U.S. authorities have asked Swiss prosecutors to help with an inquiry into the UBS investment bank, and Switzerland is examining the request, according to media reports.
ZURICH (Reuters) - U.S. authorities have sought legal assistance from Switzerland's Federal Office of Justice in an investigation into tax evasion through offshore bank accounts at UBS , Swiss media reported on Sunday.
Reuters - Institutional investors in the Royal
Bank of Scotland have approached Philip Hampton,
chairman of supermarket group J. Sainsbury , about
becoming chairman of the bank, the Sunday Telegraph reported.
LONDON (Reuters) - Institutional investors in the Royal Bank of Scotland have approached Philip Hampton, chairman of supermarket group J. Sainsbury , about becoming chairman of the bank, the Sunday Telegraph reported.
Saudi Arabia's King Abdullah views current oil prices as "abnormally high" and is willing to do whatever he can to bring them down to "adequate levels," visiting UN chief Ban Ki-moon said... Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jun 2008 | 10:10 am
Dick Fuld, CEO of Lehman (LEH), may lose his jobs soon. Someone has to step in if the brokerage's stock keeps falling. The company board knows that. Lehman's COO and CFO has already been pushed out. Where does the firm turn? The first place is Goldman Sachs (GS), where everyone else in the financial community looks for management. The company is considered the best run on Wall St. The most logical candidate there is Jon Winkelried. He is currently president and co-chief operating officer. The key piece of his resume is that he ran Goldman's investment banking division. The other...
A large number of the banks and brokerages in the US and EU have turned to sovereign funds in Asia and the Middle East to replenish their reserves after taking huge losses on mortgage-backed securities and other stupid investments. Many of the companies which have collected sovereign money have subsequently sold off to 52-week lows on concerns about more bad news, Citigroup (C) being a prime example. Due to these price drops and the resulting loses taken by the country funds, worries have emerged about of whether they will "rescue" banks in the future. The answer may be "yes" ....
Cable TV operators, who have long sought a way to do away with the set-top box, say they’ve found a way to make that dream a reality. But several hurdles still stand in the way.
ASM International NV rejects a bid for two of its divisions by Applied Materials Inc. but says it's open to discussions about “alternative arrangements” that would benefit the Dutch company and its holders.
Regulators in China give backing for Credit Suisse to start a joint venture with Founder Securities. Source: BBC News | Business | World Edition | 15 Jun 2008 | 9:14 am
LONDON (Reuters) - Top hedge fund bosses will debate whether an upturn in distressed investing or profitable macro strategies offer 2008's blockbuster trade, just as short subprime... Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jun 2008 | 9:08 am
LONDON (Reuters) - Top hedge fund bosses will debate
whether an upturn in distressed investing or profitable macro
strategies offer 2008's blockbuster trade, just as short
subprime was in 2007, when they meet in Monaco this week.
Reuters - Top hedge fund bosses will debate
whether an upturn in distressed investing or profitable macro
strategies offer 2008's blockbuster trade, just as short
subprime was in 2007, when they meet in Monaco this week. Source: Yahoo! News: Business | 15 Jun 2008 | 9:08 am
The Asian Development Bank says regional inflation in 2008 will exceed the 5.1% figure predicted in April. Source: BBC News | Business | World Edition | 15 Jun 2008 | 8:43 am
Argentine farmers resume a strike, blocking roads and preventing deliveries of grains and other agricultural products, as they protest the government’s plan to increase taxes on exports, weekend media reports say.
