Bank of England lends £10bn to ease credit woes
In a bid to ease the effects of the credit crunch and high borrowing costs, the Bank of England has lent £10 billion to financial institutions and banks. Different borrowers bid for the cash in an auction.Those who bid at the minimum rate of 5.36% received 75% of the amount they requested. The total amount of money bid was £850 million over the £10 billion promised by the Bank.The average i...
Citigroup's Stock Swap Approved by Nikko Cordial Shareholders
Nikko Cordial Corp., a major Japanese brokerage firm and the holding company for Nikko Cordial Securities and other subsidiaries, announced on Wednesday that it has obtained shareholder approval to become a wholly owned subsidiary of Citigroup Inc., a major U.S. bank through an equity swap under a triangular merger.
Torrent Spy Destroys Evidence, Loses Copyright Case
The online file sharing service TorrentSpy.com will be held accountable for extensive movie piracy as a federal judge ruled that the website's destruction of evidence made a fair trial impossible.
Wall Street climbs with improved liquidity
Stock rose on Wednesday after Morgan Stanley said it will sell a stake to a China firm, while the Federal Reserve said it would lend $20 billion to banks to improve market liquidity.
MPAA Wins Copyright case against TorrentSpy
The online file sharing service TorrentSpy.com will be held accountable for extensive movie piracy as a federal judge ruled that the website's destruction of evidence made a fair trial impossible.
Vatican blasts Golden Compass as Godless and hopeless
The Vatican on Wednesday condemned the film The Golden Compass, which some have called anti-Christian, saying it promotes a cold and hopeless world without God.
EU executive receives complaint over gadgets levy
The European Commission has received a complaint that a disputed levy on electronic gadgets to compensate for private copying of music distorts the EU's internal market, a top official at the bloc's executive said.
Paul Allen applies to bid in U.S. wireless auction
A venture led by Microsoft Corp co-founder Paul Allen has applied to bid in an upcoming U.S. auction of coveted wireless airwaves, according to auction documents released late on Tuesday.
Antivirus firm says detects Google text ad trojan
Advertisements placed by Google in Web pages are being hijacked by so-called trojan software that replaces the intended text with ads from a different provider, Romanian antivirus company BitDefender says.
Musharraf ally battles foes and apathy in Pakistan vote
If one Pakistan ruling party rally with awkward speeches, empty audience chairs and distracted crowds in a dustbowl is anything to go by, President Pervez Musharraf's days in power may be numbered.
Fed Aims to Ease Credit Strains with Cash Auction
Financial markets on Wednesday will pore over the results of an unprecedented $20 billion cash auction conducted by the Federal Reserve in a search for signs it is helping soothe troubled credit markets. The Fed auctioned off the money on Monday as part of a coordinated move by central banks around the globe to thaw frozen credit markets.
Peter Jackson to Produce Lord of the Rings Prequels
Peter Jackson, the director of the Lord of the Rings triology, has settled litigation with New Line Cinema and will produce prequels to the film.
Stocks rise after Wall Street closed higher with ECB move
US Stocks rose on Tuesday and stock market across the Asia-Pacific region were trading higher after investors found comfort in the European Central Bank’s $500 billion loan injection to revive demand in struggling areas of the credit market.
Housing construction the lowest in 16 years
Housing construction in November for single-family activity fell to the lowest in more than 16 years.
Best Buy 3rd-qtr profit jumps; outlook cautious
U.S. consumer electronics leader Best Buy Co reported a better-than-expected 52 percent jump in third-quarter profit on Tuesday on strong sales of laptops and video games, and raised its full-year earnings forecast.
Palm shares fall on outlook as rivals gain share
Palm Inc, the maker of Treo cell phones, forecast lower-than-expected revenue amid tough competition from Research in Motion Ltd's Blackberry and Apple Inc's iPhone, sending its shares tumbling 12 percent on Tuesday.
FCC Stirs Up Media Consolidation World
The Federal Communications Commission approved new rules that will unleash a flood of media consolidation across 20 biggest U.S. cities, in spite of objections from consumer groups and threats from some U.S. senators.
US Stocks Rebound on ECB Injection, Goldman Earns
U.S. Stocks rose Tuesday as investors economic worries were consoled with the European Central Bank's $500 billion injection along with profit gains at Goldman Sachs and Best Buy.
Fed proposes mortgage rules to protect borrowers
Lenders will have to confirm that a borrower can afford a mortgage before making a loan under protections proposed by the Federal Reserve on Tuesday, following defaults and losses on U.S. subprime mortgages this year.
Gold Rallies above $800 on Weak Housing Report
Gold rallied on Tuesday to close about $800 an ounce on speculation that turmoil in credit markets will force the Federal Reserve to cut interest rates, further boosting the appeal of the precious metal.
Yen Falls on ECB Cash Injection
The Yen fell on Tuesday after the European Central Bank injected more than $500 billion to the banking system, boosting the carry trade.
Apple iPhone Plays Asian Mobile Market
Apple is in the middle of talks with Japanese mobile carriers, leaving consumers in eager anticipation for the iPhone launch in the country, news reports said on Tuesday.
Goldman cautious on near-term outlook
Goldman Sachs Group Inc said on Tuesday fourth-quarter earnings rose 2 percent, beating expectations and capping a record year, but its shares fell after the investment bank cautioned that markets will remain challenging in the near future.
Apple Rolls Out Safari Beta, OS Patches
Closely following Microsoft with it's year-end security roll out, Apple Inc. followed suit on late Monday afternoon by issuing a bunch of fixes for its Mac OS X operating system and the test version of its Safari browser.
BoE's King sees worse to come from credit squeeze
Bad news for financial markets isn't over yet and joint central bank action to ease the credit crunch may not be enough to stop a big slowdown in the world economy, Bank of England Governor Mervyn King said on Tuesday.
Fed staff proposes new mortgage protections
U.S. lenders would have to determine that a borrower can afford a mortgage before making the loan under a Federal Reserve staff proposal on new regulations released on Tuesday.
Depp named top autograph signer as Ferrell bombs
Johnny Depp, take a bow. The Pirates of the Caribbean star who turns menacing in his new role as murderous barber Sweeney Todd, has been named the best celebrity autograph signer for the third year running.
Pamela Anderson plans divorce, then scraps it
Former Baywatch star and Playboy model Pamela Anderson has apparently reconciled with her third husband just three days after filing for divorce to end their two-month marriage.
TV hosts return to work as union targets Oscars
Late-night TV comedians Jay Leno and Conan O'Brien said on Monday they will resume taping their shows on January 2, and cross picket lines if necessary, after nearly two months off the air in support of striking film and television writers.
Dad's sale of pot-smoking son's game sparks Web debate
A Canadian man who said he sold his 15-year-old son's prized video game, a Christmas gift, on eBay after catching him smoking marijuana has sparked an online debate on who is wrong -- father or son.
