The German government has rejected the idea of setting up a “bad bank” to park toxic assets held by the country’s financial institutions and is instead pushing for an industry-led solution that could see each bank split itself up between a “good” and a “bad” bank.
Under the plan, the banks would set up […]
Kuwaiti bank reimburses Madoff losses
Jan 29 2009 23:31
The National Bank of Kuwait has fully reimbursed all its clients who lost money in the alleged $50bn Ponzi scheme run by New York broker Bernard Madoff, banking sources say Read more »
Satyam auditors face collusion claims
Jan 29 2009 22:57
Indian police have accused two auditors working for an Indian unit […]
Obama slams Wall Street over bonuses
Jan 29 2009 23:22
Barack Obama on Thursday lashed out against ’shameful’ Wall Street executives for claiming billions of dollars in bonuses even as their stricken institutions turned to taxpayers for support Read more »
Illinois Senate ousts Blagojevich
Jan 29 2009 23:03
Rod Blagojevich, the governor of Illinois accused of trying to sell President […]
Local police have found at least 3,000 automobiles — sedans, SUVs, regulars — abandoned outside Dubai International Airport in the last four months. Police say most of the vehicles had keys in the ignition, a clear sign they were left behind by owners in a hurry to take flight. The global economic crisis has brought […]
Madoff victims sue Santander
Victims of the alleged $50bn fraud have filed the first lawsuit against the eurozone’s biggest bank, claiming damages and accusing the bank and other defendants of gross negligence Read more »
Samsung reports its first-ever quarterly loss
Jan 23 2009 02:27
Samsung Electronics posted its first-ever quarterly net and operating losses as its core memory chip and display units battled diving prices, and the technology giant faces yet more pain as the global slowdown saps demand Read more »
Details of alleged Satyam fraud emerge
Jan 22 2009 18:58
The former chairman of […]
Indian engineering and construction firm Larsen & Toubro is likely to present a revival plan to the board of fraud-hit Satyam Computer Services, reports Reuters citing local media reports. Larsen was a front-runner for acquiring Satyam, and institutional investors in Satyam such as Life Insurance Corporation and ICICI Prudential Life Insurance were supporting its bid. […]
Merrill Lynch took the unusual step of accelerating bonus payments by a month last year, doling out billions of dollars to employees just three days before closing its sale to Bank of America. The timing is notable because the money was paid as Merrill’s losses were mounting and Ken Lewis, BofA’s chief executive, was seeking […]
Nimbus bags broadcast rights for India’s Lanka tour
SportzPower
Nimbus Sport secures rights for India’s upcoming tour to Sri Lanka with a $ 7.5 million bid, beating back a $ 7 million tender put in by the World Sport Group-Sony combine.
DLF to stay IPL title sponsor; dispels rumours
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DLF Ltd. has reiterated its commitment to continue as the […]
AIG starts $20bn auction of Asian unit
Jan 21 2009 23:30
AIG, the stricken insurance giant, kicks off the sale of its Asian life assurance unit – one of its most prized assets – in the hope of raising up to $20bn to help repay the $60bn US government loan that is keeping the group alive Read more »
China’s […]