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Business 08 Oct 2006 | 12:00 AM

Wary as market hits new high

Wall Street's celebration over the all-time highs for the Dow Jones industrials came and went in the past week, and investors are now looking ahead with guarded optimism.

Business 08 Jun 2007 | 12:00 AM

Growth in HSBC funds under management in Q1

Funds under management (FUM) of banking and financial services group HSBC's 10 partner fund houses had reached US$4.3tril at the end of the first quarter of 2007, a 3.07% growth from the previous quarter.

Business 29 Oct 2007 | 12:00 AM

Merrill Lynch CEO O'Neal reportedly close to resigning

Stan O'Neal, the beleaguered chief executive of Merrill Lynch Co., was reportedly close to resigning Sunday amid broad criticism for leading the world's largest brokerage to its biggest quarterly loss since it was founded 93 years ago.

Business 15 Nov 2007 | 12:00 AM

Merrill Lynch names new head

Merrill Lynch Co. said Wednesday it has named New York Stock Exchange head John Thain to lead the world's largest brokerage through the unfolding credit market turmoil that threatens Wall Street's biggest investment houses.

Business 15 Nov 2007 | 12:00 AM

Wachovia junk bond financing founders

Steven Panagos, the court-appointed custodian of Le-Nature's Inc, searched in vain last November for proof that the water bottling company had US$275mil in annual sales. What he found were two sets of financial records, a trove of jewellery, diamonds, gold watches and toy trains, and as little as US$32mil in revenue.

Business 02 Feb 2008 | 12:00 AM

China firm, Alcoa buy stake in Rio

China teamed up with US aluminium producer Alcoa to buy a 12% stake in Rio Tinto yesterday and said it may make a bid, threatening miner BHP Billiton's efforts to win Rio.

Business 05 Apr 2008 | 12:00 AM

Fed signals more interest rate cuts

Federal Reserve officials signalled the central bank will keep lowering interest rates because financial markets remain distressed even after the fastest reduction of borrowing costs in two decades.

Business 07 May 2008 | 12:00 AM

UBS to cut 5,500 jobs

UBS AG will cut 5,500 jobs or almost 7% of its workforce as Europe's biggest subprime casualty reverses a rapid expansion into investment banking.

Business 22 May 2008 | 12:00 AM

UBS funds Blackrock’s asset buy, pares risk

UBS made a huge loan to Blackrock so that the US asset manager could buy US$15 billion of distressed assets from the Swiss bank, easing the strain on UBS' balance sheet, but not freeing it from the risk.

Business 18 Jul 2008 | 12:00 AM

Merrill Lynch to sell its 20% stake in Bloomberg

Merrill Lynch Co Inc has agreed to sell its 20% stake in Bloomberg LP back to the news and financial data company for about US$4.5bil, a source familiar with the situation said on Wednesday.