European shares lost a bit of ground on Wednesday as nervousness ahead of an interest rate decision from the U.S. Federal Reserve, new write-downs from banking groups UBS and BNP Paribas and a negative note on the auto sector hurting stocks.
U.S. stock futures drifted lower Wednesday ahead of another anticipated interest rate cut from the Federal Reserve and a report on economic growth that will be closely watched amid concerns of a looming recession.
NEW YORK (Reuters) - Applications for home mortgages jumped to their highest level in nearly four years as low interest rates led more homeowners to seek refinancing, according to data from an industry group on Wednesday.
Directors at scandal-hit Societe Generale begin talks to decide the fate of the bank's head, Daniel Bouton. Source: BBC News | Business | World Edition | 30 Jan 2008 | 12:19 pm
CHICAGO (Reuters) - Kraft Foods Inc on Wednesday posted a lower quarterly profit as higher costs for dairy products and other ingredients weighed on results at the largest North American food company.
Reuters - Stock index futures were little
changed on Wednesday as investors braced for the Federal
Reserve's decision on interest rates later in the session.
NEW YORK (Reuters) - Recession fears are weighing heavily on U.S. corporate finance chiefs, pushing optimism down to a fresh three-year low, according to a survey on Wednesday.
PARIS (Reuters) - The board of Societe Generale met on Wednesday to decide the fate of its chairman after rogue trading losses as fellow French bank BNP Paribas ducked questions on whether it would bid for its wounded rival.
MELBOURNE/SYDNEY (Reuters) - Rio Tinto's shares surged on Wednesday amid market talk that an improved offer had prompted the firm to open its books to suitor BHP Billiton and media reports which said Rio had signaled a price at which it would sell out.
LONDON (MarketWatch) -- The dollar slipped slightly against major currencies but held narrow trading ranges, ahead of the Federal Reserve's eagerly awaited decision on U.S. interest rates later Wednesday.
The Treasury announces that Mervyn King has been reappointed as governor of the Bank of England. Source: BBC News | Business | World Edition | 30 Jan 2008 | 12:01 pm
CHICAGO (MarketWatch) -- Homeowners' applications to refinance existing loans surged again in the Mortgage Bankers Association's latest survey of filings, rising 22.1% last week compared with the previous week.
AP - The FBI on Tuesday said it is investigating 14 companies for possible accounting fraud, insider trading or other violations in connection with home loans made to risky borrowers.
Reuters - The board of Societe Generale
met on Wednesday to decide the fate of its chairman after rogue
trading losses as fellow French bank BNP Paribas ducked
questions on whether it would bid for its wounded rival.
LONDON (MarketWatch) -- French electricity generator EDF and Spanish construction giant ACS are considering a joint bid for Iberdrola, Spain's biggest utility, according to a Financial Times published Wednesday.
It looked shaky for a while, but in the end Mervyn King overcame criticism of his handling of the credit crunch to win reappointment Wednesday as governor of the Bank of England.
Chancellor Alistair Darling proposes that failing banks should be allowed to be rescued in secret. Source: BBC News | Business | World Edition | 30 Jan 2008 | 11:21 am
Mervyn King has won a second term as governor of the Bank of England, ending months of speculation that he had fallen out of favour due to the Northern Rock debacle. Source: Telegraph Business | 30 Jan 2008 | 11:10 am
The Nikkei 225 closed down 1 pct at 13,345.03, following a report that the securities unit of megabank Mizuho Financial Group (NYSE:MFG) is facing more subprime mortgage-related losses than it initially expected. Mizuho Securities Co will likely book about 250 bln yen in subprime-related losses in the current year to March, nearly double what it projected in November.
LONDON (Reuters) - Stock futures fell on Wednesday, indicating a dip on Wall Street after Internet media company Yahoo reported a drop in quarterly profit and ahead of the Federal Reserve's rate decision.
With auto sales headed for their lowest level in a decade this year, automakers are relying on a comfortable old friend to lift them out of the doldrums: the demographic cycle.
French bank BNP Paribas warns a "deepening crisis" in the financial markets dented its profits during the last three months of 2007. Source: BBC News | Business | World Edition | 30 Jan 2008 | 10:56 am
Two of Europe’s largest banks revealed fresh problems stemming from the U.S. housing downturn Wednesday. Swiss banking giant UBS extended its latest write-down to $14 billion and France’s BNP Paribas said its quarterly profit will slump over 40%.
