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Business

Banks over-exposed to single company risks, says S&P

Corporate blow-ups like Enron and Parmalat have done little to persuade some European banks to mend their ways in risk management, with many 'exceedingly' exposed to single companies, Standard Poor's (SP) said.

Business

OSK Holdings' joint venture in Dubai to start operation next year

OSK Holdings Bhd expects its joint venture company in Dubai to start operation by the first quarter of next year, said group managing director and chief executive officer Ong Leong Huat.

Business

OSK’s Dubai joint venture ops to start by Q1 next year

OSK Holdings Bhd expects its joint-venture company in Dubai to start operations by the first quarter of next year, said group managing director and chief executive officer Ong Leong Huat.

Business

Qantas buyout group may relaunch bid after flop

The buyout group bidding for Australia's Qantas Airways Ltd may relaunch its offer after its original A$11bil bid collapsed at the weekend.

Business

Citigroup, ABN Amro and CIMB trade first ringgit default swaps

Citigroup Inc, ABN Amro Holding NV and CIMB Group said they made the first credit-default swap trades between banks that are tied to bonds denominated in ringgit.

Business

Northern Rock deposits ‘backed’ by central bank

Chancellor of the Exchequer Alistair Darling said deposits at Northern Rock Plc are 'backed by the Bank of England'' as customers queued outside branches of the UK mortgage lender to withdraw their savings.

Business

Northern Rock gets approaches

Shares in beleaguered Northern Rock jumped on Wednesday after the bank scrapped its interim dividend, but said it had received approaches including a possible offer for the company.

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.

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

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.