Asia stocks drop as financial crisis worsens

July 28, 2008 on 10:51 pm | In Business News | No Comments

HONG KONG (Reuters) - Asian stocks tumbled on Tuesday, after Merrill Lynch, the third-largest U.S. investment bank, said it would take a $5.7 billion (2.86 billion pound) write down related to bad debt, draining confidence in the unstable financial sector.

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Asia stocks drop as financial crisis worsens

Merrill sets $5.7 billion write-down

July 28, 2008 on 9:23 pm | In Business News | No Comments

NEW YORK (Reuters) - Merrill Lynch said on Monday it will take a $5.7 billion (2.9 billion pound) third-quarter write-down as it unloads huge amounts of risky debt, and raise $8.5 billion by selling new stock.

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Merrill sets $5.7 billion write-down

UK told do not copy Fannie Mae type firms

July 28, 2008 on 7:58 pm | In Business News | No Comments

LONDON (Reuters) - Britain should not create its own Fannie Mae and Freddie Mac-style mortgage finance firms to revive the mortgage market, an interim government-sponsored report by former HBOS chief James Crosby said on Tuesday.

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UK told do not copy Fannie Mae type firms

Fraud said soaring and set to worsen

July 28, 2008 on 7:21 pm | In Business News | No Comments

LONDON (Reuters) - Fraud in the UK jumped 50 percent in the first half of the year, compared with the previous six months, and is likely to worsen …

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Fraud said soaring and set to worsen

XL to recapitalize its former bond insurance unit

July 28, 2008 on 4:55 pm | In Business News | No Comments

NEW YORK (Reuters) - XL Capital , a large Bermuda-based insurer, said it plans to raise $2.5 billion (1.25 billion pounds) of capital to help recapitalize its former unit, Security Capital Assurance , a bond insurance company it spun off in 2006.

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XL to recapitalize its former bond insurance unit

Tesco plans big push into banking

July 28, 2008 on 2:30 pm | In Business News | No Comments

LONDON (Reuters) - Tesco announced a major push into banking and other services with a 950 million pound deal to buy …

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Tesco plans big push into banking

IMF says inflation complicates financial turmoil

July 28, 2008 on 2:21 pm | In Business News | No Comments

WASHINGTON (Reuters) - The bottom of the U.S. housing downturn is not yet visible, while rising inflation is making it tougher to set monetary policy to keep the lid on prices without imperilling financial stability, the International Monetary Fund said on Monday.

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IMF says inflation complicates financial turmoil

Wrigley results top estimates with price increases

July 28, 2008 on 2:02 pm | In Business News | No Comments

CHICAGO (Reuters) - U.S. chewing gum maker Wm Wrigley Jr, which is being acquired by Mars Inc, posted better-than-expected profit, boosted by price increases, improved margins and a weak U.S. dollar that helped increase sales.

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Wrigley results top estimates with price increases

FTSE ends weaker as banks weigh on oils and miners

July 28, 2008 on 12:38 pm | In Business News | No Comments

LONDON (Reuters) - The top share index ended 0.8 percent lower on Monday as financial stocks fell on persistent concerns about the …

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FTSE ends weaker as banks weigh on oils and miners

UK taxes “benign” for foreign investors

July 28, 2008 on 12:23 pm | In Business News | No Comments

LONDON (Reuters) - Foreign investors may see UK tax policy as an obstacle but the tax regime is actually quite “benign”, a group of advisors charged with promoting investment between Britain and the Gulf states said on Monday.

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UK taxes “benign” for foreign investors

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