Daily News Channel
Global stock markets were reeling Monday as U.S. insurance giant AIG revealed a monumental quarterly loss of $62 billion and UK bank HSBC announced a huge slump in profits. AIG’s announcement came hours after the U.S.
Stock markets in Asia and Europe were reeling Monday amid fresh concerns over the strength of the global banking industry as HSBC announced a huge slump in profits and the U.S. government said it would pump $30 billion into ailing insurance giant AIG. London’s FTSE dropped more than 3 percent in early trading to drop below 3,700 points — a six-year low — with banking stocks leading the slide
Sheila Bair, head of the Federal Deposit Insurance Corporation , is working hard to reassure everyone that her banks, all 8,305 of them, are safe. Repeating her familiar mantra Wednesday on the CBS Morning Show, Bair said of FDIC-protected accounts, “Nobody’s ever lost a penny of insured deposits.” Bair had good reason to be out on the stump
Sirens breaking the silence of the night, cars engulfed by meter-high flames. This is not a scene from the banlieues of Paris, but from the trendy Eastern Berlin district of Prenzlauer Berg, where in recent weeks an ongoing battle against gentrification has intensified.
A bank that received $1.6 billion dollars of the government’s bailout money sponsored what reports are calling a lavish series of events in Los Angeles, California, last weekend. Northern Trust, based in Chicago, Illinois, spent an undisclosed amount of money sponsoring a Professional Golf Association tournament and associated client events, including concerts, dinners and parties, according to celebrity Web site TMZ.com. The bank spent millions of dollars on the event, which included — on top of the sponsorship costs of the Northern Trust Open tournament — concerts by Sheryl Crow and Earth Wind & Fire, a private party at music venue House of Blues and gift bags from Tiffany & Co., the Web site said
Investors have deserted GE’s stock over the last week like draft dodgers fleeing to Canada. The firm’s shares fell more than 20% over the five trading days, and now sit near a multi-year low of just below $9, 25% of its 52-week high
The collective cry throughout India of "Jai ho" (May you win) received a resounding answer when composer A.R. Rahman took home two Oscars for the movie "Slumdog Millionaire." Rahman’s wins — one for the song “Jai Ho” and the other for Best Score — were just two reasons for Indians to erupt in boisterous celebrations Monday morning. “Slumdog,” which was shot in the streets and slums of Mumbai bagged eight golden statuettes in total, including one for Best Sound Mixing
A few years back, two finance professors at the University of Chicago set out to discover who was behind the spectacular rise in the very top incomes in the U.S.
The first clue came when I got my hair cut. The stylist offered not just the usual coffee or tea but a complimentary nail-polish change while I waited for my hair to dry. Maybe she hoped this little amenity would slow the growing inclination of women to stretch each haircut to last four months while nursing our hair back to whatever natural color we long ago forgot
Graphic photos of the alleged thief’s corpse were splashed over the front pages of Mexican tabloids beneath headlines such as “Dead Rat” and “Military Justice.” The confessed shooter, retired general Alejandro Flores, was widely hailed as a hero for firing at the 30-year-old man who had tried to force his way into the military man’s Mexico City home. “Of course he did the right thing,” wrote Felipe Alcocer in one on-line forum on the incident. “I wish everyone would act in the same way and get rid of this anti-social scum.” Given Mexico’s widespread breakdown in security, the praise for Flores’ Feb