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BoA sells 5.6B shares in Chinese bank
Bank of America has sold 5.6 billion shares, or $3 billion, of its holdings in China Construction Bank, a spokesman for the Chinese bank said Wednesday. The transaction represents 13 percent of Bank of America's holdings in China's third-largest lender.
UK 2008 car sales to fall by 10%
New car sales have fallen sharply ever since last summer UK car sales figures for the past year are expected to be more than 10% lower than sales in 2007. The figures, due to be published on Wednesday, will provide cold comfort for the beleaguered UK car
Oil Prices Rise Again; Stocks Open Higher
American stock markets opened higher on Tuesday while crude oil prices rose above $50 a barrel, their highest levels in more than a month, before falling back slightly. Oil prices plunged from their summer peaks of $145 a barrel as the economic downturn
Government bonds extend declines
For the third trading session in a row, Treasury prices decline and yields rise in the face of a record amount of supply headed down the pipelines. NEW YORK (CNNMoney.com) -- Treasurys are falling out of favor with investors in the new year. For the
It's payback time
(Fortune Magazine) -- In today's dire financial climate, what exactly should a CEO say when it's time to hold that quarterly earnings call with analysts and the media? On the one hand, he could try refreshing candor and say, 'Look, let's be honest. This
Russia gas cut 'to affect Europe'
Ukraine has denied taking any of the gas meant for Europe for its own use A sharp cut in the supply of Russian gas to Ukraine will affect Europe within hours, Ukraine's state gas company Naftogaz says. EU states are closely monitoring their gas imports
Markets Lower as Automakers Report Sales
On Wall Street, the first full trading week of 2009 began with a wobble, then a slide. After three sessions of gains that fueled hopes for a January rebound, stock markets danced between positive and negative territory on Monday before turning lower late
Obama 'planning $800bn stimulus'
Mr Obama has now moved from Chicago to Washington US President-elect Barack Obama is meeting Congressional leaders to discuss his plans for a multi-billion dollar stimulus package. US media reports say the package could be worth more than $800bn (551bn),
Wall Street Slides Ahead of Auto Sales Data
On Wall Street, the first full trading week of 2009 began with another slate of losses. Stocks fell in early trading on Monday as car companies prepared to release what are expected to be weak year-end auto sales. Mondays sell-off came after three days
British fine china maker calls in receiver
Fine china and glasswork maker Waterford Wedgwood has called in a receiver -- the British equivalent of bankruptcy. The company said its receiver was the international accounting firm Deloitte, and that it would announce later Monday which of its Irish
Bob Iger rocks Disney
LOS ANGELES (Fortune) -- Bob Iger is inside the Royal Festival Hall in London on a September afternoon, geeking out with some young guys about two of his favorite things: tunes and technology. The CEO of Walt Disney Co. pulls out his iPhone and thumbs
Asia markets higher on first full week
Asia markets pushed largely higher at the start of the first full trading week of 2009, with Tokyo's Nikkei average up more than 2 percent. Seoul's KOSPI gained 1.4 percent on Monday, and Hong Kong's Hang Seng picked up 1.7 percent, but the All
Asia markets higher on first full week
Asia markets pushed largely higher at the start of the first full trading week of 2009, with Tokyo's Nikkei average up 2.1 percent at Monday's midday break. In Seoul the KOSPI gained 1.2 percent, and Hong Kong Hang Seng picked up 1.3 percent, but the
On the First Trading Day of the New Year, Markets Surge
Wall Street began the new year with a surge on Friday, closing above 9,000 for the first time since early November. At the close, the Dow Jones industrial average was 258.30 points, or 2.9 percent higher, to 9,034.69, and the broader Standard &Poors
Street Races Higher; Dow Above 9,000
Wall Street got a dose of New Year cheer Friday, enjoying a sizable rally on the first trading day of 2009 as investors hope for a rebound for the market and the U.S. economy. Optimism for the massive stimulus package being hashed out by President-elect
Housing market braced for brutal 2009 as prices and lending plunge
The housing market looks set for a grim 2009 after figures today showed another sharp fall in house prices in December and a record low number of new mortgages lent. The average house price in Britain fell a bigger-than-expected 2.2% last month, the
In Search of Easy Money
Can you make steady profits at low risk by playing tricks with options? Bernie Madoff's investors thought you could. So do a lot of retail investors. On a November weekend 326 people crammed into rooms at the Hyatt Regency in Jersey City, N.J. for 16
Singapore's GDP slumps 12.5 percent
In a further indication of the weakening Asian economy, Singapore on Friday said GDP had declined by 12.5 percent in real terms in the fourth quarter of 2008 and revised downwards its growth estimates for 2009. Blaming the global economic crisis,
Asian markets open year mixed
Asian stock exchanges were mixed on the first trading day of the new year, with Hong Kong and South Korean markets showing gains Friday and Australia slumping. The Hang Seng index in Hong Kong was up 2.22 percent at midday, while Seoul's KOSPI climbed
Markets start year on upbeat note
Stock markets worldwide saw heavy losses last year. Asian stock markets started the year on a positive note, gaining ground after markets worldwide notched up record falls in 2008. Hong Kong's Hang Seng index rose 2.3% to 14,712.70, while Indian shares
Slovakia hopes euro move brings stability
Slovakia became the first of the larger ex-communist EU members to join the European single currency on Thursday amid hope the move will provide stability in the global economic storm. The country is the 16th country to use the euro after 11 EU members
Markets Limp Into 2009 After a Bruising Year
A festive flag display at the New York Stock Exchange on Wednesday belied a tough year on Wall Street for investors, who lost almost $7 trillion in 2008. There was almost no place to hide from the crash of 2008. When the New York Stock Exchange bell rang
6 Years of Market Gains Lost in 2008
A festive flag display at the New York Stock Exchange on Wednesday belied a tough year on Wall Street for investors, who lost almost $7 trillion in 2008. There was almost no place to hide from the crash of 2008. When the New York Stock Exchange bell rang
In 2008, 6 Years of Market Gains Are Lost
There was almost no place to hide from the crash of 2008. When the New York Stock Exchange closes later this afternoon, virtually anyone with money in stocks will have felt the punishing drop in the market. The markets were headed for a higher close
Slovakia ready for euro switch
Slovakia becomes the first of the larger ex-communist EU members to join the European single currency on Thursday, hoping that the move will provide stability amid the global economic storm. The country will be the 16th country to use the euro after 11
Credit 2008: The year of the freeze
The credit market endured a disastrous year in which the pipes of lending practically froze solid. But trillions ofdollars of bailouts is sending credit on the road to recovery. NEW YORK (CNNMoney.com) -- If the story of 2008 was the government's
Record numbers 'face insolvency'
Some people have been building up debt to pay household bills Accountants KPMG are predicting that the number of people facing insolvency in 2009 will reach record levels. The group estimates that 150,000 people in the UK will go bankrupt or enter
Record Asian market falls in 2008
Asian markets all saw steep falls in 2008 Asian shares saw record falls in 2008 as the financial turmoil and economic slowdown ended the stock market boom. Shanghai was one of the worst-performing markets, ending 65% lower - its biggest annual drop. The
Fixing finance: A slice of Danish
Extract not available.
Gazprom makes Ukraine threat as profits soar
Russian gas giant Gazprom has reiterated its threat to cut supplies to Ukraine on January 1 if it does not settle an outstanding debt. Gazprom claims Ukraine owes it more than $2 billion in unpaid gas bills and fines. Gazprom chief executive Alexei
