Gold futures fell to its lowest level in three weeks on Thursday; dropping more than $21 an ounce, on speculation the U.S. will increase interest rates in order to protect the dollar which dampened the demand for the precious metal as an alternative investment.
Billionaire activist investor Carl Icahn says he will seek to oust Yahoo chief executive Jerry Yang if he successfully gains control of yahoo's board of directors, according to the Wall Street Journal.
U.S. stocks fell for a second day Tuesday with increasing speculation that Lehman Brothers Holdings Inc. will be forced to raise more capital led a slump in financial shares.
Gold futures rose more than $5 an ounce on Monday on speculation that investors may stock up on the metal after the metal made its largest weekly price drop since mid-March, causing the dollar to drop.
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.
After heavy losses and pressure from shareholders to return to profitability, directors at two large U.S. banks - Wachovia Corp. and Washington Mutual Inc. - on Monday announced top-level management changes.
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.
NBC Universal and two private equity firms has emerged as the frontrunner on Friday when final bids for the Weather Channel were due, according to media reports.
Financial sector stocks fell on Friday, despite gains from the leading U.S. insurer, American International Group.
Gold futures ended higher on Friday for the first time this week, up more than $22 an ounce for the month, but down 4 percent for the week after declining for three consecutive sessions. Silver gained more than 2 percent.
Societe Generale said on Friday that Bear Stearns executive Michel Peretie will become the French bank's Corporate & Investment banking unit in the third quarter of this year.
Bear Stearn's Cos. shareholders on Thursday gave their approval to sell the investment bank to rival JPMorgan Chase & Co. for about $2.2 billion.
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.
Gold futures fell for the second day on Wednesday in New York as the dollar strengthened, lowering the appeal of the precious metal as an alternative investment.
Struggling homebuilder Standard Pacific Corp. received a vote of confidence in the form of a $530 million investment from private equity group MatlinPatterson Global Advisers LLC on Tuesday, sending its shares up nearly 50 percent.
Gold futures closed down almost $18 an ounce on Tuesday, dropping the most in four weeks as energy costs fell and lowered the demand for the contract as a hedge against inflation.
Bank of America Corp will exercise a $1.86 billion option to buy additional shares of China Construction Bank Corp.
Tokyo stocks closed over 2 percent higher on Friday, with Japan's key Nikkei index topping the 14,000 line for the first time in about two months, as an overnight surge in U.S. stocks led to heightened optimism about the U.S. economic outlook.
Jerome Kerviel, the former trader at French bank Societe Generale accused of making unauthorized trades that cost the firm billions of euros may have been helped by someone inside the company, according to a report released today.
Gold futures rose higher on Friday and recorded a third straight weekly gain of almost 3 percent as weakness in the U.S. dollar a and surging energy costs boosted the demand for the precious metal as a hedge against inflation.
Gold rose to the highest level near $929 an ounce on Wednesday as surging oil prices and a weakening dollar boosted demand for the metal as a hedge against inflation. Silver also gained.
Financial shares fell on Tuesday, triggered by renewed concerns about the economy.
