2 big banking sector acquisitions completed
ATLANTA — Two mega acquisitions in the banking sector have been completed following the biggest financial crisis to hit the United States since the 1930s, capping a year in which Wall Street stocks were hammered, home foreclosure rates soared and job losses mounted.
Adams National Will Merge With W.Va. Bank
The investors who control Abigail Adams National Bancorp, the parent company of the troubled Adams National Bank, have decided to merge it with a West Virginia bank that they also control in a deal designed to ensure Adams National can weather the financial crisis.
Q3 Proves Another Tough One for SiRF Financially
SiRF Technology Holdings saw its financial woes continue in the third quarter (Q3) of this year, as revenue for the GPS chipmaker continued to shrink while its losses continued to grow.
8 Ways to Boost Your Income
With credit drying up and the economy taking a dive, more Americans are leaning on their savings to make ends meet — even after slashing their spending — according to a survey by Country Financial. And the group that is relying the most heavily on its savings is young adults, with 58% of us…
MiTAC Acquires Magellan GPS Consumer Products Division
Magellan Navigation, Inc., of Santa Clara, California, announced it has entered into a definitive agreement to sell the Magellan consumer products division to MiTAC International Corp. of Taiwan. Closing of the transaction is anticipated in January of 2009. Financial terms were not disclosed.
Turning savings into income
Where baby-boomers go, the financial services industry follows. Too large, at 77 million people, and too affluent to be ignored, this group has been heavily wooed at every stage of life. Now, as the oldest boomers begin leaving the workforce, Fidelity and Vanguard have launched mutual funds aimed at retirees who are making the transition from saving to spending.
AIG bailout: $127.7B and counting
To help troubled insurer American International Group stabilize its finances, the Federal Reserve and Treasury have offered AIG a sizeable lifeline to be paid back over the next five years - and to date, the company has borrowed almost all of it.
Asian Session: Tokyo ends 2008 on a high, but books worst year in its history
Market Brief Here we are, in the final moments of a year one struggles to find adequate words to describe. It would have been a year that redefines many economic and financial practices, a very real and painful paradigm shift. As we take stock of the year behind us we can’t but anticipate what 2009 has in store for us, have the protagonists in this whole affair – those that are left that is – learnt from the errors of their ways? 2009 will be a year of reconciliation, further government
Year in review: Green-tech growing pains
More people and companies are getting on the clean-tech bandwagon, but the financial crisis and falling fossil-fuel prices have cooled the frenzied pace of innovation.
Meltdown To Make Public Transit Costs Rise?
People who rely on public transportation could wind up paying more for it thanks to the financial meltdown.
AMD Confirms Fourth Quarter Revenue Guidance
New York — December 13, 2007 –At its 2007 Financial Analyst Day presentation, AMD (NYSE: AMD) Chief Financial Officer Robert J. Rivet confirmed the company still expects revenue for the current quarter to increase in line with seasonality.
A Career Survival Kit
The stock price of most major financial firms has plummeted. Such industry stalwarts as Bear Stearns, Lehman Brothers, AIG, and Merrill Lynch have essentially tanked. The economic impacts have extended from Wall Street to Main Street. How can you protect your career in increasingly uncertain times?
New York Fed Announces Creation of Upstate New York Regional Advisory Board
The Federal Reserve Bank of New York today announced the establishment of the Upstate New York Regional Advisory Board. The 10-member board comprised of prominent business and community leaders from the broader upstate New York region, including the Albany Capital area, will provide the New York Fed with financial and economic information on conditions in their respective industries and the upstate New York region.
Forex Trading Psychology
The key to successful Forex Trading unlike other financial markets, is knowing yourself…
Irish banking woes stall 150-story tower in Chicago
Anglo Irish Bank Corp. is headquartered in Dublin, trades in London, and looks, at least for now, to have cost Chicago’s skyline a 150-story trophy.
Woes on Wall Street coincide with gold coin rush
DENVER — Investors who have forsaken shaky financial markets for the safety of gold must feel a little bit like prospectors.
AIG clears some credit default swap obligations
NEW YORK (MarketWatch) — American International Group Inc. said Wednesday it has cleared some of its obligations involving credit default swap derivatives. AIG said that Maiden Lane III has purchased $16 billion in par amount of multi-sector collateralized debt obligations. As a result, the associated credit default swap contracts and similar instruments written by AIG Financial Products Corp. have been terminated. To date, ML III has bought about $62.1 billion in par amount of CDOs and the associated notional amounts of AIG Financial Products CDS connected to these deals have been canceled. The latest purchase was funded by a net payment of about $6.7 billion, and the surrender by AIG Financial Products of approximately $9.2 billion in collateral previously posted to counterparties.
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8 Ways to Boost Your Income
With credit drying up and the economy taking a dive, more Americans are leaning on their savings to make ends meet — even after slashing their spending — according to a survey by Country Financial. And the group that is relying the most heavily on its savings is young adults, with 58% of us…
