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Business

US stock tumble on worries about financial sector

Wall Street tumbled Thursday as worries about further trouble in the financial sector, higher unemployment and lackluster sales at retailers touched off fresh concerns about the economy.hr noshade size=1 width=50%>

Business

Swiss Re buys Barclays life arm for £753mil

Swiss Re agreed to buy Barclays' life assurance portfolio for £753mil cash, even as it wrote down more credit assets.

Business

US$3.5b credit default swaps cancelled in bailout

Merrill Lynch Co Inc agreed to help bail out bond insurer Security Capital Assurance Ltd by cancelling US$3.5bil in credit default swaps and ending litigation.

Business

BAA refinancing takes shape with bond exchange

British airports operator BAA will ask investors to vote on a US$9.5bil bond exchange, a major step in its long-awaited plan to refinance debt after it was bought by Spain's Ferrovial in 2006.

Business

AIG poised to absorb US$5bil losses

American International Group Inc (AIG) plans to absorb losses for a dozen insurance units after their securities lending accounts suffered US$13bil of writedowns tied to the subprime mortgage collapse in the past year.

Business

More writedowns at Swiss Re

Swiss Re, the world's biggest reinsurer, announced yesterday another round of credit writedowns and said its first-quarter net profit had halved, missing analysts' forecasts.

Business

Merrill files suit against insurer

Merrill Lynch Co Inc said on Wednesday it sued XL Capital Assurance Inc seeking to stop the insurer from backing out of credit guarantees, fuelling speculation the world's largest brokerage may need to take further writedowns.

Business

AIG loses US$5b in Q4

American International Group Inc (AIG), the largest insurer in the United States, said it lost more than US$5bil in the fourth quarter as bad credit ate into its investments.

Letters

Credit crisis spreads to new areas in US and Europe

The debate goes on whether the United States will fall into recession, but on the ground the bad news is that the credit crisis is spreading to new areas, threatening more losses and a reduction in credit to consumers and companies.

Business

Greenspan expects rethinking on CDOs

Former Federal Reserve chairman Alan Greenspan said there will be 'some rethinking'' of collateralised debt obligations after demand for them helped fuel the collapse of the US subprime mortgage market.

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