LONDON (MarketWatch) -- U.S. stock futures pointed lower Wednesday as traders nervously await the Fed's verdict on interest rates, with Yahoo Inc. likely in for a tough session after the Internet search provider posted a bleak outlook for this year.
Ryanair is told by the advertising watchdog to withdraw an advert showing a young model in school uniform. Source: BBC News | Business | World Edition | 30 Jan 2008 | 10:51 am
The slide in the housing market gathered more pace last month, increasing speculation that the Bank of England's Monetary Policy Committee will cut interest rates at its meeting next week. Source: Telegraph Business | 30 Jan 2008 | 10:45 am
Countrywide on Tuesday reported a loss of $422 million in the fourth quarter and revealed that an astounding one-third of its investment portfolio's sub-prime mortgage loans are delinquent.
Reuters - Fresh writeoffs at big European and
Japanese banks on Wednesday threw the investor spotlight firmly
back onto the credit crunch after days gazing at Societe
Generale's stunning losses, which it blames on a junior trader. Source: Yahoo! News: Business | 30 Jan 2008 | 10:23 am
Mervyn King has won a second term as governor of the Bank of England, ending months of speculation that he had fallen out of favour due to the Northern Rock debacle. Source: Telegraph Business | 30 Jan 2008 | 10:23 am
ZURICH (Reuters) - Subprime-related problems at UBS AG mounted on Wednesday as the Swiss bank unveiled $4 billion in new write-downs in a surprise statement and sank deep into the red for the year.
Swiss bank UBS reports a loss for the whole of 2007, hit by bad investments in US sub-prime home loans. Source: BBC News | Business | World Edition | 30 Jan 2008 | 10:11 am
Conventional wisdom says you should pick a financial adviser you connect with, and one who has good references and no problems with regulators. Sure, that's a good way to start, but it won't tell you if he or she is likely to chase market trends or put a desire for fees ahead of your best interests. The questions below will give you insight into any planner's style and candor.
Several Asian markets surrendered early gains to end in the red Wednesday, ignoring an overnight advance on Wall Street and remaining cautious about the extent of an expected interest-rate cut by the Federal Reserve.
France's biggest listed bank announced record full-year profits of €7.8bn for 2007, fuelling speculation that it has the firepower to bid for stricken rival Société Générale Source: FT.com - US homepage | 30 Jan 2008 | 9:43 am
The markets continue to give a remarkable impersonation of the undergarments of our 'oldest profession' and, it is difficult to really get a handle on what is going on. Source: Telegraph Business | 30 Jan 2008 | 9:30 am
Reuters - Subprime-related problems at UBS AG
mounted on Wednesday as the Swiss bank unveiled $4
billion in new write-downs in a surprise statement and sank
deep into the red for the year.
The travel industry is immune to economic downturns and even recession because British people are not prepared to sacrifice their annual holiday, according to travel agent Thomas Cook. Source: Telegraph Business | 30 Jan 2008 | 9:15 am
Shares in UBS declined this morning after the European banking giant revealed it lost a record Sfr4.4bn in 2007 after credit markets deteriorated further in the final three months of the year. Source: Telegraph Business | 30 Jan 2008 | 8:50 am
The latest writedowns take to $18bn the total that the Swiss bank has lost in 2007 on its large holdings in US mortgage-related securities, and mean that it will report a full-year loss of about SFr4.4bn Source: FT.com - US homepage | 30 Jan 2008 | 8:32 am
WASHINGTON (Reuters) - The Federal Reserve is expected to lower U.S. interest rates on Wednesday as part of an ongoing aggressive effort to spare the economy from the worst effects of a deep housing slump and credit crunch.
Reuters - The Federal Reserve is expected to
lower U.S. interest rates on Wednesday as part of an ongoing
aggressive effort to spare the economy from the worst effects
of a deep housing slump and credit crunch.
SAN FRANCISCO/NEW YORK (Reuters) - Yahoo Inc posted a drop in quarterly profit on Tuesday and forecast 2008 revenue below Wall Street forecasts as it cuts jobs and invests to shore up its Web advertising business.