Home prices in suburban areas far from public transportation will experience a decline because of the skyrocketing cost of gas, a culture trend expert predicts. Kate Muhl, a senior director and consumer... Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jun 2008 | 8:25 am
Talk about raking in the D'oh! Under the terms of a new deal with Fox, the cast of "The Simpsons" makes more money per hour that even some of the highest paid people on the planet, raking in about $80,000... Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jun 2008 | 8:25 am
Billionaire Stephen Schwarzman will begin flying around the globe next month to collect money for The Blackstone Group's latest buyout fund - a monster horde of cash that could top the record $22 billion... Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jun 2008 | 8:25 am
COUNT executives at Warner Music Group among those who will be following tonight's Tony awards with great interest. The music giant's publishing arm Warner/Chappell Music is in the midst of ramping up... Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jun 2008 | 8:25 am
Take-Two Interactive's "Grand Theft Auto IV" helped drive a 40 percent jump in overall videogame sales in the month of May - but the hit game is conspicuously absent from Nintendo's Wii system. It's not... Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jun 2008 | 8:25 am
Beleaguered Lehman Brothers' CEO Dick Fuld may find himself squarely in the hot seat tomorrow when the firm discloses its second-quarter results - expected to be an ugly stew of red ink and writedowns... Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jun 2008 | 8:25 am
The NYPD has conducted an internal affairs investigation into assault charges against a woman who helped oust Donald Trump's son from the condo board of his own building. Internal Affairs Bureau documents... Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jun 2008 | 8:25 am
WINNERSWENDA MILLARDJumps to co-CEO post at Martha Stewart Living Omnimedia after Susan Lyne bows out.IAN LOWITTTakes over for the demoted Erin Callan as Lehman's new CFO.RICHIE RANDAZZOPark Avenue doorman... Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jun 2008 | 8:25 am
FEEL the heat this past week? No, not the 98-degree sizzlers that stressed both New York's power grid and Big Apple tempers to their limits. I'm referring instead to the heat in the bond market this week,... Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jun 2008 | 8:25 am
Phil Falcone is the hedge fund world's new "Iron Man." Just like the big-screen character, Falcone seems to have developed super powers - posting results of 30 percent so far this year for his Harbinger... Source: Infocious RSS raw feed - channel BNPaperBusiness | 15 Jun 2008 | 8:25 am
KUALA LUMPUR (Reuters) - The global subprime crisis has yet to run its course, the chairman of British bank Barclays Plc said on Sunday, amid concerns that big lenders will unveil more credit-related losses in coming weeks.
Hundreds of Shell fuel tanker drivers striking over pay begin a third day of industrial action. Source: BBC News | Business | World Edition | 15 Jun 2008 | 6:21 am
France's finance minister Sunday urged Europe and Asia to work together to ease the effects of soaring fuel and food prices. Christine Lagarde made the comments as South... Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jun 2008 | 6:11 am
KUALA LUMPUR (Reuters) - The global subprime crisis has yet to run its course, the chairman of British bank Barclays Plc said on Sunday, amid concerns that big lenders will unveil... Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jun 2008 | 5:22 am
Reuters - The global subprime crisis has yet
to run its course, the chairman of British bank Barclays Plc
said on Sunday, amid concerns that big lenders will
unveil more credit-related losses in coming weeks.
Germans are innovative European champions but although they created the MP3 audio encoding format and the fax, it is often foreign groups that have profited from their development. Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jun 2008 | 5:15 am
The global beer industry has a growing thirst for mergers as brewers struggle to cope with falling consumption in traditional big markets and soaring prices of raw materials. Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jun 2008 | 5:02 am
Argentine farmers announce their fourth strike in as many months to protest against tax increases on food exports. Source: BBC News | Business | World Edition | 15 Jun 2008 | 4:48 am
Argentine farmers' organizations said late Saturday they were beginning another phase of a strike that had already dealt a heavy blow to the country's economy. The work... Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jun 2008 | 4:12 am
In the world's largest country, tiny objects measured in billionths of a metre are the future of the economy -- or so the government claims. Scientists across Russia are... Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jun 2008 | 4:07 am
South Africa, the continent's economic powerhouse, is braced for a slowdown after a stretch of solid growth, as higher interest rates coupled with rising food and fuel costs are set to... Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jun 2008 | 4:06 am
They were the best of ties. They were the worst of ties. Skinny little beatnik ties and mod doublewide ties. Suave and sophisticated Frank Sinatra ties and greedy Gordon Gekko power... Source: Infocious RSS raw feed - channel BNewsBusiness | 15 Jun 2008 | 4:01 am
The economy is being squeezed by higher prices on one hand and by a collapsing housing market on the other. Neither problem seems to be getting any better in May, economists said ahead of key economic data in the coming week.
