U.S. Fed pumps $3.5 bln into financial market
Business Law
[##_1L|1369514519.jpg|width="130" height="93" alt=""|_##]The U.S. Federal Reserve on Monday pumped 3.5 billion dollars into the financial system to help beat back a widening credit crisis. The injection was announced by the Federal Reserve Bank of New York, which handles such operations for the Fed. Since Aug. 9, the Fed has injected a total of 97.5 billion dollars into the financial markets to ease tightening credit stemming from the troubles in the U.S. subprime mortgage market, which offers loans to people with lower credit and income.
On Friday, the U.S. central bank approved a half-percentage point cut in its discount rate on loans to banks to "promote the restoration of orderly conditions in financial markets."
The decision means the discount rate, the interest rate that the Fed charges to make direct loans to banks, will be lowered to 5.75 percent from 6.25 percent.
But the Fed did not change its target for the more important federal funds rate, the interest commercial banks charge each other on overnight loans. The benchmark interest rate has remained at 5.25 percent for more than a year.
In the statement announcing the interest rate cut, the Fed said it "is monitoring the situation and is prepared to act as needed to mitigate the adverse effects on the economy arising from the disruptions in financial markets."
Related listings
-
US court OKs Dura sale of Atwood unit, equity plan
Business Law 08/17/2007Dura Automotive Systems Inc. has received U.S. Bankruptcy Court approval for the $160.2 million sale of its Atwood Mobile Products unit and an equity plan with Pacificor LLC to support its reorganization.Dura, which filed for bankruptcy in October 20...
-
Fed chief says subprime losses could hit $100bn
Business Law 07/19/2007Total losses from the subprime mortgage meltdown may be in the order of $50bn to $100bn, according to estimates cited by Ben Bernanke in testimony to Congress on Thursday.The Fed chairman said:"There clearly will be some significant financial losses ...
-
Sony Settles $8.5 Million Class Action Suit
Business Law 06/29/2007[##_1L|1121971627.jpg|width="120" height="138" alt=""|_##]Sony Computer Entertainment America has settled an $8.5 million class action lawsuit with current and former employees, according to a statement issued by the law offices of Shapiro Haber &...
Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.