Business News
News stories from the Business and Finance category.
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| Stockmarkets: Signs of Recovery Stockmarkets rise as G20's $1tn boost to world economy adds to growing optimism in dealing rooms |
US Banks Pull Out of $11bn Barclays Tax Avoidance Partnerships The premature termination of Project Knight could cost Barclays as much as £100m in lost profits |
| Former Chairman Sues Aig Claiming Losses Cut His Personal Fortune By $2bn Hank Greenberg claims firm failed to inform shareholders of vast losses run up by its London finance office |
HSBC Rights Issue Sends Shares Wrong Way Nick Fletcher: Leading shares slump by more than 5% to a six-year closing low |
| Last Year He Promised Cricket a Stack of Cash. Last Night He Was Facing Disgrace Sir Allen Stanford accused by US financial regulators of $8bn banking fraud 'of shocking magnitude' |
Fund Manager Arrested in ?40m Fraud Case City of London foreign exchange trader with GFX Capital Markets is suspected of money laundering and other offences |
| Twenty-five People at the Heart of the Meltdown ... In the second part of a week-long series looking behind the slump, Julia Finch picks out the individuals who have led us... |
Citigroup Chairman to Quit After Soaring Losses on Credit Markets Sir Win Bischoff is to step down amid calls for change after mounting losses |
| Pound Slumps Ever Closer to Parity With the Dollar Sterling falls to $1.36, its lowest level for 25 years, while government debt rises to 47.5% of national income |
Losing Their Shirts: Aig Pulls Out of United Sponsorship The Indian conglomerate Sahara is tipped as a possible replacement for the cash-strapped insurer |
| End of the Hedge Fund Era As Credit Crunch Prompts $525bn Exodus Citadel among worst hit, losing 53% of value of main fund, but hedge funds still do better than typical stocks |
Wall Street Shares Plunge on Obama's Inauguration Day The Dow Jones Industrial Average suffers its worst one-day drop since December 1, slumping by 332 points to 7,949 |
| Wall Street Braces for Change The good times have ended with a bump - or even a crash. Wall Street is grappling with billions of dollars of losses on... |
Bank of America to Cut 35,000 Jobs Bank of America has announced that it is cutting up to 35,000 jobs as it becomes the latest financial institution to... |
| America Isn't Working: Jobless Total Grows By Most for 34 Years US economy sheds 533,000 jobs, with worst employment figures since 1974 underlining scale of economic crisis |
Interest Rates Tumble Around the World Bank of England set to join coordinated action to breathe life into the global economy |
| After $1tn Cost of Housing Collapse, America is Now Bracing Itself for the Credit Card Bill US banks start preparing as accounting changes bring credit debt onto the balance sheet |
Torrent of Gloomy News Gives Us Little to Be Thankful for Negative data on consumer spending, confidence, car sales and property throws pall over Thanksgiving holiday |
| Goldman Sachs Rejects Panasonic's Takeover Offer for Sanyo As Not Good Enough Main shareholders reportedly dismayed by offer but deal could still go ahead without bank's involvement |
US Pumps Another $800bn Into Mortgage and Credit Markets Record house price fall overshadows attempt to free up lending |
| Citigroup in Desperate Search for Capital After Stock Collapse Bank is adamant that share price slump is product of mistaken fears about strength of its balance sheet |
The Wheels Are Coming Off Everywhere Ruth Sunderland: The stage set for Darling's pre-Budget package could not be more ominous |
| US Economy: Three Steps to Havoc Larry Elliott analysis the three stages that have led to the massive economic challenge facing Barack Obama |
Chavez Poised to Make Deep Cuts in Venezuela As Petro-dollars Dry Up Hugo Chavez has reduced Venezuela's support to foreign allies and is poised to make deeper cuts at home and abroad as... |
| US Hedge Fund Managers Defend Industry Before Congress ? George Soros, Kenneth Griffin, Philip Falcone, Jim Simons and John Paulson appear before House oversight committee?... |
Day of Reckoning As Secretive Billionaires Face the Spotlight Hedge fund chiefs appearing before US Congress today will deny wrecking global economy |
| AIG Rescue Bill Rises to $150bn The cost of bailing out the stricken US insurer AIG has swollen to around $150bn |
Rate-setters Wake Up at the Wheel and Look the Right Way Nils Pratley: Having spent the summer fretting about inflation, the monetary policy committee has realized it was looking... |
