S&P 500 stock index futures briefly pared gains on Thursday following a government report showing the number of U.S. workers continuing to claim jobless benefits jumped to a record in the first week of February.
The data underscored the toll of the deepening recession on the labor market, and presented a hurdle for stocks attempting to bounce from three-month lows.
S&P 500 futures rose 8...
UBS's landmark settlement deal with U.S. tax authorities could be the final nail in the coffin for Switzerland's prized bank secrecy and will have far-reaching consequences for the whole offshore financial industry.
as well as identify some American clients who held undeclared bank accounts to avert criminal charges.
The settlement, which Swiss authorities say they agreed to broker to avoid putting the bank's existence at risk, could also have wide implications for the $7 trillion-offshore banking industry by making it harder to try to circumvent tax laws.
The settlement in the U.S. tax case is what we ...
Dow Jones futures rose 1.0 percent by 5:00 a.m. EST, S&P 500 futures rose 1.2 percent and Nasdaq futures rose 0.9 percent, indicating that Wall Street stocks could open higher on Thursday.
Eyes will be on the fallout of UBS's $780 million settlement under which the Swiss bank admitted to helping U.S. taxpayers hide accounts from the IRS. Some UBS customers could face scrutiny...
Shares in Swiss banking giant UBS AG rose 3 percent on Thursday after it agreed to pay $780 million and identify certain American clients to settle criminal fraud charges in the United States.
The settlement, announced on Wednesday, further cracks Switzerland's trademark bank account secrecy and could have wide implications for the $7 trillion-offshore banking industry by making it harder to try...
Swiss banking giant UBS AG has agreed to pay $780 million and identify certain U.S. clients in a deal to resolve criminal fraud charges that it assisted rich Americans to evade taxes.
The settlement announced on Wednesday further cracks Switzerland's trademark bank account secrecy and could expose some UBS customers to Internal Revenue Service scrutiny and law enfor...
Swiss bank UBS AG will pay $780 million and hand over the names of some U.S. customers in an agreement to resolve criminal charges that it defrauded U.S. tax authorities.
Goldman Sachs Group Inc said several partners must cover margin calls triggered by the depressed value of Goldman stock and many of the firm's hedge funds, but the bank denied it is lending money to its executives.
Freddie Mac, the No. 2 U.S. home funding company, on Wednesday sold a record $10 billion three-year reference notes, the largest single new issue since the government-sponsored enterprises started global note programs over a decade ago.
Billionaire Warren Buffett's Berkshire Hathaway Inc reduced stakes in health-care company Johnson & Johnson and consumer products company Procter & Gamble Co.
NEW YORK - Wells Fargo & Co shares fell on Wednesday to their lowest level in almost 12 years before recovering amid fears the fourth-largest U.S. bank could cut its dividend and post higher losses after its purchase of Wachovia.
The combined Wells Fargo and Wachovia last month posted a $13.72 billion fourth-quarter loss as it set aside more money to cover sour mortgages and ot...
NEW YORK - Stock index futures added to gains on Wednesday after the Obama administration released a plan aimed at stemming home foreclosures.
After Tuesday's sell-off the market was already primed for a bounce, with bargain hunters on the prowl after stocks had slid to three-month lows.
Advancers before the bell include financial shares and energy shares, which both were among Tuesday's wors...
NEW YORK - Comcast Corp , the largest U.S. cable television provider, posted a 32 percent drop in fourth quarter net profit on Wednesday, due to a writedown related to its Clearwire Corp stake and said it lost 233,000 subscribers.
Net profit fell to $412 million, or 14 cents a share compared with $602 million, or 20 cents a share in the year ago quarter.
The compan...
Flagstar Bancorp Inc (FBC.N: Quote, Profile, Research, Stock Buzz), one of the largest savings and loans based in the U.S. Midwest, said MatlinPatterson Global Advisers LLC completed a $25 million investment in the company through the purchase of its shares.
for U.S. credit cards rose to 7.82 percent in January from 7.71 percent in December, while the rate for loans at least 30 days delinquent increased to 5.02 percent from 4.78 percent.
The McLean, Virginia-based company said it expects loan losses from U.S. cards to increase to 8.1 percent in the first quarter.
In auto loans, Capital One's charge-off rate rose to 6.09 percent in January from 5.9...
Spanish oil company Repsol's chief executive said Tuesday that the global financial crisis and falling oil prices were making investment in new production projects less attractive, particularly in deep and ultra-deep waters.
Bank of America announced it made a $402 million payment to the federal government to pay back the U.S. government's investment as part of the $45 billion in bailout funds it received last year and early this year.
NEW YORK - Stock index futures slid on Tuesday as concerns that the global recession was worsening fueled a global equity rout, and investors worried that efforts to stem the downward spiral and stabilize the financial system may not be enough.
* The diminishing appetite for riskier assets sunk stocks in Asia overnight, while in Europe benchmark indexes were down more than 2 percent.
* S&P ...
Global assets of hedge funds may drop to $1.2 trillion by the end of the first quarter, down 35 percent from 2007 as the number of managers decline and funds rely less on strategies that use leverage, a UBS executive said on Tuesday.
Banco Santander SA, Spain's biggest bank, has quietly improved a deal to compensate selected private banking clients who lost money to accused swindler Bernard Madoff, the Wall Street Journal reported on its website on Monday.
At the close of Thursday's trading, European shares closed at 1.5 percent lower with banks hit by doubts about the U.S. government plan to boost the financial system.
Hedge fund firm GLG Partners Inc on Thursday reported a 78 percent loss in adjusted fourth quarter profit as its funds posted losses.
