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Archive for January, 2008Florida probes Countrywide over subprime loansPosted by UK Economy News
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31Jan 08 Florida has subpoenaed Countrywide Financial as part of a widening investigation into subprime lending practices, the state's attorney general said on Thursday.
Read full story Hedge fund criticizes Countrywide mergerPosted by UK Economy News
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31Jan 08 A large Countrywide Financial investor said it opposes Bank of America purchase of the nation's largest mortgage lender, and the bank named Countrywide's second-highest ranking executive to run its mortgage business following the merger.
Read full story Comments Off Bond insurers rebound as rating fears easePosted by UK Economy News
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31Jan 08 Embattled U.S. bond insurers staged a comeback on Thursday after industry leader MBIA Inc said it will be able to obtain the cash needed to maintain its ratings, and then held a marathon conference call where it cautioned investors to ignore "fear-mongering" about its finances.
Read full story Comments Off Google net shy of Wall Street consensus forecastPosted by UK Economy News
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31Jan 08 Google , the world's top Internet company, on Thursday reported a weaker-than-expected 17 percent rise in quarterly profit, disappointing investors hungry for more and sending its shares down 9.5 percent.
Read full story Comments Off OPEC set to freeze oil output amid US recession fearsPosted by UK Economy News
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31Jan 08 OPEC ministers turned down calls for extra output on Thursday, voicing concern that the weak US economy may cause oil prices to drop further from recent historic peaks above 100 dollars.
Read full story Comments Off Stocks recover as bond insurer fears easePosted by UK Economy News
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31Jan 08 U.S. and European stocks rose on Thursday after a U-turn in shares of troubled bond insurers and financial firms offset fears about the effects of a slowing U.S. economy, but markets still closed out their worst monthly performance in years.
Read full story Comments Off BNP weighing bid for crisis-hit Societe GeneralePosted by UK Economy News
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31Jan 08 French bank BNP Paribas revealed Thursday it was weighing a bid for stricken national rival Societe Generale, a move that would find political backing by preventing the lender falling into foreign hands.
Read full story Comments Off Dollar gains on euroPosted by UK Economy News
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31Jan 08 The dollar gained on the euro Thursday, recovering ground after more weak US economic data and another substantial cut in US interest rates, dealers said.
Read full story Comments Off Countrywide merger faultedPosted by UK Economy News
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31Jan 08 Bank of America said that Countrywide Financial's second-highest ranking executive would run its mortgage business, and a large Countrywide investor said it opposes the bank's $4.4 billion (2.2 billion pounds) purchase of the nation's largest mortgage lender.
Read full story Comments Off OPEC on course to hold oil output steadyPosted by UK Economy News
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31Jan 08 Oil prices eased Thursday as OPEC ministers suggested the cartel would shrug off US pressure to raise output and voiced concern that the slowing US economy could undermine prices.
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