| Economy Top Priority As Downturn is Set to Worsen Selection of treasury secretary responsible for spending $700bn bail-out to be one of Obama's first acts as president |
American Express Sheds 7,000 Jobs AmEx makes cuts as bad debts grow among Americans, who owe about $900bn on credit cards |
| Shell Names Successor to Van Der Veer Company's chief financial officer, Peter Voser, to become chief executive at end of June next year |
General Motors Asks Bush for $10bn to Merge With Chrysler Pressure is on the US treasury to stop one of Detroit's leading car makers from going bankrupt |
| A Last Hurrah for the Oil Industry? BP reported its third quarter results today. It made an eye popping $10bn for the third quarter (July, August, September),... |
Small Us Banks Fear Bail-outs Will Be Used to Take Them Over Sparse high street lending is sign funds may be hoarded or used to buy smaller players |
| £3.5bn Takeover of National City a Suitable Fit Says Buyer Pnc US regional bank succumbs to buyout by rival after toxic mortgage exposure kills investor confidence |
US Hedge Fund Admits 35% Plunge in Value Since Downturn Citadel blames 'dislocation' on global exchanges for its predicament but insists its liquidity remains strong |
| Citadel Reports Loss of 35% By Main Hedge Funds Chicago-based firm blames 'panic' and 'dislocation' on global exchanges for its predicament |
Police Raid 'germany's Dumbest Bank' in Lehman Transaction Probe State-owned bank KfW transferred €319m to Lehman brothers the day it went bankrupt |
| Wells Fargo Plays Down $24bn Loss at Wachovia Loss greater than the price to be paid by rival for troubled North Carolina bank |
Joint Taskforce Investigates Credit Default Swap Market Lack of transparency prompts fears that unwinding contracts on big corporate collapses could result in heavy losses |
| HSBC Snaps Up £350m Indonesian Stake Bank sticks to preference of making acquisitions in emerging markets but is able to fund deal from own resources |
Wall Street Banks in $70bn Staff Payout Staff at six banks set to to pick up huge payouts despite being beneficiaries of the $700bn US bail-out |
| US Recession Fears Drag on Wall Street More signs of a recession in the US dragged the Dow Jones industrial average lower in early trading, but the FTSE 100... |
Hedge Funds Shake in the Teeth of Financial Storm Two major US hedge funds reveal they are under pressure due to global market turmoil |
| Abyss Recedes, But Many Worries Remain Nils Pratley:The abyss seems slightly further away, and there are three reasons to applaud the revised rescue package |
It's All Gone Quiet on the Management Gurus' Side Why aren't management experts being more vocal on the credit crunch? Because they don't want to admit the real, human cause |
| Dow Plunges 678 Points Wall Street shares drop to their lowest level for five years driven by urgent, relentless selling on trading floors |
Paulson Considers Following Uk Lead and Buying Equity Stake in Banks US authorities consider pumping capital directly into leading banks in an urgent effort to shore up eroding confidence |
| Iceland Pleads for Calm As Bank Crisis Deepens Government seizes control of the country's largest bank while urging savers not to stampede to withdraw cash |
US Considers Following British Example of Taking Stakes in Banks Treasury secretary close to injecting public funds in return for equity holdings on Wall Street |
| Dow Slides 189 Points Despite Global Interest Rate Cuts Dow Jones Industrial Average falls for six successive days, losing 14.7% of its value |
Billionaire Tchenguiz Takes £800m Hit With Forced Sale of Investments Property tycoon forced to sell shares in Sainsbury's and Mitchells & Butlers because of Icelandic bank's woes |
| HBOS's Australian Arm Sold to Commonwealth Bank of Australia HBOS clinches sale of its BankWest operation to Commonweatlh Bank of Australia |
Pensions: Downturn Has Wiped One Fifth Off Retirement Funds Dependence of UK pensions on stock market investments means savings could continue to wane |
| At Last the Penny Has Dropped Nils Pratley: The government has realized that woolly statements about doing 'whatever it takes' are no longer reassuring |
Bail-out Aims to Put Banks on the Road to Recovery. But Will It Calm the Markets? Jill Treanor: Without a cut to interest rates the historic intervention may be not be enough to restore confidence in the... |
| Citigroup and Wells Fargo Agree to Ceasefire in Wachovia Fight Rival bidders will halt litigation over their respective takeover bids for Wachovia until Wednesday |
Dow Jones Tumbles Below 10,000 Mark Wall Street stocks reach lowest point in four years as banks and car companies suffer most |