John McCain won the Republican primary contest in Florida after a close-fought battle with Mitt Romney, reinforcing his position as frontrunner ahead of next week's potentially decisive Super Tuesday contests Source: FT.com - US homepage | 30 Jan 2008 | 4:52 am
Investors raised their bets that the $19.5bn leveraged buy-out of Clear Channel Communications will unravel, raising stakes for hedge funds trying to guess if the deal will close Source: FT.com - US homepage | 30 Jan 2008 | 3:37 am
The cost of decommissioning ageing nuclear reactors has risen by £12bn in the past few years, according to an official report. Source: BBC News | Business | World Edition | 30 Jan 2008 | 3:36 am
Reuters - Yahoo Inc
posted a drop in quarterly profit on Tuesday and forecast 2008
revenue below Wall Street forecasts as it cuts jobs and invests
to shore up its Web advertising business.
The Federal Bureau of Investigation is investigating 14 companies for possible accounting fraud and insider trading offences related to subprime mortgages Source: FT.com - US homepage | 30 Jan 2008 | 12:11 am
European leaders meeting in Downing Street last night agreed to co-operate closely in future to help avert another financial crisis spreading across the world. Source: Telegraph Business | 30 Jan 2008 | 12:10 am
More than a million people who have taken out a mortgage over the past three years have a "high risk" of being unable to pay back their loans, the City watchdog warned last night. Source: Telegraph Business | 30 Jan 2008 | 12:01 am
BSkyB Satellite group is set for £112m half-year loss as it follows ruling to reduce stake in terrestrial broadcaster, reports Juliette Garside Source: Telegraph Business | 30 Jan 2008 | 12:01 am
Search engine Yahoo says it plans to cut 1,000 jobs as its profits fall 23% in the final three months of 2007. Source: BBC News | Business | World Edition | 29 Jan 2008 | 11:54 pm
Yahoo's shares slumped in after-market trading as the US internet company issued a downbeat outlook for this year reflecting its struggles to revamp its core online services Source: FT.com - US homepage | 29 Jan 2008 | 11:33 pm
US stocks rise on expectations of a further interest rate cut to boost the country's ailing economy. Source: BBC News | Business | World Edition | 29 Jan 2008 | 11:20 pm
The FBI probes 14 firms embroiled in the sub-prime mortgage crisis as it cracks down on improper lending. Source: BBC News | Business | World Edition | 29 Jan 2008 | 10:33 pm
The US military is funding the construction of Islamic schools, or madrassas, in the east of Afghanistan in an attempt to stem the tide of young people going to radical religious schools in Pakistan Source: FT.com - US homepage | 29 Jan 2008 | 10:12 pm
Leading US companies are shifting into recession mode and preparing to cut costs, freeze hiring and reduce capital spending as they brace for an economic slowdown, senior executives and industry experts said Source: FT.com - US homepage | 29 Jan 2008 | 7:51 pm
FT.com - US stocks advanced again on Tuesday as some better-than-expected corporate earnings and a surprising jump in durable goods orders helped boost beaten-down sentiment on Wall Street. Source: Yahoo! News: Business | 29 Jan 2008 | 5:45 pm
US stocks were set for a higher start on Tuesday, buoyed by some better-than- expected data on durable goods orders and amid expectations the Federal Reserve will continue to cut interest rates aggressively... Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Jan 2008 | 2:14 pm
Mitchells & Butlers on Tuesday finally abandoned plans for a property joint venture, closing out related interest and inflation rate hedges at a post-tax cost of 274m and saying it would take an exceptional... Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Jan 2008 | 1:31 pm
Countrywide Financial Corp., the nation's largest mortgage lender, said today it swung to a loss in the fourth quarter due to rising loss provisions and impairment charges. Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Jan 2008 | 1:28 pm
Insurance giant Prudential on Tuesday warned that next year was unlikely to be as strong as 2007 as it reported a jump in new business for last year, including a near-50 per cent rise in its Asian operations.... Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Jan 2008 | 1:19 pm
NEW YORK (Reuters) - Countrywide Financial Corp , the battered mortgage lender being acquired by Bank of America Corp , on Tuesday posted a fourth-quarter loss, hurt by mounting defaults in Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Jan 2008 | 1:08 pm
