken Lewis to complete the bank's purchase of Merrill Lynch and threatened his job security.
A letter from New York Attorney General Andrew Cuomo's office released on Thursday said Mr Lewis testified in February that former Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke threatened to oust Bank of America's management if the bank tried to back out of buying the investment bank.
PHILADELPHIA/LONDON - HIGHER-THAN-EXPECTED US unemployment claims and mixed news on banks on Thursday suggested the global recession was far from over despite a survey that found euro zone businesses cautiously optimistic about next year.
On the eve of a G7 finance ministers meeting in Washington, Wall Street stocks ended slightly higher while European stock indices vacillated, held back by anxiety about the overall health of the banking sector and poor results from Swiss engineering group ABB.
PESHAWAR (Pakistan) - PAKISTAN on Thursday deployed paramilitary troops to northwestern districts infiltrated by Taliban militants, as global concern mounted over Islamabad's ability to rein in the Islamists.
The extremists patrolled the streets of Buner district, about 100 kilometres outside the capital, warning residents not to engage in 'un-Islamic' activity and barring women from public places, officials and witnesses said.