| Dow Jones Slump Could Begin to Threaten Global Markets Dow Jones closes below 10,000 points for first time since 2004 |
Lehman Brothers Chief Executive Grilled By Congress Over Compensation Oversight committee chairman Henry Waxman says Richard Fuld's compensation is 'unimaginable' to the public |
| Moral Hazard? It's Just Another Danger Along the Capitalist Way William Keegan: Moral hazard is there in the very concept of limited liability and the bankruptcy laws |
Citigroup Furious After Wells Fargo Hijacks Wachovia Takeover Wachovia at the center of an unlikely tug-of-war between two potential saviors |
| Down Hedge Fund Alley As the financial tsunami rolls out across the world, the blame game has begun |
Bush Signs $700bn Economic Bail-out Plan Approved By Congress Wall Street shares soar on news of bill's passage |
| EU Leaders Plot Joint Response to Avert Financial Meltdown United States style bail-out would not fit political structure of non-federal Europe |
Warren Buffett to Buy $3bn of General Electric Preferred Stock Move is part of GE's $15bn fundraising effort to calm nerves about its financial services arm |
| Savers in Stampede to Safety Darling intervenes amid fears of an exodus of savings from the UK to Ireland as a result of the guarantee |
HBOS Shares Bounce As City Restores Faith in Rescue Investors scrutinize gap between HBOS share price and the value placed on the shares by the Lloyds offer |
| 750 Jobs to Go at Lehman Europe Around 750 workers at Lehman Brothers are losing their jobs after the administrator of the European business failed to find... |
Shares Plummet As Us Congress Rejects $700bn Bail-out Plan House of Representatives votes against plan spreading ripples of shock through the global financial markets |
| 'Americans Will Not Tolerate Those Who Stood By and Let This Calamity Happen' US Chamber of Commerce says vote has caused 'uncertainty and turmoil' in the markets |
Panic Grips World's Markets Shock as American rescue plan rejected on day of nationalizations and bail-outs |
| Adrift and Afraid in Uncharted Territory Nils Pratley: The refusal of Congress to back Hank Paulson's bail-out takes us into new territory |
Another Day, Another Bail-out Spanish bank Santander to buy B&B's 200 branches and £22bn of savings, but chancellor is resigned to taking its mortgage... |
| State Ownership Looms for Bradford & Bingley Fate of bank may be decided this weekend, but Liberal Democrats say taxpayer bail-out must be last resort |
What Next for Square Mile? Richard Wachman discusses the future of the City of London and envisages a contraction particularly in the hedge fund and... |
| Confidence Nosedives After Latest Collapse US investors digest implications of the biggest collapse of a high-street bank on record |
Confidence in Us Banks Nosedives After Washington Mutual Collapse Reports suggest Citigroup, Wells Fargo and Banco Santander in talks to buy Wachovia |
| Fat Cats Fall to Earth As Golden Parachutes Jettisoned US treasury targets bloated Wall Street bonuses after public hostility over plans to save banks with tax dollars |
Buffett Says: Act or Face 'economic Pearl Harbor' Investor recommends bail-out strategy which could net US government $700bn (£380bn) |
| Trader's $1.25m Attack on 'trickle-down Communism' Texas-based venture capitalist dedicates Goldman Sachs profits to fighting the Wall Street bail-out |
Wall Street Turmoil Leaves Europe on Sidelines The eurozone sees the dominant Anglo-Saxon economic model of the past quarter of a century rendered kaput |
| Buffett to Invest $5bn in Goldman Sachs Decision of billionaire to invest gives bank strong vote of confidence after tumultuous past few weeks |
Shell's $4bn Iraq Breakthrough Could Boost Britain's Natural Gas Supplies Anti-war campaigners and senior Iraqi figures question secrecy surrounding joint venture |
| Banking Crisis: Back to the Way They Were After Decades of Behaving Brashly Conversion of Goldman Sachs and Morgan Stanley brings end of an era |
Banks: Nomura Poised to Save 6,000 Lehman Jobs Deals could propel biggest broker in Japan on to the world stage |
| Jitters Over Rescue Plan Send Oil Price Surging Financial turmoil continues to haunt Wall Street as price of oil makes a one-day record surge |
Citigroup Woman is Latest Banker to Stand Down Sallie Krawcheck is the latest high-profile banker to leave job amid financial markets turmoil |
| Sallie Krawcheck to Leave Citigroup Head of wealth management division had once been considered a potential candidate to run the US bank |
Nomura Wins Bid for Lehman's Asian Operations Nomura Holdings has secured a deal to acquire the Asian operations of Lehman Brothers, according to reports today, a week... |
