Iran Ends Oil Transactions In U.S. Dollars, OPEC's Second-Largest Producer Now Pegs Petroleum To Euros And Yen - CBS News

Iran Ends Oil Transactions In U.S. Dollars, OPEC's Second-Largest Producer Now Pegs Petroleum To Euros And Yen - CBS News: "(AP) Iran, OPEC's second-largest producer, has completely stopped conducting oil transactions in U.S. dollars, a top Oil Ministry official said Wednesday, a concerted attempt to reduce reliance on Washington at a time of tension over Tehran's nuclear program and suspected involvement in Iraq."

reportonbusiness.com: 'There is no sign of a bottom'

reportonbusiness.com: 'There is no sign of a bottom': "WASHINGTON -- Conditions at the epicentre of the credit crunch are getting worse as Ben Bernanke and the U.S. Federal Reserve Board appear poised to slow their aggressive drive to cut interest rates. Home prices are falling faster in virtually every major U.S. city and foreclosures are on a pace to double over last year, according to two reports released yesterday."

Gas to Hit $7 a Gallon | Autopia from Wired.com

Gas to Hit $7 a Gallon | Autopia from Wired.com: "Both Qatar's oil minister and the head of OPEC can see oil hitting $200 a barrel before the end of the year and one analyst says gas could reach $7 a gallon within four years. That could mean cataclysm for the global economy."

Buffett says recession may be worse than feared | Reuters

Buffett says recession may be worse than feared | Reuters: "NEW YORK (Reuters) - Warren Buffett, the world's richest person, said on Monday the U.S. economy is in a recession that will be more severe than most people expect."

Many states appear to be in recession - Yahoo! News

Many states appear to be in recession - Yahoo! News: "The finances of many states have deteriorated so badly that they appear to be in a recession, regardless of whether that's true for the nation as a whole, a survey of all 50 state fiscal directors concludes.
The situation looks even worse for the fiscal year that begins July 1 in most states."

California home prices fall 26 percent amid foreclosures

California home prices fall 26 percent amid foreclosures: "A glut of foreclosed homes helped prompt a 26 percent plunge in California home prices in March, highlighting a trend that experts said is likely to continue as low, introductory interest rates expire for people who bought near the height of the housing boom.

More than 38 percent of California homes sold in March had been foreclosed at some point during the previous year, DataQuick Information Systems said in its survey released Thursday.

Figures for previous years were not immediately available, but company analyst John Karevoll said the March percentage for foreclosed home sales was believed to be an all-time high for the state.

The state's median home price was $358,000 last month, down from $484,000 in March 2007, when the market peaked, DataQuick said."

The Press Association: Merrill Lynch axes 4,000 jobs

The Press Association: Merrill Lynch axes 4,000 jobs: "A major investment bank hit by the credit crunch cast a shadow over the City after unveiling thousands of job cuts.

US giant Merrill Lynch, one of the main casualties of the sub-prime crisis, said it was axing 4,000 staff in a bid to save hundreds of millions of dollars a year."