March 17, 2009 Tuesday
Updated

NEW YORK - US stocks swung lower on Monday in late selling, ending a four-day bull run based on cautious optimism that the economy would begin to recover from recession despite many challenges ahead.

The Dow Jones Industrial Average fell a modest 6.06 points (0.08 per cent) at the closing bell to 7,217.92 after rallying most of the day on the back of a stunning nine per cent rise last week from 12-year lows.

 
Obama angry over AIG bonuses

WASHINGTON - PRESIDENT Barack Obama expressed outrage on Monday over hefty bonus payments awarded to employees of insurer AIG and said he directed his treasury secretary to take all legal measures to block them.

Insurance giant AIG received some US$173 billion (S$265 billion) in government bailout money and is now paying US$165 million (S$253 million) in employee bonuses.

Public mobilisation for US budget

WASHINGTON - PRESIDENT Barack Obama will call on millions of supporters to knock on neighbors' doors this week to pressure Congress to pass his record US$3.55 trillion (S$5.44 trillion) budget, a Democratic official said on Monday.

Mr Obama will ask people who volunteered for his presidential campaign to gather signatures from neighbors to support his budget, which proposes a US$1.75 trillion (S$2.68 trillion) deficit to lift the country out of recession and lay the groundwork for healthcare reform and other big initiatives.

Citi gets 4 independent directors

NEW YORK - CITIGROUP has nominated four new independent directors to stand for election at its annual meeting in April, as part of an ongoing shuffling of the troubled bank's board.

   
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