| Wall Street Worries the Crisis is Not Yet Over Concerns grow in UK and US that $700bn emergency rescue plan may not be enough to halt economic slide |
The Us Took Action in the Face of Crisis. We Must Do the Same Will Hutton: While America shows imagination and guts, Britain's paltry response has done no more than buy time |
| The Bankers Are Fine. It's the Rest of Us Who Should Worry Jill Insley: It's not too late to protect yourself against redundancy or your bank collapsing |
Computers Are the Only Worthwhile Asset Banks Have Left John Naughton: Consolidation of the banking sector will have a major impact on industries that supply banks with IT products |
| This Transforms the Financial System. Forever Richard Wachman: US power is ebbing away and free market fundamentalism is an outdated ideology |
HSBC Drops Bid for Korean Bank Deal abandoned as bank blames 'changes in asset values' while shares soar 15.5% |
| American Taxpayers Will Swallow Wall Street's Toxic Debts US treasury will pay hundreds of billions in biggest intervention since 1930s |
Dramatic Swings on Wall Street Likely to Shred the Paper Fortunes of America's Super-rich Market turmoil leaves new Forbes 400 rich list already out of date as Bill Gates returns to top |
| Banking Crisis: Us Rescue Plan Q&a Mark Tran explains the US government's plans to deal with the financial crisis |
Banking Crisis: World Markets Soar on Us Rescue Hopes Wall Street posts a dramatic rise at the open, helping to push London shares to an all-time biggest gain. By Richard Wray |
| Big Finance Now Faces a Long Spell on the Naughty Step Larry Elliott: The week started with the US authorities trying to rescue Lehman. It ended with the US taxpayer preparing to... |
This Week's Financial Crisis Marks the End of an Epoch The world of easy credit, complex financial instruments, stratospheric salaries and supine regulators is over. labor no... |
| Forbes Rich List Highlights Pre-banking Crisis Fortunes Microsoft chair, Bill Gates, tops list at $57bn• Financial crisis to hit many of 400 richest Americans |
US Banking: Merrill Lynch Boss to Get $11m Payoff After Nine Months' Work Thain joined Merrill in December with a mandate to steer the bank out of financial trouble |
| ?12bn Hbos Takeover Fails to End Global Panic on Financial Markets FTSE closes at three year low despite Lloyds TSB move for HBOS while on Wall Street Morgan Stanley and Goldman Sachs shares... |
Banking Crisis: Barclays Offers Hope to Lehman's London Staff Barclays assesses which parts of Lehman's UK business to absorb after buying North American operations |
| Bank Stocks Plummet Again Despite Fed's Aig Rescue Morgan Stanley share price fallS 24% as concerns about corporate business models continue |
Rescue: Lloyds Pulls Hbos Out of the Fire With £12bn Merger On day of frenetic activity and unfolding drama, takeover fails to halt deepening crisis in world's markets |
| War Games, Champagne and Frantic Efforts to Save Hbos It would make a dramatic story to say a brief chat saved HBOS. In fact, Lloyds has been in the picture for months |
Northern Exposure Threatens Jobs and Proud Heritage HBOS shake-up brings economic anxiety to the modest Yorkshire town of Halifax |
| HBOS Takeover: The Men Deciding the Future of Two High Street Giants The executives tasked with rescuing HBOS |
Lloyds Tsb Takeover Talks With Hbos: the Key Issues HBOS is negotiating from a position of extreme weakness. The cat is out of the bag, and it now has to deliver a deal quickly |
| HBOS Takeover Would Bring Sweeping Changes to High Street Banks A takeover of HBOS means there will be less competition on the high street |
Barclays Agrees $1.75bn Deal for Core Lehman Brothers Business Bank takes on $72bn in trading assets and $68bn in trading liabilities to become a leader on Wall Street |
| Global Meltdown Continues Fear over future of HBOS after 40% share price fall while analysts warn 100,000 City jobs could go |
Goldman Sachs Earnings Fall 70% Investment bank defiantly rejects predictions of the death of the traditional Wall Street business model |
| HBOS Shares Plunge As Investor Confidence Wanes Shares in Britain's biggest mortgage lender, HBOS, slumped by more than 30% today as the collapse of US investment bank... |
Barclays to Buy Lehman Brothers Assets Deal involving investment banking and trading divisions could save thousands of jobs, mainly in US |
| US Insurance Giant Must Be Rescued, Say Bosses World's largest insurer, AIG, in emergency talks as treasury considers bail out options |
Banks: the Contagion Spreads FSA confirms strength of the HBOS capital base in a rare public comment to shore up confidence |
