Obama to name Volcker to head markets panel (at Reuters) and UPDATE - Latvia seeks IMF/EU funds, deal possible next week (at Reuters)

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City of Industry, CA --(www.USEquityNews.com)-- 11/26/2008 - International industry alert provided by U.S. Equity News. CHICAGO, Nov 26 (Reuters) - U.S. President-elect Barack Obama on Wednesday named former Federal Reserve Chairman Paul Volcker as chair of a new panel to advise him on stabilizing financial markets and averting a painful recession. The move is another step toward tackling the problems ailing the U.S. economy and is part of an aggressive effort by Obama to demonstrate that his administration will face the global financial crisis head-on when he takes over on Jan. 20. The new board is modeled on an advisory panel that gives the president nonpartisan advice on national security matters, Obama said. "Sometimes policymaking in Washington can become a little bit too ingrown, a little bit too insular. The walls of the echo chamber can sometimes keep out fresh voices and new ways of thinking," Obama said at his third news conference in as many days. Financial markets were essentially unchanged by the news of the appointment, which had leaked overnight. [Read the full article]


RIGA, Nov 26 (Reuters) - Latvia wants 1 to 3 billion euros ($1.3-3.90 billion) from the International Monetary Fund and European Commission, with final sums depending on an economic plan under negotiation, the Finance Ministry said on Wednesday. Prime Minister Ivars Godmanis said a deal could be done next week after Latvia became the second European Union state after Hungary to turn to the IMF for help. The rescue was needed after its economy slid into recession, the budget deficit began to spiral higher and it had to take over its second-largest bank. "The Finance Minister (Atis Slakteris) has indicatively said that the sum could be between 1 and 3 billion euros," said Finance Ministry spokeswoman Diana Berzina. Prime Minister Ivars Godmanis told commercial LNT television that the amount could be known after Monday, when Latvia will have presented to the Fund its ideas on the scale of an expected economic decline next year and on its policy response. [Read the full article]

* Canadian dollar falls 0.9 percent versus greenback * Bond prices rally with U.S. market on soft U.S. data By John McCrank TORONTO, Nov 26 (Reuters) - The Canadian dollar fell nearly 1 percent against the U.S. dollar on Wednesday as softness in equity markets intensified fears of a global recession, causing investors to jettison the commodity-linked currency. Canadian bond prices rallied along with the larger U.S. market after some weaker-than-expected U.S. data, which increased the allure of safe-haven government debt. At 9:48 a.m. (1448 GMT), the Canadian dollar was at C$1.2360 to the U.S. dollar, or 80.91 U.S. cents, down from C$1.2250 to the U.S. dollar, or 81.63 U.S. cents, at Tuesday's close. In the overseas session, the currency rose to C$1.2162 to the greenback, or 82.22 U.S. cents, before tumbling to C$1.2415 to the U.S. dollar, or 80.54 U.S. cents. "The selloff in the Canadian dollar this morning... coincided with the selloff in the U.S. [Read the full article]

CHICAGO, Nov 26 (Reuters) - U.S. President-elect Barack Obama on Wednesday named former Federal Reserve Chairman Paul Volcker as chair of a new panel that will advise him on stabilizing financial markets and averting a painful recession. "At this defining moment for our nation, the old ways of thinking and acting just won't do. They call for us to seek fresh thinking and bold new ideas from the leading minds across America," Obama said in prepared remarks unveiling the new President's Economic Recovery Advisory Board. "Today I'm pleased to announce the formation of a new institution to help our economic team accomplish these goals," he said. The new board is modeled on an advisory panel that gives the president nonpartisan advice on national security matters, Obama said. Volcker, 81, has been an important economic adviser to Obama on economic issues. [Read the full article]

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