Source: Reuters The US Securities and Exchange Commission (SEC) will unveil proposals aimed at stabilising money-market funds in the event of another financial panic, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The SEC looks to minimise any losses for shareholders of the money funds, which invest in short-term debt ...
Source: AFP US aircraft manufacturer Boeing has discovered a manufacturing error causing delamination in a fuselage section of some 787 Dreamliners, The Seattle Times reported. Citing an unnamed person with knowledge of the problem, the newspaper said Boeing was inspecting all the airplanes already built to determine the extent of the problem. Boeing has completed ...
Source: Reuters The mad rush to move client money out of MF Global Inc after its collapse left two firms with the bulk of customer accounts, while other brokerages emerged with only minor gains from the chaos of carving up a multibillion-dollar business. The process, according to interviews with more than half a dozen industry ...
Source: Reuters US small business hiring was flat in January, a poll released on Friday showed, slightly better than the previous month’s reading but still far from levels consistent with strong employment growth. The National Federation of Independent Business survey of 2,155 firms also found an increase in the percentage of owners reporting hard-to-fill job ...
Source: Reuters It is the year’s hottest initial public offering, but some wealth managers find themselves having a hard time recommending Facebook to their clients. The world’s biggest social network is expected to seek a US$75 billion to US$100 billion valuation in its IPO, the most anticipated stock offering from Silicon Valley since Google Inc ...
Source: AFP American Airlines said on Wednesday it needed to cut costs by 20 per cent to stay afloat, as it met with union representatives to detail a plan for layoffs that reports said would total 13,000 workers. “All workgroups will have total costs reduced by 20 per cent, including management,” Tom Horton, chief ...
Source: Reuters Facebook unveiled plans for the biggest ever Internet IPO that could raise as much as US$10 billion, but made it clear CEO Mark Zuckerberg will exercise almost complete control over the company, leaving investors with little say. The Harvard dropout, who launched the social networking phenomenon from his dorm room, will control 56.9 ...
Source: Reuters US investigating authorities have traced more than 90 per cent of the customer money which disappeared from MF Global around the time of its bankruptcy, the New York Times reported, citing people briefed on the investigation. The Commodity Futures Trading Commission, the regulator leading the investigation, traced nearly all the money to banks, ...
Source: Reuters Citigroup’s chairman, Richard Parsons, is considering giving up the position to focus on other interests, the Wall Street Journal reported on Sunday, citing people familiar with the situation. According to the report, Parsons, 63, is expected to decide by early March whether he will continue in the role. Regardless of his decision, the ...
Source: Reuters DAVOS, Switzerland The US economy is growing at 2-3 per cent but still faces big challenges to repair damage wrought by the financial crisis, Treasury Secretary Timothy Geithner said on Friday. “I think if you look at the Fed’s forecast and the consensus of private forecasters, people are pretty clustered in that area ...
