Merrill Lynch has discovered an ”irregularity” in its London trading positions amid reports that a trader had been suspended over a -million loss.
No image available
/ 13 December 2008
The Bush administration said on Friday it could be willing to provide emergency aid to the teetering US car industry
No image available
/ 19 September 2008
Who’s to blame? Indebted Americans? Alan Greenspan? Slack credit rating agencies? Greedy and overpaid chief executives?
No image available
/ 15 September 2008
United States stocks were in a dramatic sell-off on Monday morning amid a widening credit crisis.
Merrill Lynch has agreed to sell its 20% stake in Bloomberg for ,5bn — a deal which provided a glimpse of the fortune amassed by Michael Bloomberg.
Asian stocks tumbled on Monday followed by losses across European and United States markets on concern over company earnings and increasing gloom about prospects for the global economy, analysts said. Wall Street stocks opened lower as Wachovia bank, one of America’s largest retail banking groups, announced a net loss of $350-million.
Gold, oil, diamonds, metals: commodities have been booming. But as prices hit record highs, is the bubble about to burst? Turmoil in financial markets has, some analysts say, pushed prices well above fair market value across energy, metals and agricultural goods as investors take flight to supposed ”safe plays”.
No image available
/ 12 February 2008
Société Générale launched a discounted â,¬5,5-billion capital increase on Monday to prop up its finances and heal scars from the world’s biggest rogue trading scandal. The one-for-four rights issue at â,¬47,50 per share gives its existing shareholders a bigger-than-expected discount of 38,9% to Friday’s price.
No image available
/ 5 February 2008
Société Générale was braced for fresh criticism from France’s top central banker on Tuesday as the man the bank blames for its record trading losses spoke out against his former employer. Jerome Kerviel (31) is under police investigation and said that he would not be turned into a ”scapegoat”.
No image available
/ 30 January 2008
Fresh write-offs at big European and Japanese banks on Wednesday drove investors’ attention firmly back onto the credit crunch after days gazing at Société Générale’s stunning losses, which it blames on a junior trader. With the Federal Reserve expected to cut interest rates for the second week running, Swiss bank UBS illuminated the depth of the crisis.
No image available
/ 26 January 2008
Jérôme Kerviel, a shy and introverted young city trader, lived on a tree-lined street in Neuilly-sur-Seine, the wealthy Paris suburb dubbed Sarkozyland in honour of its famous political son. Its yuppies live by Nicolas Sarkozy’s mantra ”work more to earn more”.
No image available
/ 22 January 2008
An electricity shortage that has led to frequent power disruptions in South Africa could chase away investors, denting growth and portfolio inflows and weakening the rand. Economists estimate the cost to the economy has run into hundreds of millions of rands, adding to the woes brought on by the falls in financial markets.
No image available
/ 16 January 2008
German engineer Michael Bosch is not fazed by the lack of a gym and other creature comforts at his budget hotel in a converted Shanghai office building. He’s stayed at such hotels on nearly a dozen trips to Chinese cities. ”All I need is a clean, warm place to sleep. I don’t care so much about service,” the 32-year-old said as he waited for 10 minutes for a distracted receptionist to attend to him at a Motel168 on the edge of Shanghai’s financial district.
No image available
/ 26 December 2007
Oil prices of near per barrel caused alarm in consuming countries in 2007, and analysts forecast another tense crude market next year with triple-figure records a real prospect. Despite a murky outlook for the world economy, crude prices are seen settling at elevated levels.
No image available
/ 27 November 2007
Three British bankers whose extradition to the United States caused a political storm last year are on the brink of a plea agreement that could involve an admission of wrongdoing over an alleged -million fraud related to the collapse of Enron.
No image available
/ 14 November 2007
Shareholders in ailing British bank Northern Rock could be left with nothing and the Bank of England could still be funding the lender in three years. A briefing memorandum sent to potential buyers of Northern Rock by its advisers showed it could still owe as much as £5,9-billion to the Bank of England in 2010.
No image available
/ 4 November 2007
Citigroup chief executive Charles Prince plans to resign this weekend, the Wall Street Journal said on Friday, as the widening subprime mortgage crisis brings to an end the reign of Sanford Weill’s troubled successor. The largest United States bank by assets plans to hold an emergency board meeting on Sunday, at which Prince will step down.
No image available
/ 31 October 2007
Merrill Lynch parted company on Tuesdya with its chief executive, Stan O’Neal, leaving the investment bank’s leadership in a state of limbo and prompting unease on Wall Street. After days of speculation, Merrill announced that O’Neal (56) had decided to retire with immediate effect.
No image available
/ 30 October 2007
The head of the Wall Street investment bank Merrill Lynch was on Monday night negotiating a severance package tipped to be as high as -million after a risky strategy of betting billions on American mortgage-backed securities came disastrously unstuck.
No image available
/ 29 October 2007
As Merrill Lynch’s board deliberates the fate of chairperson and chief executive Stan O’Neal, a leading contender for the job on Sunday said he is not aware of being a candidate. Meanwhile, Merrill’s board has reached a broad consensus to remove O’Neal as chairperson and CEO, the New York Times reported on Sunday.
No image available
/ 12 October 2007
Britain’s Virgin Group, controlled by entrepreneur Richard Branson, is in talks to take over troubled bank Northern Rock, a person familiar with the matter said on Friday. The group could lead a consortium including Middle East and United States investors that would inject cash in exchange for a controlling stake.
No image available
/ 4 September 2007
Gaz de France and Suez on Monday agreed to create the world’s third-largest listed power and gas company after President Nicolas Sarkozy stepped in to prevent the 18-month old deal from collapsing. The politically charged ”merger of equals”, delayed by disputes over valuation and control, will be on the basis of 21 Gaz de France shares for 22 Suez shares.