As a younger generation shuns the delights of a wee dram for a shot of vodka, David Litterick reports on the fight for market supremacy. Source: Telegraph Business | 15 Jun 2008 | 12:01 am
Across the world, markets moved last week on fears Western central banks are getting serious about inflation. But it was in America that the rhetoric was sharpest, and the reaction most dramatic. Source: Telegraph Business | 15 Jun 2008 | 12:01 am
Against the advice of the major political parties and most of the media, Irish voters have rejected the Lisbon Treaty. Good for them. Source: Telegraph Business | 15 Jun 2008 | 12:01 am
The bank has been relentlessly upbeat about the hit it has taken from the credit crisis. Wrongly so, argues the City. Philip Aldrick and Katherine Griffiths report. Source: Telegraph Business | 15 Jun 2008 | 12:01 am
Sir Martin Sorrell's WPP Group will this week continue its push into emerging markets by acquiring a minority stake in Vietnam's largest advertising agency, writes Mark Kleinman. Source: Telegraph Business | 15 Jun 2008 | 12:01 am
The Qatar Investment Authority [QIA] is trying to find buyers for all or part of Four Seasons as lenders to the heavily indebted company threaten to pull the plug on one of Britain's biggest chains of care homes. Source: Telegraph Business | 15 Jun 2008 | 12:01 am
Archie Norman, the former Tory MP, has lured a number of British supermarket executives to run the Coles chain in Australia, to which the former Asda boss is a senior adviser. Source: Telegraph Business | 15 Jun 2008 | 12:01 am
Potential bidders for the bookmaker hope it is fourth time lucky for the sale, writes Alistair Osborne. Source: Telegraph Business | 15 Jun 2008 | 12:01 am
Britain remains a nation of book lovers. When economic reality bites, the opportunity to escape into fictional worlds becomes ever more attractive. Quercus Publishing is benefiting. It is a fast-growing books business with great expectations. Source: Telegraph Business | 15 Jun 2008 | 12:01 am
IT’S one thing when consumers grumble about inflation. It’s quite another when
a troika of central bankers agrees that inflation might be getting out of
hand. Source: Latest Business News from Times Online | 14 Jun 2008 | 11:00 pm
THE head of Vodafone’s Spanish business has emerged as a leading contender to succeed Vittorio Colao as chief executive of its key European operation. Source: Latest Business News from Times Online | 14 Jun 2008 | 11:00 pm
Two years ago Mark Clare was riding high. He was a director at Centrica and
cited as a future chief executive of the £11 billion energy group. Source: Latest Business News from Times Online | 14 Jun 2008 | 11:00 pm
BUSINESSES across the country are heading into annual negotiations with their
power suppliers, facing the prospect of a 100% rise in their annual bills. Source: Latest Business News from Times Online | 14 Jun 2008 | 11:00 pm
BRITISH banking giant Barclays is close to raising £4 billion in a placing with some of the world’s biggest sovereign wealth funds. Source: Latest Business News from Times Online | 14 Jun 2008 | 11:00 pm
BRITISH ENERGY could abandon its £11 billion auction and instead parcel the
company’s nuclear development sites into a series of joint ventures. Source: Latest Business News from Times Online | 14 Jun 2008 | 11:00 pm
ON a spring morning in Paris three years ago, a young African oil executive
went on a shopping spree. He spent £1,600 at Escada on the Avenue Montaigne,
and £3,700 a few doors down at Christian Lacroix. A couple of weeks later he
spent £4,000 at Ermenegildo Zegna and £3,200 at Louis Vuitton. Source: Latest Business News from Times Online | 14 Jun 2008 | 11:00 pm
THE next few days will do much to determine whether prospects for Britain’s
economy over the next 12 to 18 months are merely poor, or start to look
dreadful. Source: Latest Business News from Times Online | 14 Jun 2008 | 11:00 pm
FINANCE MINISTERS from the G8, meeting in Japan, have warned that soaring food and energy prices mean the global economy faces significant “headwinds”. Source: Latest Business News from Times Online | 14 Jun 2008 | 11:00 pm
THE new chief executive of Entertainment Rights – the company best known for
Basil Brush and Postman Pat – is raiding his toy cupboard in an attempt to
trim group debts. Source: Latest Business News from Times Online | 14 Jun 2008 | 11:00 pm
There’s a move afoot by federal regulators to slash costly penalties on wireless customers who cancel their contracts, but this might not all be peaches and cream, writes Jeffry Bartash.
