Reuters - The U.S. government plans to take over Fannie Mae and Freddie Mac and all shareholders of the two mortgage giants will take a hit, an influential lawmaker said on Saturday.

Reuters - Boeing Co's 27,000-strong machinists' union walked off the job on Saturday after the plane maker failed to improve its contract offer following two days of emergency talks.

Reuters - Alitalia's (AZPIa.MI) adviser will soon present its rescue plan for the airline to British Airways , considered by Italy as a possible foreign partner for the bankrupt airline, an executive told a newspaper.

Reuters - Maurice "Hank" Greenberg, the former CEO of American International Group Inc , could face a fine of up to $100 million to settle three-year-old civil fraud charges brought by New York's attorney general, according to business news channel CNBC on Friday.

Reuters - Fannie Mae and Freddie Mac shareholders, including preferred stockholders, will not fair well under a proposed U.S. Treasury takeover of the two housing finance companies, House Financial Services Committee Chairman Barney Frank told Reuters on Saturday.

AFP - Wall Street shares recovered from steep early losses and finished mostly higher Friday as the market was able to shake off a jump in unemployment that sparked renewed fears of a US recession.

Investor's Business Daily - In the past year, the credit crunch has spread from mortgages to student loans and other types of debt. Home equity lines of credit have been reeled in.

Reuters - Germany's Media Markt, Europe's biggest electrical goods retailer, has rejected a request from DSG International Plc to consider a bid for its closest rival, the Financial Times said on its Web site.