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Business 29 Jun 2011 | 12:00 AM

BofA nearing US$8.5bil deal to settle investor claims

LOS ANGELES: Bank of America Corp. was close to finalizing a deal late Tuesday that calls for the lender to pay $8.5 billion to settle claims from a group of investors who bought mortgage-backed securities from the lender, according to a person familiar with the settlement talks.

Business 20 Jun 2011 | 12:00 AM

Wall Street to face stiffest test this week

NEW YORK: The SP 500's 200-day moving average is the line in the sand as the bulls and the bears fight over the US stock market's direction.

Business 08 Jun 2011 | 12:00 AM

Why should precious resources be channelled to ‘too big to fail’ banks?

BANKS that are too big to fail are being looked after by a big and high profile committee that includes former Federal Reserve chairman Paul Volcker and former Citigroup co-chairman John Reed.

Business 21 May 2011 | 12:00 AM

BoA selling back BlackRock shares

BOSTON: Bank of America Corp is selling its remaining BlackRock Inc stake back to BlackRock for US$2.5bil, its latest step to prepare for new industry capital requirements.

Business 10 May 2011 | 12:00 AM

Highest and lowest paid CEOs of S&P's 500 companies

NEW YORK: The highest paid CEO of Standard Poor's 500 companies for last year was Philippe Dauman of Viacom who got US$84.5 million while the lowest paid was Steve Jobs of Apple Inc and Vikram Pandit of Citigroup who got US$1. Billionaire Warren Buffett got $524,946.

Business 05 May 2011 | 12:00 AM

Glencore seeks US$11b from IPO

HONG KONG: Top commodity trader Glencore kept a lid on its aspirations for a much-hyped market debut, targeting proceeds of US$11bil after securing record commitments from investors led by Abu Dhabi.

Business 03 May 2011 | 12:00 AM

Hedge funds, banks to back Glencore IPO?

LONDON: An Abu Dhabi vehicle, big hedge fund managers and Swiss private banks are set to serve as 'cornerstone' investors backing commodity trader Glencore's US$12bil flotation, a person familiar with the matter said.

Business 04 Apr 2011 | 12:00 AM

S&P 500 index poised to hit 3-year high

NEW YORK: The Standard Poor's 500 index is poised to hit its highest in nearly three years next week after more signs of life from the jobs market, but think twice before you bet the house.

Business 01 Apr 2011 | 12:00 AM

Ireland: Banks need US$34bil more, will be overhauled

DUBLIN: Ireland's ailing banks need another €24 billion ($34 billion) in cash in a move that will leave all of them under state control and facing a complete overhaul, officials announced in a long-awaited effort to cap a 3-year banking crisis.

Business 21 Mar 2011 | 12:00 AM

US stocks: Look out for wild intraday swings

NEW YORK: Watch out for intraday swings because it's going to be wild.