INVESTMENT

U.S. stocks sank on Tuesday on increasing worries that there could be more bank failures and concerns that equity prices may have run ahead of the economic recovery.

A U.S. tax probe against Swiss bank UBS has killed traditional offshore banking and wealth managers will have to improve their offers to survive, bankers and industry experts said on Tuesday.

Pacific Alliance Group (PAG), an Asia-focused alternative investment manager, said on Tuesday that it hired four former senior Deutsche Bank executives to expand its distressed asset investment team.

Gain Capital Holdings Inc, an online provider of retail foreign exchange trading services, is planning to raise up to $125 million in the public markets, according to a regulatory filing on Monday.

Fortress Investment Group, Goldman Sachs Group Inc and Pacific Alliance Group are among bidders for failed Japanese apartment developer Joint Corp in a deal that could be worth up to 80 billion yen ($861 million), two people with direct knowledge of the deal said.

Kohlberg Kravis Roberts & Co and other private-equity firms are eyeing a buyout of Societe Generale's asset management subsidiary TCW Group, the New York Post said, citing sources.

NEW YORK - Strong economic data on the manufacturing sector helped boost U.S. industrial shares in early trading on Tuesday, amid optimism the sector's earnings bottomed out in the second quarter and are set to improve.

German real estate fund manager Union Investment said on Tuesday it has bought the Mercado shopping mall in Hamburg for 164 million euros ($235.5 million) in Germany's largest individual property deal so far this year.

U.S. stock index futures pointed to a lower open on Tuesday as ongoing concerns over the strength of an economic recovery looked set to eclipse a report expected to show U.S. manufacturing expanded in August.

Stock index futures pointed to a lower open on Tuesday as ongoing concerns over the strength of an economic recovery looked set to eclipse a report expected to show U.S. manufacturing expanded in August.

The reinvigorated market for initial public offerings has sparked a rash of new filings by prominent companies that have been waiting for years for the chance to go public, setting the stage for potentially billions of dollars in IPOs by the end of the year.

PricewaterhouseCoopers (PwC) said it has appointed Nick Secrett, who joins from Swiss Re to its Pensions Capital Management team.

Stock index futures pointed to a lower open on Tuesday as ongoing concerns over the strength of an economic recovery looked set to eclipse a report expected to show U.S. manufacturing expanded in August.

(Corrects first paragraph to show U.S. manufacturing is expected to have expanded for the first time since just after the recession began, not since the recession began.)

Global stocks eased on Tuesday as buoyant shares and economic data in China failed to erase concern over the durability of the recent rally, while the yen held firm after a landslide election win for Japan's opposition.

Futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 fall 0.5-0.6 percent, pointing to a weaker start for Wall Street on Tuesday.

Chinese shares bucked up on Tuesday after Monday's rout, helped by upbeat economic data, but the Aussie dollar fell after the central bank dashed expectations it would shift to a tighter policy bias.

Japanese investment bank Nomura has secured a rental deal on its new London headquarters allowing free rent for almost six years, the Financial Times reported, citing the terms of a deal to be announced on Tuesday.

U.S. regulators warned broker-dealer firms about creating incentives that may lead their brokers to engage in questionable conduct such as recommending unsuitable investment products, the Securities and Exchange Commission said on Monday.

NEW YORK - Third Avenue Management, the firm founded by famed value investor Marty Whitman, is rolling out its first debt fund on Monday, which will invest in credit securities, such as high-yield junk bonds, bank loans and distressed securities.

U.S. stocks fell on Monday as concerns about the global economy's health weighed on Wall Street following a sell-off in Chinese equities.