90 at 9: US$700 bln bailout program to end soon; Gold nears US$1,220/ounce
3rd Dec 09, 8:52am
Alex Tarrant presents 90 at 9 with news the Dow was down in late trade as energy and financial company stocks fell, Bloomberg reports. The House Financial Services Committee voted for a bill that would set up a council of regulators to monitor systemic risk, giving regulators the power to break up healthy firms, the AP writes. US Treasury Secretary Timothy Geithner also said the government was close to the point where it could start to wind down the US$700 billion financial bailout package, but did not give further details. Dubai World announced it will hold formal talks next week with RBS, Standard Chartered, Lloyds and HSBC concerning delaying US$26 billion of debt for six months, Reuters reports. Gold hit a new high in Europe yesterday, hitting US$1,216.75/ounce, Reuters reports.