Archive for October 15th, 2007

Blackstone, banks can’t agree on PHH deal: sources

Monday, October 15th, 2007

NEW YORK - Blackstone Group and the banks involved in the $1.8 billion takeover of mortgage and vehicle fleet company PHH Corp have yet to agree on a way to resolve a financing shortfall, dimming the prospects that the deal will go through.

Fed ready to act to ensure smooth markets: Bernanke

Monday, October 15th, 2007

NEW YORK - United States financial markets are healthier after a turbulent summer, but a full recovery will take time and the Federal Reserve will act as needed to support market stability as well as noninflationary growth, Fed Chairman Ben Bernanke has said on Monday.

United States sues Lloyds TSB Bank, Bank of Cyprus

Monday, October 15th, 2007

NEW YORK - United States prosecutors has said on Monday they filed civil money laundering charges against Lloyds TSB Bank Plc and the Bank of Cyprus PCL , alleging they helped launder hundreds of millions of dollars generated from an alleged securities fraud.

Wyeth jury awards $99 mln punitive damages

Monday, October 15th, 2007

RENO, Nevada - A Nevada jury on Monday awarded $99 million in punitive damages to three women who blamed their breast cancer on Wyeth hormone replacement drugs.

Huawei-3Com deal threatens United States security: lawmakers

Monday, October 15th, 2007

WASHINGTON - Eight United States lawmakers called on the Bush administration on Monday to block a proposed purchaseout of Massachusetts-based technology group 3Com Corp , saying a Chinese company’s role in the $2.2 billion transaction “threatens the national security of the United States.”

Banks get burned again and again by cheap funding

Monday, October 15th, 2007

NEW YORK - It’s a familiar plot line for U.S banks and hedge funds: They finance illiquid, high-yield assets and then get burned when their funding — cheap short- term debt — dries up.

Berkshire reports lower stakes in 2 railroads

Monday, October 15th, 2007

NEW YORK - Warren Buffett’s Berkshire Hathaway Inc , which has accumulated a 17.2 percent stake in Burlington Northern Santa Fe Corp , reported on Monday it reduced stakes in two other railroads — Norfolk Southern Corp and Union Pacific Corp .

Oil soars to new record over $86 a barrel

Monday, October 15th, 2007

NEW YORK - Oil jumped nearly 3 percent to a record over $86 a barrel on Monday as fresh tensions in the Middle East added to worries of a supply crunch when cold weather stokes up heating demand this winter.