Often updated major headlines and interesting news for the world of business, financial markets, and other global economic & financial news.
Investment bank bonuses seem to be in the centre of the global attention in the past few weeks and there is a very good reason for this.
Treasury Secretary Paulson said that even if bankruptcy is the outcome then its important that it’s orderly.
In the UK, a full-blown recession is now unfolding: export growth set to collapse, credit crisis to hit investment, but consumption benefiting from lower oil prices.
Now, the day has come that other troubled companies also saw reason and ask to be baptised bank holding company.
Morgan Stanley, the once-upon-a-time investment bank has recently been converted into a bank holding company to avoid bankruptcy.
Ford Motor Co., General Motors Corp., and Chrysler LLC are all queuing up for cash as sales demand has dropped to record lows amid the global recession.
Merrill Lynch Co. only recently eliminated more than 5,000 jobs that accounted for almost 8 percent of its total workforce.
General Motors shares soared by 33% on Monday, 13th October on reports stating that the worlds largest automaker is looking for a merger partner.
The US government is pumping liquidity into its banks in return of a stake. Treasury Secretary Paulson announced plans of using $250 billion taxpayer’s money to make investments in nine banks, for a start.
Iceland’s government has taken control of 3 commercial banks in the past few days to ensure continued operations.