SAN FRANCISCO - Yahoo Inc's board has approved a deal to buy blogging and social networking site Tumblr for $1.1 billion in cash, the Wall Street Journal cited people familiar with the matter as saying on Sunday.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Fed says to make loans to aid money market funds
WASHINGTON (Reuters) - The U.S. Federal Reserve on Friday announced more steps to aid battered markets, including opening its discount window to financial institutions to enable them to purchase certain assets from money market funds.
"One initiative will extend non-recourse loans at the primary credit rate to U.S. depositary institutions and bank holding companies to finance their purchases of high-quality asset-backed commercial paper (ABCP) from money market mutual funds," the Fed said in a statement.
"This should assist money funds that hold such paper in meeting demands for redemptions by investors and foster liquidity in the ABCP market and broader money markets," it said.
The U.S. central bank's move follows news earlier on Friday from the U.S. Treasury that it had set up a temporary guaranty program for the mutual fund industry. The measures were the latest in a series of dramatic steps to calm a spreading panic in credit markets following the record bankruptcy of Lehman Brothers Holding Inc and the government intervention in American International Group.
The Fed also announced more help for market in agency debt, which includes paper issued by mortgage giants Fannie Mae and Freddie Mac, which were seized by the government on September 7.
"To further support market functioning, the Federal Reserve also plans to purchase from primary dealers federal agency discount notes, which are short-term debt obligations issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks," the Fed said.
(Reporting by Alister Bull; Editing by Tom Hals)
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