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Credit rating agencies failed properly to manage conflicts of interest in assigning top ratings to bonds backed by subprime mortgages and other assets, the Securities and Exchange Commission has concluded

Rich countries agree to halve greenhouse gas emissions by 2050, along with 'ambitious mid-term targets' for developed economies, but make no mention of base year for measuring cuts

The US and the Czech Republic have signed an agreement to build a radar base in the former Soviet bloc country as part of a planned extension of the US missile defence shield to central Europe.

John Authers says that US stocks may suffer negative real returns for many years to come

Investor's Business Daily - That was slightly better than wall st. estimates, while April's rise in consumer credit outstanding was revised down to $7.8 bil. credit card and other revolving debt grew by $5.7 bil after April's drop of $424 mil. Auto, boat and other nonrevolving loans rose $2.1 bil.

Large US investment banks will be able to access emergency cash from the Federal Reserve into next year if market turmoil persists, Ben Bernanke said in a sign of the growing concern among policymakers that financial strains could continue for some time

AP - wall street finished sharply higher Tuesday as oil prices dropped for the second straight day and investors were encouraged by the possibility of more help for the ailing financial system. The Dow Jones industrials gained more than 150 points, and all the major indexes were up more than 1 percent.

Wall street stocks rallied the most in over a month, bouncing back from bear market territory as falling commodity prices boosted consumer facing stocks and financials roared ahead