Venezuela Closes McDonald’s for a Week

Venezuela’s government has shut all branches of restaurant chain McDonald’s for 48 hours, citing tax irregularities, officials have said.

The head of the country’s tax agency, Jose David Cabello, said the chain had inconsistencies in its accounts. Read more

Iceland On Brink of Bankruptcy

The days grow ever darker in Reykjavik. Gone is the almost eternal daylight, which washes across Iceland’s capital in the height of summer. A darkening gloom arrives earlier each day now. An icy wind blows in from the east. Darkness will be a constant presence here soon as winter sets in. Read more

Economic Instability?!?! You Betcha

Wall Street tumbled Monday, joining a selloff around the world, as fears grew that the financial crisis will cascade through economies globally despite bailout efforts by the U.S. and other governments. The credit market remained under strain, and investors piled into government bonds. The Dow Jones industrials skidded more than 300 points and fell below 10,000 for the first time in four years. Read more

Financial Bailout Passes

The core of the Senate financial bailout bill is the Bush administration’s plan to buy troubled assets from banks, but the proposal includes a number of new provisions aimed at Main Street.

The changes are intended to attract more votes in the House, which defeated an earlier version on Monday. In particular, they are designed to attract more House Republicans, two-thirds of whom voted no. Read more

Google’s $62 Billion Dollar Stock Glitch

The Nasdaq Stock Market said it will cancel some of the late trades in Google Inc (GOOG.O: Quote, Profile, Research, Stock Buzz), whose shares appeared to plunge as low as 1 cent at the close of North American markets on Tuesday. Read more

Econ Bailout: More Like $5 Trillion!!

Sept. 23 (Bloomberg) — Treasury Secretary Henry Paulson’s $700 billion plan to buy devalued assets from financial companies is “a joke” because it doesn’t go far enough to calm markets, said Kenichi Ohmae, president of Business Breakthrough Inc. Read more

30 Airlines to Go Bankrupt Within Year

Up to 30 more airlines will go bankrupt before Christmas, the chief executive of British Airways warned yesterday, as the biggest rescue of stranded passengers in travel industry history began.

Willie Walsh said the scenes of chaos in which 85,000 passengers have been stranded at locations around the world after the collapse of XL, Britain’s third largest holiday company, Read more

Google’s $1 billion dollar United Airlines Mistake

The US Securities and Exchange Commission has opened a “preliminary inquiry” into how an outdated bankruptcy story sparked a $1 billion run on an airline’s stock value.

The article about how United Airlines filed for bankruptcy in 2002 was revived when it showed up on a newspaper site’s “most viewed” section on Monday. Read more

Fannie Mae and Freddie Mac Purchased by U.S. Government

Ron Blackwell of the AFL-CIO says housing prices falling faster than during Great Depression.

Federal government nationalizes troubled mortgage giants Fannie Mae and Freddie Mac becoming one of the biggest players in the US Mortgage Market. Many private analysts worry that it may not be enough to stabilise the slumping housing market, given the glut of vacant homes for sale Read more

Red Bull Creating a Cola

Expanding its reach outside of energy drinks for the first time, Red Bull releases a cola. From Red Bull, makers of one of the scariest chemicals created in the last couple of decades, comes an all-natural cola,

made with coca leaf, kola nuts, ginger, mustard seeds and more. Uh oh! I’m not sure what this can mean…

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