| Lloyds Tsb Shines Through Banking Gloom Market forces: Banks - notably HBOS - have been under the cosh |
Not Enough Water, Not Enough Firefighters Nils Pratley: Banks are hoarding cash more closely than they have done at any point during the year-long credit crisis |
| Wall Street Jobs Cull Begins As Lehman Rescue Bid Fails Rapid sale of Merrill Lynch confirms scale of disaster while survivors of 1929 crash succumb to credit crunch |
Wall Street Crisis: Lehman Staff Tell Their Stories Lehman Brothers employees on both sides of the Atlantic describe their shock, anger and sadness at the collapse of the bank |
| Nightmare on Wall Street Share prices tumble around the world after most turbulent 24 hours of the credit crunch so far |
Manic Monday: World Reacts to the Collapse of a Colossus 'The shock was because people felt confident that when push came to shove a rescue would be arranged' |
| HBOS Worst Hit By Rush to Sell Financial Shares More than a third wiped off stock market value of banking group HBOS as Lehman Brothers collapses |
FAQ: Lehman Bankruptcy The Lehman Brothers bankruptcy explained |
| Jobs Cull Begins in London and New York As Lehman Brothers Goes to the Wall Fourth largest firm on Wall Street folds leaving more than $600bn owed to creditors in the US, Europe and Asia |
Russia's Opec Bearhug is Something to Worry About Richard Wachman: Any pact that paves the way for Russia to become a full member of the cartel would present a threat to... |
| Executive Pay: Us Tycoons Steer Course Through Crunch Directors' remuneration: Part three of the Guardian/Reward Technology Forum survey |
Stepping Back: 1950s Swimsuits By Kors The primary colors will look great in Vogue, but Michael Kors' new designs fail to inspire |
| US Mortgage Giants Freddie Mac and Fannie Mae Taken Into Public Ownership The US government today announced the biggest financial bailout in the country's history as it took troubled mortgage... |
Markets Slide in Us and Europe As Gloomy Figures Crowd in Dow struggles with with unemployment rise and ECB tightens access to liquidity |
| Credit Crunch: Small Korean Bank in $6bn Bid to Rescue Lehman Government-owned development bank in negotiations to become savior for Wall Street firm |
Technology: India's Infosys Offers £407m for British It Firm Deal will see three men who founded Axon in 1994 walk away with nearly £70m |
| Credit Crunch: Bernanke's Inflation Optimism Boosts Shares on Both Sides of Atlantic Head of bank says the fight against inflation is being aided by falling commodity prices and the stronger dollar |
Asia: Indian Tiger Changes Stripes to Chase the Dragon Economy is set to expand at 8% a year and rival China, India's top policy tsar says |
| Asia: China Replaces Us As Japan's Biggest Export Market Exports to the county's Asian neighbor outstrip those to the US for the first time since 1950 |
Indian Tiger Changes Stripes to Chase Dragon India's top policy czar predicts Chinese-style 10% annual growth is 'achievable' |
| Google Pipped - Apple the New King of Silicon Valley As Market Value Overtakes Hi-tech Rival Success of iPhone fuels huge surge in share price while fall in online advertising knocks Google's profits |
Economy: Us Inflation Jumps to 5.6% But May Have Peaked White House concedes recovery will be slow as foreclosures in housing market rise at annual rate of 55% |
| Fannie Sounds a Warning After $2.3bn Quarterly Loss US' largest mortgage company slumps after housing market falls 'fast and hard' |
Fannie Mae Fears for Future After Posting $2.3bn Loss America's largest mortgage finance company suffers as more borrowers default on home loans |
| US Investment: Mis-selling of 'safe' Securities Lands Citigroup With $7.3bn Bill Firm agrees to pay $100m in penalties after peddling unredeemable securities as cash equivalents |
Retail: Whole Foods Loses $18m in Uk Debut In Britain, arrival billed as potential boon to gourmets but results show shoppers yet to be won over |
| MoD Plans Raid on Landmine Removal Fund to Keep Tornados Flying in Iraq Money to clear landmines and remove arms from conflict zones used to pay BAE Systems |
How to Make $4bn Without Really Managing Simon Caulkin: You can love Google or hate it, but you can't deny its extraordinary effectiveness |
| Battle for Tnk-bp Turns Into All-out War A highly public and personal campaign is being waged over control of the Russian oil giant, says Tim Webb |
Russians Claim Control of Tnk-bp As Court Battle Looms Russian shareholders at war with BP claim to have seized majority control of core board of joint venture TNK-BP |
| The Retreat From Moscow Analysts suspect BP's Russian venture is a sinking dream and even question firm's vulnerability to takeover |
