A group of investors led by U.S. buyout firm J.C. Flowers & Co LLC will bid about $1.8 billion for up to 32.6 percent of Shinsei Bank Ltd, putting more money into the Japanese bank it helped resurrect in one of the most lucrative private equity deals ever.
Freddie Mac, the second-largest U.S. mortgage finance company, on Tuesday posted a wider third-quarter loss and missed analysts' estimates as a jump in failing loans forced it to set aside $1.2 billion. Its shares fell more than 14 percent before the market open after reporting a net loss of $2 billion, or $3.29 a share, compared with a loss of $715 million, or $1.17 a share, in the year-ago period.
Shares in Swiss-based bank UBS AG fell to a near 2-1/2 year low on Tuesday on renewed fears the group may have to make more hefty writedowns for exposure to assets hit by the subprime crisis.
Stock index futures trimmed gains and were well off their session highs on Tuesday after Freddie Mac, the No. 2 U.S. mortgage finance company, posted a wider third-quarter loss.
Goldman Sachs issued a gloomy report on the U.S. financial services sector, saying housing prices are likely to fall a lot further, write-downs will mount and some mortgage insurers and guarantors will be forced to raise capital just to survive.
Goldman Sachs analysts downgraded Citigroup shares on Monday to 'sell' citing potential write-downs of up to $15 billion in the coming two quarters.
Gold rose on Monday with oil prices, but the dollar's slight rally against the euro sapped momentum and capped gains below the $800 mark.
Stocks fell on Monday as a downgrade of Citigroup, the No. 1 U.S. bank, fueled a sell-off in shares of financial services companies on renewed worry about mounting credit losses.
Swiss Re reported a shock 1.2 billion Swiss franc ($1.07 billion) writedown due to the subprime crisis, sending its shares down sharply and making it the first reinsurer to suffer a big, direct hit from the crisis.
Goldman Sachs & Co analysts downgraded Citigroup to sell and said the largest U.S. bank may have to write off $15 billion for debt losses over the next two quarters, and it placed it on Americas Sell List. The report came after Citigroup's own chief strategist upgraded the nation's banking sector, calling selling pressure overdone.
Stock futures fell on Monday after Goldman Sachs added Citigroup Inc to its sell list, citing prospects for more credit losses at the No. 1 U.S. bank.
Citigroup Inc. appointed a new Chief Risk Officer on Friday amid speculation that bank write-downs due to mortgage-related investments may lead to the company’s first quarterly loss.
NEW YORK, Nov 16 (Reuters) - U.S. stocks rose on Friday after a day of sharp price swings, helping the S&P 500 narrowly avert a third straight week of losses as bargain-hunting lifted the beaten-down technology sector while shares of oil companies advanced on buoyant crude prices.
With multibillion dollar subprime market losses, investors are asking questions.
Merrill Lynch has expanded its presence in Russia, one of its core markets, announcing Friday that it acquired a 10 percent stake in TRUST Banking Group, a potential top 20 private bank in Russia in terms of capital and assets.
Hedge fund Pardus Capital Management LP, lobbying for a merger between Delta Air Lines Inc and UAL Corp, plans to pitch its proposal to other investors on Friday, sources close to the situation told Reuters.
Hedge fund Pardus Capital Management LP, lobbying for a merger between Delta Air Lines Inc and UAL Corp, plans to pitch its proposal to other investors on Friday, sources close to the situation told Reuters.
Stock index futures on Friday signaled a bounce-back after recent losses, while investor worries about weakening consumer spending and credit market losses could limit gains.
Money manager BlackRock Inc's chairman Larry Fink said he intended to stay with the firm he co-founded, after news reports tipped him as a candidate to takeover the chief executive slot at Merrill Lynch.
Flush with cash and swaggering with world-beating valuations, firms are likely to settle for small stakes in big rivals.
The impact of the U.S. mortgage market crisis on the underlying economy could be dramatic as leveraged investors may need to scale back lending by up to $2 trillion, according to investment bank Goldman Sachs.
Stocks declined further in a skittish session on Thursday as investors fretted about the likelihood of more credit losses at big financial services companies. Caution also weighed on the market following an upsurge in volatility that has tended to rock stocks around the close of trading in recent days.
