World Economic Outlook has grown dimmer in recent months. The financial crisis has undermined the functioning of global markets and caused a significant tightening of credit conditions for consumers and businesses. According to Stefan Marion, chief economist and strategist, “Even if some surprises and was forced sale of assets leave in the coming months, which is probably that we do not expect the world economy to expand by more than 1.6% in 2009.” If that happens, according to the International Monetary Fund, global economic growth of less than 3% means a recession.
First Commerce Bank has chosen to join the FDIC Transaction Account Guarantee Program (TAGP). This program, through 31 December 2009, offering unlimited insurance cover for all funds in non-interest bearing accounts transaction.
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Federal regulators today issued credit card rules a major step to change some of the most unfair and unlawful practices. Unfortunately, the application of the rules will not take effect for 18 months and in several key respects, but does not go far enough to protect consumers.
Discover Financial Services, the fourth-largest credit card network, rose 8 percent in New York trading after saying it plans to bank and May will be eligible for as much $ 1.2 billion in aid. The company has more than doubled fourth quarter earnings.