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Bank of America on Friday said it has secured a $20 billion government investment to assist in acquiring brokerage Merrill Lynch. The government will also cover a majority of losses linked to Merrill's assets.

Bank of America Corp requesting additional capital from the U.S. Government, according to people familiar with the situation quoted by reports today. The aid will help absorb losses related to the purchase of Merrill Lynch last month, a sale which the government favored to prevent further turmoil in the financial system.

Rock band Bon Jovi is scheduled to perform in New York City's Central Park on July 12 for free as a prelude to the All Star Baseball Game 2008, New York City officials said on Monday.

Bank of America Corp. said it will complete its purchase of Countrywide Financial Corp by July 1 and then cut 7,500 jobs as part of the combination of the companies.

U.S. stocks rose on Tuesday on speculation that weaker consumer confidence and a record plunge in home prices will ensure the Federal Reserve to maintain interest rates at current levels, while United Parcel Service set new multiyear low.

U.S. stocks on Tuesday fell for the first time in four days after Goldman Sachs predicted anks will have to raise $65 billion in new capital to cover losses in the face of economic data that further highlights soaring inflation amidst a troubled housing market.

US banking giant, Bank of America, is free to take over the country's biggest mortgage lender, Countrywide Financial after gaining the Federal Reserve's approval.

Morgan Stanley, Merrill Lynch & Co. and Lehman Brothers Holdings Inc. had their credit ratings cut on Monday by Standard & Poor's on concerns that continued weakness in the sector could lead to more write-offs.

Wall Street began June in the red, falling for the first time in five days, as the Dow quickly lost more than 100 points Monday morning on more worries about the financial sector after Wachovia Corp. ousted its chief executive.

Bank of America Corp. plans to raise its stake in China Construction Bank Corp. by exercising part of an option, to boost its stake to 10.75 percent from 8.5 percent, the Chinese bank said on Wednesday.

Bank of America Corp will exercise a $1.86 billion option to buy additional shares of China Construction Bank Corp.

Hong Kong based Wing Lung Bank Ltd. has picked China Merchants Bank Co. as its preferred bidder after the Wu's family announced to sell its whole 53 percent stake.

Financial shares fell on Tuesday, triggered by renewed concerns about the economy.

An Openheimer & Co group of analysts led by Meredith Whitney cut their earnings outlook for major U.S. banks, saying the current credit crisis is not close to ending.

U.S. stocks plunged on Tuesday after oil soared to nearly $130 a barrel fueling concerns that commodity prices will further dampen U.S. consumption levels, while analysts forecast more credit losses and faster inflation.

Shares of major U.S. financial institutions were mixed on Friday as the broader market advanced on easing fears of poor market liquidity.

California and Florida are driving losses in Bank of America's global-consumer and small business banking segment, said the president of the unit on Tuesday.

Westpac Banking Corp entered into an agreement to buy the smaller St. George Bank Ltd for A$18.6 billion ($17.6 billion) in an all stock deal to create the largest Australian home lender and one of the biggest banks by market value.

U.S. stocks fell as Yahoo dropped the most in almost two years after Microsoft Corp. abandoned its $50 billion bid for the company and Countrywide Financial Corp. tumbled on concern its suitor will abandon its pending takeover.

Countrywide Financial Corp.'s credit rating was cut to junk on Friday by Standard & Poor's rating, after a regulatory filing called into question whether Bank of America would repay the troubled lender's outstanding debt after their planned merger.

Dollar recovered against the euro with markets awaiting the interest rate decision from Federal Reserve on Wednesday.

Countrywide Financial Corp, the biggest U.S. mortgage lender by value of loans, reported an $893 million loss for the first quarter on missed mortgage payments, rising home foreclosures and writedowns.

Dollar paired gains due to profit booking after a three day rally ahead of the FOMC meet.

Bank of America Corp, seeking approval to buy the largest U.S. mortgage company, said it would help reduce home foreclosures by modifying or working out hundreds of thousands of mortgage loans to help more than 265,000 customers.

Dollar managed to close higher for the third day in a row continuing recovery from the record low levels against the Euro despite a downbeat consumer sentiments report from the US.

Dollar extended gains yesterday continuing recovery from the record low levels against the Euro finding support in slightly encouraging data from the US Labor market.

Dollar recovered from record low against the Euro after soft economic data and comments from European policymakers

Dollar fell against the Euro yesterday and touched a new all time low after recent comments by European Central Bank officials stirred talk that the ECB's next move may be to raise interest rates.

Dollar fell against the Euro on Monday due to the unexpectedly weak result from the Bank of America which dampened the investors in the banking sector and also renewed concerns about the US economy.