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/ 5 November 2007
Shares of Citigroup rose 5% in their debut on the Tokyo bourse on Monday, a day after the United States bank’s head resigned to take responsibility for spiralling losses on subprime-related investments. Charles Prince stepped down after four years as Citigroup’s chief on Sunday after the bank said it may suffer an -billion write-down for subprime losses.
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/ 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.
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/ 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.
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/ 30 October 2007
Oil prices fell nearly 1% to below a barrel on Tuesday, fading from their latest record high as investors took profits from a rally driven by a Mexican supply failure and the spiralling dollar. United States crude fell by 71 cents to ,82 a barrel by 5.43am GMT after hitting a record high of ,80.
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/ 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.
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/ 17 October 2007
Like a gourmet chef who rarely eats out, Google feeds advertising services to hordes of other businesses while skimping on its own marketing. The recipe has been extremely fruitful. While the internet search leader has sold more than -billion in advertising since 2001, Google has become a household name without buying expensive ad campaigns.
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/ 27 September 2007
Social networking site Facebook, which signs up more than a million new fans every month, has changed tack and begun to list publicly members’ profiles on search engines such as Google and Yahoo!. It is, in fact, aiming to get in early in the race to build a global — and potentially lucrative — online people directory.
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/ 25 September 2007
Microsoft is negotiating to buy a stake in social networking site Facebook that could value the company at -billion or more, the Wall Street Journal reported on Monday. The report said that Microsoft is keen to buy a 5% stake in the company, but is facing competition from Google.
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/ 18 September 2007
The New York Times said on Monday it will end its paid TimesSelect web service and make most of its website available for free in the hopes of attracting more readers and higher advertising revenue. TimesSelect will shut down on Wednesday, two years after the Times launched it, which charges subscribers ,95 a month or ,95 a year.
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/ 14 September 2007
The White House phone rings. President George Bush, tucked up in bed under a Mickey Mouse duvet, answers, pretending to be an answering machine. ”Don’t try to fool me Bush, I know it’s you,” snaps President Pervez Musharraf from Pakistan, snuggled under a khaki blanket. ”I’m running out of credit. Let’s make this quick.”
United States President George Bush will outline reforms on Friday to help struggling subprime mortgage borrowers and his central bank chief will deliver a speech which will be pored over for hints of a looming rate cut. Federal Reserve chairperson Ben Bernanke speaks on ”Housing and Monetary Policy” at around 2pm GMT.