Occidental Petroleum Corp., one of the nation's biggest oil and gas companies, said Tuesday its profit rose 56 percent in the fourth quarter as it reaped rewards from surging oil prices. Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Jan 2008 | 1:02 pm
World oil prices rose on Tuesday in line with most world stock markets, as traders awaited US energy stockpiles data, a US interest rate call and an OPEC production meeting later in the... Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Jan 2008 | 12:50 pm
Dow Chemical Co. said Tuesday its fourth-quarter earnings fell 52 percent due to restructuring and a $1.7 billion rise in spending on materials and energy, the largest year-over-year cost Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Jan 2008 | 12:47 pm
The drugmaker Eli Lilly & Co. said Tuesday its fourth-quarter profit surged from a year-ago period which included hefty restructuring and costs and liability charges related to its... Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Jan 2008 | 12:43 pm
NEW YORK (Reuters) - 3M Co said on Tuesday fourth-quarter earnings fell as last year's results included a gain for selling a business. Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Jan 2008 | 12:42 pm
American Electric Power Co., one of the nation's largest power generators, said Tuesday that its fourth quarter profit rose 28 percent, helped by favorable weather, higher rates across... Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Jan 2008 | 12:37 pm
NEW YORK (Reuters) - EMC Corp , the world's biggest maker of corporate storage gear, said on Tuesday its fourth-quarter profit rose on the back of strong revenue growth across a broad range Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Jan 2008 | 12:34 pm
Individuals and businesses are likely to see their borrowing costs drop further as the Federal Reserve weighs another interest-rate reduction to bolster a sagging economy. Fed Chairman Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Jan 2008 | 12:28 pm
NEW YORK (Reuters) - Eli Lilly and Co on Tuesday said fourth-quarter profit rose on strong demand for its newer drugs to treat depression, diabetes and cancer. Source: Infocious RSS raw feed - channel BNewsBusiness | 29 Jan 2008 | 12:26 pm
The pound rose to its highest level against the dollar so far this year on Tuesday after a report calmed fears over the UK retail sector, dousing expectations of a series of aggressive UK interest rate... Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Jan 2008 | 12:09 pm
Daniel Bouton, chairman and chief executive of Socit Gnrale, on Tuesday faced growing political calls for him to quit amid revelations about 45m ($66.5m) of share sales by a director on the day the bank... Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Jan 2008 | 12:00 pm
Reuters - British sweets-to-DVDs retailer
Woolworths Plc said it had replaced management at its
EUK wholesale unit, as an analyst said he expects the company
to announce the renegotiation of its bulging debt shortly. Source: Yahoo! News: Business | 29 Jan 2008 | 11:58 am
Shares in London rose on Tuesday thanks to a rebound in the mining sector. Banks added their weight after an upbeat trading update from Alliance & Leicester, the mortgage lender. By late morning,... Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Jan 2008 | 11:53 am
CheckUps, a start-up operator of walk-in medical clinics, has shut down 23 of the clinics operating in Wal-Mart stores in Florida and three other Southern states. CheckUps, based in New York, fell behind... Source: Infocious RSS raw feed - channel BNPaperBusiness | 29 Jan 2008 | 11:36 am
Reuters - Stock index futures were little
changed on Wednesday as investors braced for the Federal
Reserve's decision on interest rates later in the session.
AP - The FBI on Tuesday said it is investigating 14 companies for possible accounting fraud, insider trading or other violations in connection with home loans made to risky borrowers.
Reuters - The board of Societe Generale
met on Wednesday to decide the fate of its chairman after rogue
trading losses as fellow French bank BNP Paribas ducked
questions on whether it would bid for its wounded rival.
Reuters - Subprime-related problems at UBS AG
mounted on Wednesday as the Swiss bank unveiled $4
billion in new write-downs in a surprise statement and sank
deep into the red for the year.
Reuters - The Federal Reserve is expected to
lower U.S. interest rates on Wednesday as part of an ongoing
aggressive effort to spare the economy from the worst effects
of a deep housing slump and credit crunch.
Reuters - Yahoo Inc
posted a drop in quarterly profit on Tuesday and forecast 2008
revenue below Wall Street forecasts as it cuts jobs and invests
to shore up its Web advertising business.