Central banks poised to act
SINGAPORE/LONDON (Reuters) – Central banks are likely to launch new coordinated emergency action this week to calm panic in financial markets, which could be rocked further by data pointing to global recession. The U.S. Federal Reserve is expected to cut rates sharply following share selloffs and currency collapses in developed economies and the emerging markets of Asia and Latin America.
KeyCorp, Capital One to receive cash infusion: source
WASHINGTON (Reuters) – KeyCorp (KEY.N), Zions Bancorp (ZION.O) and Capital One Financial Corp (COF.N) are some of the banks that will receive cash under the U.S. government’s second round of capital infusions, a source familiar with the Treasury Department’s thinking said on Sunday. Four banks, including PNC Financial Services Group Inc (PNC.N), have already announced they are participating in the second round of capital injections.