Tchenguiz and Tata Go Green Billionaire investor is in talks with Indian conglomerate about investing in a new $10bn environment fund |
| Wall Street Plunges As Oil Price Jumps Leading auto industry expert is calling on Congress to act to prevent a market crash following $10 a barrel jump |
O'Brien Attacks In&m's Management Style Irish entrepreneur, who has a 23% shareholding, to publish damning report criticising the way the company is run |
| Yahoo Delays Meeting to Avoid Showdown As talks continue with Microsoft over possible tie-up, internet company grapples with prospect of shareholder rebellion |
Weak Dollar and Supply Worries Push Oil to Fresh High of $128 Crude oil price increased sixfold in past eight years, fueling debate about dwindling resources |
| Oil Hits New Record World oil prices jump to a fresh record of $127.82 a barrel on the back of a weaker dollar and fears over a shortage of... |
Tycoon Shocks With 'noodle Salesman in Nagasaki' Comment The Blackstone private equity tycoon Stephen Schwarzman has shocked investors by comparing the failure of a buyout deal to... |
| Nintendo's Wii Makes Yamauchi Japan's Richest The 80-year-old's personal fortune has leaped to £4bn, thanks mainly to the extraordinary global success of the Wii and DS... |
Oil Breaks $122 on Forecasts for Further Rises Oil prices broke new records today when they passed the $122 a barrel mark, bringing renewed fears of rising costs for... |
| Junk Debt Puts Countrywide Rescue in Jeopardy US' biggest mortgage lender suffers deterioration in stricken loan portfolio and downgrade in debt to junk status |
Lawyer Barbie Takes Rival Bratz to Court Dollmaker Mattel is taking legal action against MGA, claiming it owns the copyright of rival's designs |
| The View From Omaha: Devotees Flock to Hear World's Richest Man His homespun investment strategy has made him $10bn profit from the credit crunch |
Wall Street Journal Committee Claims Murdoch Broke Agreement A special independent committee accused the press baron of breaking agreement to protect editorial integrity |
| Mars and Warren Buffett Join Forces for $23bn Takeover of Wrigley Deal puts pressure on Cadbury to seek merger partner as British group loses top slot |
Microsoft to Get Tough With Yahoo Wall Street expects Microsoft to enter protracted period of 'trench warfare' in attempt to buy Yahoo |
| US Economy Awaits Stimulation From Bush's Tax Rebate Americans urged to spend $168bn cash injection to provide 'bridge' until rate cuts have impact |
Microsoft Threatens Hostile Yahoo Bid The software group may approach shareholders if offer deadline passes |
| Starbucks Warns of Falling Profits As Us Consumers Tighten Belts Chairman blames homes crisis and energy costs as coffee firm's shares dip 11% to four-year low |
Bank of America Profits Fall 77% Credit crunch sees quarterly profits plunge after weak trading on Wall Street and in retail banking |
| Credit Crunch Causes Plunge in Bank of America Profits Quarterly profits fall by 77% after weak trading on Wall Street and in retail banking |
Citigroup Cuts 9,000 Jobs After $5bn Loss America's largest bank announces a dramatic $5.1bn (£2.55bn) first quarter loss and plans to slash 9,000 posts |
| Google Makes Gains During Credit Crunch The internet company has defied predictions of economic doom by delivering a 31% surge in quarterly profits |
Merrill Lynch to Cut 4,000 Jobs The US investment bank at the center of the sub-prime mortgage crisis is to cut one in 10 of its workforce |
| Oil Hits Fresh High on Summer Supply Fears Oil rose to a fresh record on the world's commodities markets today, trading at above $115 a barrel |
Uneasy Riders: Harley-davidson Sales Slump Harley-Davidson forced to cut more than 700 jobs and slash shipments of its powerful bikes |
| Hedge Fund Managers Reap Billions Amid Slump Hedge fund league table compilers astonished by 'the greatest display of individual wealth creation in any year in the... |
Fourth-largest Us Bank Resorts to Emergency Fundraising Decision comes as speculation mounts that UK banks will have to take action to bolster their balance sheets |
| Big Oil to Big Wind: Texas Veteran Sets Up $10bn Clean Energy Project Billionaire oil tycoon hatches audacious plan to erect enough turbines across Texan panhandle to supply one million homes |
Bank Chief Blames Rumours and Market Fixers for Bear's Collapse Senate committee told of threat to America's financial stability and of Fed's pressure on JP Morgan to agree deal |
| Bear Stearns Lost $10bn in Just One Disastrous Day, Admit Top Officials Senate committee told of threat to America's financial stability and of Fed's pressure on JP Morgan to agree deal |
