Former Freddie Mac CEO to return millions in compensation
Former Freddie Mac chief executive Leland Brendsel will return or waive rights to more than $15 million in compensation, according to terms of a settlement related to accounting fraud at the company between 1998 and 2002.
BMW's profit tainted by currency losses
Third quarter profit by the BMW group were lower than average expectations, and shares were subsequently sold sharply on Tuesday, closing 3.44% lower at 43.40 Euro.
Australian Interest Rate Jumps
Australia raised its key interest rates by a quarter percentage point Wednesday, its second hike in 2007, to contain inflation.
Crude hits $98 a barrel
Crude oil for December delivery climbed to a record $98 a barrel in after hours trading Wednesday, adding to strong gains in the previous session that saw the energy contract into record territory Tuesday.
Ex Citi Exec Thomson says tensions with CEO prompted departure
The former top executive at Citigroup’s wealth management division Todd Thompson said tensions with now departed chief executive Charles Prince were the underlying cause for his departure from the firm in January.
Lender Indymac posts loss 5 times larger-than-expected
IndyMac Bancorp, one of the largest independent mortgage lenders, reported a third-quarter loss of $202.7 million due to bad loans, five times bigger than company forecasts in December.
Nasdaq close to buying Philadelphia exchange: reports
Nasdaq Stock Market, Inc. is close to purchasing the Philadelphia Stock Exchange for about $650 million as it makes a bid to enter the U.S. derivatives trading business, according to reports.
Fed chief says microfinance in U.S. important for entrepreneurs
Microfinance in the U.S. is providing opportunities for entrepreneurs who may not otherwise have it, but the self-sustainability for such a lending model in America is still in question, Federal Reserve Chairman Ben Bernanke said on Tuesday.
GM to take $39 billion non-cash charge
General Motors Corp said on Tuesday it would book a $39 billion non-cash charge in the third quarter related to deferred tax assets in the United States, Canada and Germany.
Much slower growth needed for rate cut: Fed's Plosser
Philadelphia Federal Reserve Bank President Charles Plosser, who indicated a reluctance to lower rates at the Fed's last rate-setting meeting, said it would take a drastic fall in economic growth for him to support another rate cut.
Nasdaq to buy Philadelphia exchange: sources
Nasdaq Stock Market Inc has agreed to buy the Philadelphia Stock Exchange, which operates the third-largest U.S. equity options market, for about $650 million, two people familiar with the matter said on Tuesday.
Facebook invites ads into user profiles
Social network Facebook unveiled a new advertising system on Tuesday that will let companies introduce ads into the Web profiles of its 50 million users and launch dedicated pages on the site for their brands.
Yahoo chief verbally lashed over Chinese dissident
Yahoo Inc's chief executive was verbally lashed by U.S. lawmakers on Tuesday over the Internet company's role in helping identify a Chinese dissident who was later imprisoned by the government.
Gold hits 28-year high on ailing dollar, strong oil
Precious metals raced higher on Tuesday, boosted by an ailing dollar and strong oil, with gold hitting 28-year highs, silver soaring to its best price in 27 years and platinum setting a record.
Oil at record high, dollar at record low
Oil hit an all-time high above $97 per barrel on fears of a supply crunch ahead, while lingering credit fears pushed the dollar down to a record low against the euro.
Dollar hits new lows, weakened by bank fears
The dollar sank to record lows against the euro and a basket of major currencies on Tuesday as bleak warnings of more pain in the credit sphere reinforced views of a Federal Reserve rate cut in December.
Wall Street gains on energy, Cisco
Stocks rose on Tuesday as oil prices topped $97 a barrel and lifted shares of Exxon Mobil Corp and other energy producers, while optimism a day ahead of Cisco Systems Inc earnings drove another rally in technology shares. Investors hunted for bargains among beaten-down bank and financial services shares after the previous session's sell-off left the sector near two-year lows.
Softbank Profit Triples in the 1st half
Softbank Corp. announced on Tuesday that its group net profit tripled in the first half ended September due to a large increase of its mobile phone users.
Headwaters Q4 results beat analysts' view, shares up
BANGALORE, Nov 6 (Reuters) - Headwaters Inc, which makes building materials, coal combustion products and alternative energy, posted better-than-expected quarterly earnings on improved performance across all its business segments, sending shares up about 7 percent.
Longshot White House hopeful Paul takes in $4.3 million
WASHINGTON (Reuters) - Republican presidential longshot Ron Paul became an Internet fund-raising sensation this week by bringing in $4.3 million in 24 hours through a Web drive by supporters.
Oil hits record $97 on strong U.S. demand, tight OPEC supply estimate
Oil jumped more than $3 to a record high over $97 per barrel Tuesday as the U.S. government predicted robust demand and tight output from OPEC would lead to a crunch in consumer nations during the winter.
Bernanke may have tough talk for glum Wall Street
Ben Bernanke may not have many soothing words for Wall Street this week as the Federal Reserve hammers home its point that it will take more than a modest economic slowdown to pry loose more interest rate cuts.
Dollar sinks to all-time low, oil surges
The dollar sank to record lows against the euro and a basket of currencies on Tuesday amid renewed credit concerns, while oil prices jumped to lifetime highs due to tight fuel stocks.
Marriott sees strong growth in Asia-Pacific region
Marriott International Inc sees the Asia Pacific market benefiting from a weaker dollar and expects revenue from China and India to stay strong in the coming years, a top official said on Tuesday.
Indonesia's Telkom keen to expand abroad -chairman
PT Telekomunikasi Indonesia Tbk (Telkom), Indonesia's largest telecommunications firm, is very keen to move beyond its home market and make acquisitions abroad to boost profit growth, its chairman Tanri Abeng said on Tuesday.
Market flat as Microsoft and oil drag
Stocks erased gains and were little changed on Tuesday as a brokerage's dour view on Microsoft Corp weighed on technology shares, while investors worried that record crude oil prices could squeeze consumers and corporations.
ING to buy U.S. online broker for $220 mln
Dutch financial services group ING has agreed to buy ShareBuilder Corporation's online brokerage business for $220 million to extend its reach in the United States, ING said on Tuesday.
Fox-Pitt sees up to $6 bln Morgan Stanley losses
Fox-Pitt Kelton analyst David Trone on Tuesday downgraded Morgan Stanley shares to in-line from outperform, citing the likelihood the bank will write down asset-backed securities, collateralized debt obligations and other assets by as much as $6 billion.
IndyMac mortgage loss dwarfs its own forecast
IndyMac Bancorp Inc, one of the largest independent U.S. mortgage lenders, on Tuesday posted a quarterly loss more than five times larger than it had projected, hurt by mounting delinquencies and a collapse in investor demand to buy its home loans. It was IndyMac's first quarterly loss since the fourth quarter of 1998.
UK film in freedom of speech storm hits screens
The makers of a new movie set in London's Bangladeshi community that infuriated community leaders and sparked heated debate about freedom of speech said the protests were unjustified and exaggerated by the media.