The surge in commodity prices threatens to undercut economic expansion and increase inflationary pressures worldwide, the Group of Eight finance ministers say.
The property downturn is not a blip and Auckland's top suburbs are suffering, with the desirable suburbs of Kohimarama, Greenlane, Westmere, Point Chevalier and Epsom declining more than any other.
The best-performing suburbs in... Source: New Zealand Herald - Business | 14 Jun 2008 | 5:00 pm
The orange light is on as New Zealanders are urged to conserve electricity to avert major power cuts.
It's not a "crisis" - yet - but international headlines saying that Kiwis are being told to "turn the lights off" and wash dishes... Source: New Zealand Herald - Business | 14 Jun 2008 | 5:00 pm
Employers are under pressure to boost productivity while carefully controlling cash flow, and in a tight labour market this means the way people work is increasingly flexible.
The talent shortage means flexible work arrangements... Source: New Zealand Herald - Business | 14 Jun 2008 | 5:00 pm
An entrepreneur is targeting his new website to impact Kiwi business networking as Facebook has social networking.
"It's Facebook for professionals," says West Australian John Wall, founder of recently launched
AFP - World finance chiefs warned on Saturday runaway oil prices could imperil global economic growth, calling on producers to open up the taps and tasking the IMF to investigate wild market swings.
There’s a move afoot by federal regulators to slash costly penalties on wireless customers who cancel their contracts, but this might not all be peaches and cream, writes Jeffry Bartash.
This coming week is going to be a rather important week for brokerage and investment banking firms. We have three key firms in the sector reporting earnings: Lehman Brothers Holdings Inc. (NYSE: LEH), Goldman Sachs Group Inc. (NYSE: GS), and Morgan Stanley (NYSE: MS). As a reminder, brokers almost never give financial guidance because so much is based upon trading and market results. The other big commonality for the brokers this quarter is that the results aren't expected to have any huge underwriting fees and won't have the old massive advisory or investment banking fees because mergers are down in...
A row in India's richest family could derail a $70bn telecoms merger between Reliance Communications and MTN. Source: BBC News | Business | World Edition | 14 Jun 2008 | 1:23 pm
As the battered airlines cut flights to save on fuel-related costs, passengers can bid bon voyage to discount flights to sunny vacation destinations like Florida, experts say.
OSAKA, Japan (Reuters) - The world's richest nations warned on Saturday soaring commodity prices may slice into economic growth, but shrank from offering any plan to calm markets or quell protests over the cost of fuel and food.
One key stock to watch next week is Pfizer Inc. (NYSE: PFE). While it has been in the land of the boring forever, watchers are looking to see if it will put in a rival bid over the $4.6 Billion Daiichi Sankyo bid from Japan for a majority stake in India's number one generic drug maker Ranbaxy. Speaking of Generics, Teva Pharmaceutical Industries (NASDAQ: TEVA) was weak all week after Mylan Inc. (NYSE: MYL) has signed a pact with India’s NATCO Pharma Ltd. to produce a generic version of Teva’s multiple sclerosis treatment called Copaxone. As this was an old...
Ford (F) is making the rounds of its employees and unions to tell them that the company will have to take out more costs. According to The Wall Street Journal, the word went out to "plant managers and representatives of organized labor on Friday that substantial reductions in overtime and additional buyouts of union workers were necessary to cut costs further." Ford is making a grave mistake. At this point, the company is already in financial trouble. That is not likely to change. The brutal drop in US sales of SUVs and pick-ups happened so swiftly that it has ruined...
Reuters - Institutional investors in the Royal
Bank of Scotland have approached Philip Hampton,
chairman of supermarket group J. Sainsbury , about
becoming chairman of the bank, the Sunday Telegraph reported.
Reuters - The global subprime crisis has yet
to run its course, the chairman of British bank Barclays Plc
said on Sunday, amid concerns that big lenders will
unveil more credit-related losses in coming weeks.
AFP - World finance chiefs warned on Saturday runaway oil prices could imperil global economic growth, calling on producers to open up the taps and tasking the IMF to investigate wild market swings.