Wal-Mart Drops Bid to Sue Brain-damaged Former Shelf-stacker World's biggest retailer, owner of Asda, faced a public outcry after it tried to recoup $400,000 in health care costs from... |
| Silicon Valley Meetings Go Topless Companies are urging employees to leave laptops on their desks when attending office meetings and engage in human interaction |
Banker Turns Policeman to Overhaul Us Financial Regulation Paulson to hand sweeping role to Fed in safeguarding market stability |
| Lehman Sues Over £177m Fraud US investment bank Lehman Brothers files lawsuit against Japanese trading house Marubeni over bogus ¥35bn (£177m)... |
Bear Says Outgoing Boston Head Tried to Poach Clients A senior Bear Stearns executive has been accused of defecting to rival Morgan Stanley with so many print-outs of... |
| 20,000 Wall Street Jobs at Risk More than 20,000 people are forecast to lose their jobs on Wall Street as the credit crunch hits business at financial... |
Sharing the Bear Stearns Pain It's considered uncool on Wall Street to lose nearly $1bn (£504m). So perhaps it's understandable that the biggest... |
| British Billionaire Loses Estimated $1bn in Bear Stearns Bust Joe Lewis splashed out millions on Bear Stearns shares just a few hours before the troubled investment bank ran out of... |
Bear Stearns Bid Faces Challenges As Backlash Intensifies The management team at Bear Stearns faces a backlash over the its capitulation to JP Morgan's $280m rescue takeover bid,... |
| US Mortgage Giant Needs $1bn to Survive High-end home loan firm Thornburg Mortgage needs to raise $948m in seven days to keep creditors at bay. By Andrew Clark in... |
Morgan Stanley Results Better Than Expected The investment bank today revealed a 42% slump in first-quarter profits to $1.55bn, but the fall was an improvement on a... |
| London Shares Back Under Pressure Shares in Halifax-owner HBOS plummet on rumors the bank is in trouble |
Markets Bounce Back Asia continues rally after Wall Street staged its biggest one-day rise in more than five years following an aggressive... |
| Economy Struggles, Tory Fortunes Soar Michael White: No Conservative leader has enjoyed a 42:29:21% poll lead over labor and the Lib Dems since Margaret... |
The Week the Fed Tried to Save the World From Financial Meltdown Fed's decision to cut US interest rates marks climax of seven days of crisis management |
| Court Backs Chávez in Row With Oil Giant Chávez scores victory over Exxon Mobil as British court lifts $12bn (£6bn) freeze on Venezuelan assets |
Federal Reserve Cuts Rates Three-quarters of a Point Fed bids to ward off global economic slump with sixth cut in American interest rates since the financial crisis began last... |
| Fed Cut Brings Markets Back From the Brink After cutting interest rates to 2.25%, US Federal Reserve pressures Bank of England and other central banks to follow its... |
Lawyers and Media Circle While Staff Reflect on Their Place in Limbo Bear Stearns staff arrive at the bank's headquarters to hear of the firm's fire sale to JP Morgan for a giveaway price |
| We Won't Be Next to Fall, Says Lehman Lehman Brothers tries to reassure customers about its financial stability as market value falls by a third |
US Bank Crisis Sparks Panic in Markets Financial markets fear collapse of Bear Stearns could trigger global financial and economic meltdown |
| Bear Stearns Shares Plummet As It Seeks Emergency Funding Wall Street investment bank's future is hanging in the balance after it was forced to ask the US Federal Reserve for an... |
Going Down in Spades While Bear Stearns was burning, Jimmy Cayne, the Wall Street firm's chief executive, was playing bridge |
| How Feverish Market Pulled the Lifeline From Falling Giant Markets hit upon Bear because it is more exposed to bond markets than rivals - and does not have other operations to negate... |
FSA Hopeful That Malaise Will Not Spread Financial Services Authority keeping a close watch on financial markets after the US-orchestrated bailout of Bear Stearns |
| Surprise Punt on Wall Street Could Cost Billionaire $750m Legendary British currency trader is estimated to be sitting on paper losses of $750m (£370m) after his punt on Bear Stearns |
Credit Crunch Woes Claim America's Fifth-biggest Bank Credit crunch claims biggest victim yet when the US Federal Reserve orchestrated an emergency bail-out for Bear Stearns |
| Rising Prices and Anxiety Cause Surprise Drop in Us Retail Sales Treasury secretary berates banks and demands changes in market practices |
