Merrill Lynch posts loss on $7.9 bln write-down
Merrill Lynch & Co Inc reported $7.9 billion in net write-downs for the third quarter on Wednesday as shaky risk management and bad bets on subprime mortgages and collateralized debt obligations triggered the company's first quarterly loss in six years. More write-downs could be on their way if the company further cuts its exposure to CDOs.
China aims for moon with patriotic blast
China launched its first moon orbiter on Wednesday accompanied by a blaze of live-to-air patriotic propaganda celebrating the country's space ambitions and technological prowess.
Honda gets touchy-feely with glowing Puyo car
It's soft, it glows and if it's in a crash, nothing will get badly dented -- maybe. Honda Motor Co's new Puyo concept car has no sharp edges and is covered in soft silicone so it can absorb the force of light collisions.
Wii Sports sweeps board at Bafta game awards
A Nintendo computer game that allows players to practice their golf swing or fine-tune their tennis stroke in their living room has won six Bafta awards. The Japanese company's top-selling title Wii Sports swept the board at the British Academy Video Games Awards in central London.
Dollar steady, yen trims gains after Merrill results
The dollar held relatively steady and the yen pared gains on Wednesday after Merrill Lynch third quarter losses were deeper than original estimates but not as bad as many traders had feared immediately before the release.
Oil eases ahead of U.S. inventory data
Oil retreated for the fourth consecutive session on Wednesday in anticipation of a rise in U.S. crude stocks and on the possibility of increased supplies from OPEC.
Sony, Kyocera close some San Diego ops due to fires
Japanese tech firms Sony Corp and Kyocera Corp said they have halted some production in the San Diego, California, area because of fires raging in the southern part of the state.
Berkshire's Buffett says China is too hot to buy
Berkshire Hathaway Inc's Warren Buffett said on Wednesday he is scouring the world for big businesses, but is doubtful about finding a good buy in China because the market is too hot.
Airbus' A380 superjumbo set for virgin S'pore flight
The world's biggest jumbo jet was set to fly from Singapore on Thursday on its long-delayed first-ever commercial flight, as part of the Singapore Airlines daily service to Sydney.
Turkey masses more troops, raids in Iraq confirmed
Turkish warplanes and troops have attacked Kurdish rebels inside Iraq and forces were being built up on the border, but Ankara was holding back from any major strike for now, military sources said on Wednesday.
California's wildfires rage into fourth day
Relentless wildfires forcing the largest evacuations in California's modern history raged into a fourth day on Wednesday as 10,000 exhausted firefighters hoped for a break in the hot winds whipping the flames.
Merrill Lynch expected to post loss on credit woes
Brokerage and investment bank Merrill Lynch & Co. is expected to post a loss for its fiscal third quarter, battered by problems in the credit market.
Paulson urges China to follow market-based economic policies
U.S. Treasury Secretary Henry Paulson said Tuesday that China should embrace more market oriented policies to avoid losing control of its rapidly growing economy.
CME, BMF to cross invest
CME Group Inc. and the Brazilian Mercantile & Futures Exchange S.A. said late Tuesday that they have signed a non-binding letter of intent for a cross-investment between the entities.
Nikkei Rises on strong Corporate Gains
Japan's Nikkei 225 average rose 0.7% to 16,563.51, aided by a higher close on Wall Street for the second straight day, while the broader Topix index advanced 1% to 1,585.86.
Treasury prices edge up
U.S. Treasury prices rose Tuesday as bond traders ignored a rising stock market and gravitated towards bonds ahead of possibly weaker home sales report this week which
may give the Federal Reserve a reason to jumpstart the economy with additional interest rate cuts.
Countrywide in $16 billion mortgage salvage plan
Countrywide Financial Corp, the largest U.S. mortgage lender, said Monday it will help customers refinance or modify up to $16 billion of adjustable-rate mortgages through next year.
Hitachi Pulls out of PC Business
Hitachi one of the leading global electronics company is pulling out of the business for selling personal computers.
Five dead in California fires and mass evacuation
Towering wildfires burned out of control across Southern California for a third day on Tuesday as 500,000 people fled the San Diego area, and firefighters made a desperate stand to save a mountain town ringed by flames.
EU Proposes "Blue Card" for migrant workers
This Tuesday, European Commission executive Franco Frattini proposed to create a "blue card" for the Union that would allow skilled labor from abroad to enter and settle in the member states easier than currently.
Fraud and the $5 million wheelchair
Medical billing fraud against the U.S. government is pervasive, even rivaling the drug trade as the crime of choice in Florida.
Amazon margins raise concern
Amazon.com Inc reported on Tuesday a drop in profit margins from the previous quarter, unpleasantly surprising investors betting on continued improvement at the world's largest Web retailer, and its shares fell 9 percent. The results beat Wall Street estimates but it was not enough to satisfy investors who have pushed the shares up to a valuation far beyond peers
Dollar falls on thirst for risk
The dollar fell on Tuesday as rising global stock markets increased investors’ appetites for riskier investments.
Zurich Life To Create Life Insurance with Japanese mail-order firm
Zurich Life Insurance Co. have agreed to jointly create a life insurance company with Nissen Holdings Co., a major mail-order firm , in Japan around 2009.
Umbro Agree's to Nike Take over
Umbro, the company which makes the sports kit for the England soccer team as well as for six of the UK Premier League clubs, has today agreed to a takeover by Nike in a £285 million deal.
U.S. stocks climb as Apple, RIM spur rally
Stocks rose on Tuesday, spurred by technology companies as Apple’s strong quarterly profit report and news of Blackberry-maker Research In Motion’s deal for distribution in China added to and better than expected results from American Express.
Apple, RIM spark stock rally
The Nasdaq led the market's gains on Tuesday after strong profit at Apple Inc and a Chinese distribution deal for BlackBerry maker Research in Motion showed tech stocks may still have room to grow. The Nasdaq's gain topped 1 percent after RIM said it is teaming up with Alcatel-Lucent to distribute the BlackBerry in China
Oil retreats further and dips below $85
Oil fell more than $1 on Tuesday, retreating further from record highs set last week in response to concerns about the health of the U.S. economy and further indications OPEC has already substantially raised oil output.
Countrywide in $16bn subprime salvage plan
Countrywide Financial Corp, the largest U.S. mortgage lender, on Tuesday offered to refinance or restructure up to $16 billion of adjustable-rate mortgages through the end of 2008. The lender said its program may help about 82,000 borrowers who face higher payments stay in their homes.
Iraq promises Turkey help over rebels
Iraq pledged on Tuesday to rein in Kurdish rebels who are launching attacks on Turkey from mountain hideouts near the border after Ankara threatened to send forces into Iraqi territory to confront the guerrillas.