Countrywide Financial Corp., the largest U.S. mortgage lender, said on Thursday it drew down an entire $11.5 billion bank credit line as a global credit crisis limits its access to short-term cash.
Companies worried about a U.S. economic slowdown should think twice before cutting their marketing budgets, particularly when it comes to money earmarked for more unconventional types of advertising.
U.S. restaurants are most likely to feature California wines that sell for less than $39 a bottle, according to a new report.
J.C. Penney Co. said on Thursday quarterly profit inched higher, topping Wall Street expectations, helped by back-to-school sales and new private-label brands.
BHP Billiton Ltd./Plc., the world's biggest mining house, should post record second-half profits on strong sales of industrial minerals such as copper, iron ore, coal and petroleum products.
Mitsubishi UFJ Financial Group Inc., Japan's largest bank, would consider buying a commercial bank in the United States or Europe to expand its international operations, a senior executive said on Thursday.
Kraft Foods Inc. is in the early stages of looking for a buyer for its Post cereals business, maker of the Grape Nuts and Shredded Wheat brands, the Wall Street Journal reported on its Website on Thursday.
Shares of Countrywide Financial Corp. (NYSE: CFC), the largest U.S. mortgage lender, fell 13 percent on Tuesday over investor concerns that it could fall into bankruptcy amid an ongoing liquidity crunch.
U.S. aluminum giant Alcoa, Inc. has selected the ousted former chief of German conglomerate Siemens, Klaus Kleinfeld, as its chief operating officer, the company said Tuesday.
DuPont Co. on Wednesday said it expects its agriculture and nutrition business to deliver 10 percent revenue growth and 20 percent pretax operating income growth in 2007.
Aluminum company Alcoa Inc. said on Wednesday it named Klaus Kleinfeld, the former president and chief executive officer of Siemens AG, as its president and chief operating officer.
Countrywide Financial Corp shares fell as much as 9.2 percent on Wednesday after the largest U.S. mortgage lender was downgraded to sell from buy by a Merrill Lynch & Co. analyst, who said bankruptcy may be possible if liquidity worsens.
Organic and natural foods grocer Whole Foods Market Inc. said late on Tuesday it is investigating the release of proprietary business information by the U.S. Federal Trade Commission, which it claimed violated a court confidentiality order.
Bear, Stearns & Co. Inc. is in talks to buy a Ford Motor Co. financing unit in India as a way to secure an additional license to beef up what it can offer clients in that expanding market.
Retailer Macy's Inc. posted a lower quarterly profit and cut its full-year outlook on Wednesday, sending its shares down.
U.S. futures exchanges are trying to get other futures companies to step in and ease Sentinel Management Group Inc's concerns about client redemptions, a Commodity Futures Trading Commission official said on Tuesday.
Deere & Co. said on Wednesday its net earnings in the latest quarter rose a better-than-expected 23 percent, driven by strong overseas sales of tractors and other equipment.
U.S. consumers are showing signs of lethargy and have retreated from their free-spending ways.
Citigroup Inc. could suffer as much as $1 billion of after-tax losses from credit turmoil in the third quarter, analysts at Sanford C. Bernstein & Co. said on Tuesday.
Fallout from the global credit crunch spread to Canada on Tuesday with a rating agency warning of possible defaults in the C$116 billion ($109 billion) market for asset-backed commercial paper, one issuer saying it couldn't repay paper that is due, and a mortgage lender saying its profits could be hurt.
Trouble is mounting in the $2.2 trillion commercial paper market, and further deterioration could trigger problems for banks that would rival what they've suffered from the subprime crisis.
Swiss bank UBS, the world's largest wealth manager, beat forecasts with record second-quarter profits on Tuesday but warned market turmoil was likely to hit its investment banking business in the second half of the year.
The recall was due to hazards from small, powerful magnets and lead paint, sending its shares down as much as 6 percent.
India's Jindal Stainless Ltd. is at a preliminary stage of a $60 million investment for construction of a steel mill in Russia's north-western Leningrad region.
Trendy dorm furnishings and stylish cell phones should spur U.S. college students and their parents to spend nearly 9 percent more on back-to-school items this year, according to a survey released on Tuesday.
Five banks, including Citigroup, Lehman Brothers Holdings Inc., and Merrill Lynch & Co. Inc., said on Tuesday they were setting up a trading platform for privately offered stocks, seeking to tap the growing market for non-public shares.
Intervention by central banks has staved off a crisis, but investors need to know more about the true state of U.S. mortgage markets before calm can be restored to markets, a top manager at UBS said.
Home Depot Inc. reported a 15 percent fall in second-quarter profit on Tuesday as quarterly sales fell for the first time in more than four years in the slumping U.S. housing market.
Wal-Mart Stores Inc., the world's largest retailer, on Tuesday reported a lower-than-expected quarterly profit and cut its full-year earnings forecast, saying its customers remain under economic pressure. Chief Executive Lee Scott blamed the disappointing performance on economic pressure around the world.
The $14 billion Chinese consumer durables major, Haier Co., Ltd. has firmed up its Indian operations by acquiring the manufacturing facility of Anchor Daewoo Electronics in a few hours from Mumbai in Pune, Maharashtra.