Liquidity Rumours Unleash Bears on Bear Stearns Wall Street brokerage's shares dive to a five-year low after losing more than $1.9bn on mortgage-linked securities last year |
| Norway's Pension Fund Publishes Vote Data, Revealing Stand on Ethical Issues State-owned investment fund exerts influence on boardroom pay, global warming, labor standards and freedom of access to the... |
After 13 Years of Gates, Enter the New Richest Man in the World: The Sage Warren Buffett tops Forbes list with $62bn fortune, while survey shows there are 49 billionaires living in Britain |
| Hedge Funds Wither As Banks Call Their Bluff Richard Wachman: Last week, margin calls triggered the implosion of London hedge fund Peloton Partners |
Rose Won't Bloom Without a Pr Coup Richard Wachman: M&S chief executive is struggling to maintain his reputation as the turnaround king |
| Ask Scraps Plans to Take on Search Giants Website to reinvent itself as female-focused online query specialist. |
Wall Street Stocks Plummet Figures from the US commerce department revealed that spending was essentially flat in January with a 0.4% rise wiped out... |
| Lacklustre High Street Spending Figures Send Wall Street Plummeting New year sales in American shopping malls fail to budge mood of caution among consumers |
No Fans of Stan It has been a long time since Wall Street witnessed a display of bitch-slapping and back-stabbing quite as spectacular as... |
| Some Are More Equal Than Others Revelations about wages for union workers at chemicals giant BASF have caused a stir |
Gloom-mongers Have Their Day Here consumers are becoming tetchy, with half of all Americans feeling as if the nation is in recession |
| Bundesbank Looks Frail at 50 The Deutsche Bundesbank turned 50 this week but job cuts and branch closures have left it looking vulnerable |
What Does 'the Warren Buffett of Europe' Have in Store? An inveterate deal-maker who has made a fetish of discretion, 'Nickel Neelie' and corporate social responsibility |
| Stage Set for Final Barnstorming Act The out-going president of a key European court could make a dramatic exit with a one-sided verdict on the Microsoft... |
Bank Chief Prepares to Face the Music Is WestLB, the state-backed bank based in Düsseldorf, a byword for scandal? |
| Hug a Hedgie Nobody seems to like hedge fund managers much, and the public seems to enjoy stories about their mishaps. Are they really... |
Life's Tough When You're Dead Andrew Clark's US diary: the credit rating nightmare of a housewife from Minnesota who is officially dead, and just what... |
| Money Worries How globalisation is making German banks nervous, and why Italian meat producers are regaining their appetite |
Lafarge Lays the Foundations A French cement maker is betting on a quick return from emerging markets, while Corsica Ferries finds itself in choppy waters |
| The Natwest Three Are, in Reality, Arthur Daleys in Suits As this week's guilty plea demonstrated, they have nothing in common with the Birmingham Six or the Guildford Four except... |
Life and Death Decisions Investors who lose money can be 'nasty and belligerent', says one stockbroker. But could they become homicidal? |
| Credit Card Crunch Could surging credit cards bills become the next sub-prime crisis? |
Picture of Wealth, If a Little Sub-prime Goldman Sachs boss is the latest target as artist entertains Wall Street with his wry portraits |
| Wal-Mart's Orgy of Corporate Self-satisfaction It is seven o'clock on a stormy Friday morning in an obscure corner of Arkansas and several hundred people in red T-shirts... |
Rich Pickings for the World's Media The battle for the soul of Carlos Slim, airline passengers suffer more indignities, and why Lord Black seems to be enjoying... |
| Enron's Skilling Completes Six Months Behind Bars Does a similar fate await Conrad Black, whose trial is entering its final stages? With the jury due to go out early next... |
Dow Jones Boss Drives Into a Battle Zone War reporters go ballistic over their boss's new car, Smith & Wesson has a bad week at the office, and why the super-rich... |
| Wall Street Meltdown A great summary of recent months with a picture montage featuring all our favourite crunch characters |
Listen, Acknowledge, Take Action Starbucks outlets across the nation closed their doors on Tuesday for a mass barista training session, where staff were... |
| Mobile Phone Sales Pass the One Billion Mark Over a billion mobile phones were sold worldwide last year, the first time the global appetite for new devices has passed... |
Kids Helping the Big Boys, Not the Other Way Round Microsoft made a modest piece of history last week, says Keith Stuart, when the Xbox 360 became the first console to host... |