The two payment companies agree to a wide-ranging partnership to settle a long-standing feud. » Read More
Australia's central bank on Tuesday denied market speculation that one or more regional Australian banks had come to it for emergency funding due to the global credit squeeze.
Shares of Hovnanian Enterprises rose after the company said it sold more than 2,100 homes during its weekend sales campaign, according to preliminary results.
National City said on Monday it expects a third-quarter mortgage banking loss of around $160 million, the high end of its forecast, hurt by slumping housing demand and tighter capital markets.
U.S. Treasury Secretary Henry Paulson said on Monday he expected market turbulence to continue for a while, but said the current turmoil was occurring against the backdrop of global financial strength.
European shares were set to dip in early trade on Monday, adding to Friday's losses, as worries over the impact of a crunch in the credit market remain high despite expectations of a U.S. interest rate cut.
Homebuilder Hovnanian Enterprises said its weekend sales blitz on some of its hottest real estate properties was a clear success but exact figures are yet to be determined.
Stocks ended higher as investors widely expected the Federal Reserve to cut interest rates, but gains were tempered due to uncertainty regarding the magnitude of easing. The Dow Jones Industrial Average posted a weekly gain of 2.6%, the S&P 500 rose 2.1% and the Nasdaq Composite advanced 1.4%.
First Data on Monday plans to sell a $5 billion loan to fund some of its $26 billion buyout by Kohlberg Kravis Roberts, but concessions had to be given to attract investors, sources told Reuters Loan Pricing on Friday.
Hovnanian Enterprises is offering six-figure discounts on some of its properties this weekend as it attempts to draw interest in a slumping market.
Merrill Lynch warned on Friday that shaky credit markets forced the world's largest brokerage to reduce the value of securities linked to risky subprime mortgages and other products, a move that could hurt third-quarter profit.
European stocks finished the week lower, dragged down by news that British mortgage-lender Northern Rock was forced to ask for an emergency loan from the Bank of England.
This credit problem is taking me back to the last big story I worked on where a financial economy crisis had real economy consequences: the Asian market meltdown of 1997.
Banks more than doubled their requests for cash at the Federal Reserve's discount window in the latest week, according to central bank data published on Thursday.
Americans are relatively unconcerned about the subprime mortgage troubles, and they say President Bush is doing a better job, according to the latest NBC News/Wall Street Journal poll.
Pacific Investment Management Co. (Pimco) is planning to take advantage of relatively cheap mortgage securities in the wake of the recent credit crisis by launching a $2 billion distressed-debt fund to buy the beaten-down assets, the Wall Street Journal reported Thursday.
New Zealand's central bank kept interest rates on hold at 8.25%, as expected, on Thursday amid a slowing domestic economy and global credit market turmoil.
Retailer Target said on Wednesday it would review options, including a possible sale for its credit-card receivables, and it would also evaluate its use of debt and the pace of stock buybacks.
One of the big questions on Wall Street centers on the person responsible for enticing billionaire investor Joseph Lewis to take a 7% stake in Bear Stearns. It wasn't Bear CEO Jimmy Cayne, sources tell CNBC, but a broker at the firm named Kurt Butenhoff, who has close ties with the reclusive billionaire.
Citigroup's subprime mortgage business is not suffering the way some rivals' businesses have suffered, and "actually looks pretty good," according to Steven Freiberg, chief executive of the largest U.S. bank's North American consumer operations.
U.S. Treasury Secretary Henry Paulson said on Wednesday a recovery in the subprime mortgage market will be slowed by a wave of interest rate resets and urged lenders to help troubled borrowers.