COMPANIES

Bank of France head reassures after SocGen fraud

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France's central bank sought to reassure depositors and investors that a 4.9 billion euro ($7.1 billion) fraud at Societe Generale was no threat either to the country's largest bank or to the broader financial system.

Bank Hit by $7.1 Billion Trader Fraud

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A massive fraud by a junior rogue trader has punched a $7 billion hole in the finances of French bank Societe Generale, leaving its credibility in tatters and forcing it to get emergency cash. France's central bank and government scrambled to shore up confidence in the banking system after Societe Generale, France's second-biggest bank, said on Thursday it had been the victim of massive and exceptional fraud resulting in losses of 4.9 billion euros.
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Hollywood's MGM strengthen HD channel with Verizon FiOS TV

Metro Goldwyn Mayer Studios Inc. (MGM) on Wednesday revealed that it acquired a carriage for its MGM HD Channel on Verizon's FiOS TV service enabling it to transfer feature film hits from the MGM library to Verizon FiOS TV subscriber households in full high definition.
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India's NDTV to sell 26 pct in unit to NBC

India's New Delhi Television Ltd said on Tuesday it had entered a deal to sell 26 percent in a unit to NBC Universal Inc for $150 million, the latest in a series of consolidation moves in Indian broadcasting.
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Mizuho's Merrill deal a new turn for Japan banks

Mizuho Financial Group's $1.2 billion investment in Merrill Lynch marks a turning point for Japan's once-reeling banks which, after shedding bad debt and rebuilding their businesses, are once again looking for opportunities abroad.
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Market falls hit hedge funds but throw up bargains

Hedge funds with geared wrong-way bets in hot areas such as commodities and emerging markets are feeling the squeeze from market falls, but some top managers are using this opportunity to pick up stocks they like on the cheap.
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Bank of America Net Sinks 95 Percent

Bank of America, the second-largest U.S. bank, said on Tuesday fourth-quarter profit sank 95 percent, hurt by more than $7 billion of losses tied to poor trading decisions and mounting credit woes.Net income for the Charlotte, North Carolina-based company fell to $268 million, or 5 cents per share, from $5.26 billion, or $1.16, a year earlier. Analysts on average expected a profit of 19 cents per share, according to Reuters Estimates.
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Murdoch, Packer offer $2.9 bln for Consolidated Media

Lachlan Murdoch, son of media tycoon Rupert Murdoch, and Australian gaming magnate James Packer launched a joint A$3.3 billion ($2.9 billion) offer on Monday to buy out the Packer-backed publishing company Consolidated Media Holdings CMJ.AX.
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Bond Insurer Ambac Loses Top Rating

Ambac Financial Group Inc, a top insurer of bonds, lost its top level AAA financial strength rating on Friday, dealing a blow to its business which relies on the confidence of clients to gain new business.
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Sprint Cuts 4,000 Jobs, Shares Down

Wireless phone company Sprint Nextel Corp. on Friday fell the most in 25 years in trading after announcing plans to cut 4,000 jobs and close 125 retail locations in a bid to manage slowing subscriber growth, profit and sales.
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Asia private equity funds jumped in '07 -journal

Asia's private equity industry largely shrugged off last year's global credit crunch, with assets under management, fundraising and investment rising at double-digit levels, an industry publication said on Friday.
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Chinese banks' bad loans drop, focus now on strategy

China's banking regulator on Friday laid out its priorities for 2008, saying that it would focus on helping commercial banks sharpen their operations by improving their strategic planning, innovation and services.
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UBS to revamp investment bank

UBS, the biggest European casualty of the U.S. subprime crisis, said it was shrinking its investment banking business, cutting staff and drastically scaling down its exposure to risky investments.
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Ambac Cancels Plan to Raise $1 Billion; Top Rating at Risk

Ambac Financial Group, Inc, the bond insurer whose portfolio includes investments linked to the floundering mortgage market, will put off plans to raise equity capital to strengthen its finances as it faces losing its top level credit rating.
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GE Profit Meets Expectations

General Electric Co posted a 4 percent rise in net profit Friday, meeting Wall Street estimates on strong global demand for its infrastructure unit and film division. Earnings from continuing operations totaled 68 cents per share in the latest period, up from 58 cents in the prior-year quarter. The second-largest U.S. company by market capitalization said its revenue rose 18 percent to $48.59 billion from $41.28 billion a year ago.
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Google Maps Out Its Philanthropy Arm

Google.org, the popular search engine's philanthropic venture, said on Thursday it will fund more than $25 million in grants and investments. The funds will be used to fight climate change, poverty, global diseases and will support small businesses.
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Ambac, MBIA Shares Plunge on Credit Downgrade Risk

The subprime mortgage crisis is claiming more victims as shares of bond insurers Ambac Financial Group, Inc. and MBIA, Inc. fell sharply on Thursday over concerns that they could lose their AAA credit ratings.
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Merrill Takes $11.5 Bln Write-Down

Merrill Lynch exposed billions more in losses related to the troubled mortgage lending market on Thursday, with newly hired chief executive calling the latest quarterly results clearly unacceptable as the company moves to straighten out its balances. Merrill reported an $11.5 billion write-down in its last quarter, while recording an overall loss of $9.3 billion for the same period.
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JPMorgan takes $1.3 billion writedown

JPMorgan Chase & Co said on Wednesday quarterly profit fell a worse-than-expected 24 percent as the No. 3 U.S. bank lost $1.3 billion on risky mortgages and set aside more money for rising losses on home-equity and auto loans. The bank quadrupled to $1.1 billion the provision it needs to cover continued problems on home equity and subprime mortgage loans.
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Sony Ericsson beats forecasts

Mobile phone maker Sony Ericsson posted better-than-expected fourth quarter earnings on Wednesday and said it gained market share in that period and in 2007 as a whole. Sony Ericsson, owned by Ericsson and Sony Corp., said in a statement it made a pretax profit of 501 million euros versus 384 million in the third quarter and 502 million a year earlier. The company's goal is still to become one of the top three players in the industry.
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Cloned Animals Get OK from U.S. Food Regulators

Cloned animals are safe for humans to eat, U.S. regulators said on Monday after a seven year review. The Food and Drug Administration said there were no special risks associated with the cloning technology.

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