Investors? Suits Face Higher Bar, Justices Rule The decision dealt a blow to investors who want to sue companies and executives because of suspected fraud.... Read Full Article EC Investigates German Bank Bailouts The European Commission has begun an investigation into whether the German Government provided illegal state aid to IKB, the struggling German bank that became one of the first European lenders to r... Read Full Article After 40 Years In French Politics, Chirac To Retire In a deeply personal address to the nation, Jacques Chirac said he would not seek a third term as president of France.... Read Full Article Liverpool Team Close To Deal With A Sheik The Liverpool soccer club is close to accepting an $882 million takeover offer from a consortium led by the ruler of Dubai.... Read Full Article Saudi Asks Israel To Abandon Barrier As A Gesture To Arabs Israel should stop work on a security barrier and halt settlement activity as a good-will gesture to assure Arab states that it is serious about comprehensive peace talks, Saudi Arabia’s foreign minis... Read Full Article |
Casualty NewsDealBook: Liberty Mutual to Buy SafecoThe deal, which represents a 51-percent premium to Safeco’s closing stock price on Tuesday, creates the fifth largest property and casualty insurer in the United States.Read Full Article Arts, Briefly: Voigt’s Isolde Is Latest Casualty in Metropolitan Opera’s TristanTruth remained stranger than even Wagnerian fiction for the Metropolitan Opera’s six-performance revival of ?Tristan und Isolde? in its fifth outing, on Tuesday.Read Full Article G4S buys security firm rival ArmorGroup for £43mArmorGroup, the private security company, became another casualty of the war in Iraq as it succumbed yesterday to a £43 million bid from rival G4S.Read Full Article US Fed releases $200bn as credit crisis hits new depths$The global credit crisis plunged to new depths yesterday as persistent fears over the collapse of a large financial institution caused funding markets to dry up and forced the US Federal Reserve to make available up to $200 billion ($£99.3 billion) of emergency financing.<br/> <br/> The Fed said that a “rapid deterioration” in the credit markets in recent days had prompted it to begin a series of fresh cash injections in an effort to shore up the balance sheets of America’s stricken banks. Unemployment also shot up in the US last month, adding to the gloom. US stocks tumbled, dragging the Dow Jones industrial average down 138.40 points to 11.902.00. Treasury prices jumped and the dollar fell to record lows.<br/> <br/> Bankers said that the moves underscored the deepening severity of the crisis, which was triggered last June by the collapse of the American sub-prime mortgage market and has got progressively worse since. One senior banker in London said: “This is the beginning of the real credit crisis and it’s not going to end without a major casualty.”<br/> <br/> Sources said that the present crisis was triggered by cash-strapped banks starting to get tough with their hedge fund clients by making margin calls on loans and drastically raising interest rate payments overnight. The move has pushed the funds into the panic-selling of assets, mostly AAA-rated US mortgage securities, and several are thought to be on the brink of collapse. One of them, Carlyle Capital Corporation (CCC), said yesterday that overnight it had received “substantial additional margin calls” linked to its souring investments in US mortgages.<br/> <br/> Thornburg, the US mortgage lender, exacerbated investor jitters when it said that it did not have enough cash to meet $610 million of margin calls. Last week Peloton, a London hedge fund, collapsed after it became unable to meet the banks$’ demands.<br/> <br/> Bankers said that the problem was related to a perceived increased risk surrounding the AAA-rated prime mortgages and to the consequences of dangerous overleveraging of the funds themselves. In the case of Carlyle, its CCC fund had leveraged its assets by $30 for every $1 of its own cash.<br/> <br/>$ $“The whole industry was created by cheap debt,” the banking source said. “It was really all just an illusion.”<br/> <br/> Underlining the Fed’s desperate attempts to calm markets, for the first time it said that it would accept mortgage-backed assets as collateral from the banks for fresh loans. As the fear spread, the perceived risk of owning US corporate bonds - measured by the widening of credit spreads – also rose to its highest level.<br/> <br/> Friedman, Billings, Ramsey, the US analyst firm, said that the US financial industry would need $1 trillion of permanent capital to maintain current pricing of mortgage assets. However, it added that the industry would not be able to obtain that amount.<br/> <br/> Shares of Carlyle$’s CCC fund were suspended in Amsterdam yesterday as it disclosed that it had received more default notices from its lenders and that some of those lenders had been forced to sell CCC’s mortgage assets in an effort to recover their loans. The dire forecast came only 24 hours after CCC said that it had been issued with $37 million of margin calls from lenders, having satisfied $60 million of calls only the week before.<br/> <br/> Sean Egan, of the Egan-Jones Ratings Company, said: $“When financial history is written, the Carlyle liquidation will go down as one of the single most major events. Carlyle has built an image as one of the smartest investors around, and to see one of its funds fall apart shows there is a fundamental problem with the market.”Read Full Article Parliament Approves Legislation to Nationalize British BankLONDON (Reuters) ? The British Parliament passed legislation on Thursday allowing the government to nationalize the struggling lender Northern Rock, five months after the bank became a high-profile casualty of the global credit squeeze.Read Full Article External News for: casualtyHealth Care Fast Tracking Takes its First Casualty: Immigration Reform - FOXNews (blog)Los Angeles TimesHealth Care Fast Tracking Takes its First Casualty: Immigration ReformFOXNews (blog)“The first casualty of the Democratic health care bill will be immigration reform. If the health care bill goes through this weekend, that will, in my view, ...In Shadow of Health Care Vote, Immigrant Advocates Keep Pushing for ChangeNew York TimesBill would kill immigration planStraits TimesSchumer, Graham push high-tech Social Security cardsBoston GlobeReuters AlertNetall 1,112 news articles »Health Care Fast Tracking Takes its First Casualty: Immigration Reform - FOXNews (blog)Los Angeles TimesHealth Care Fast Tracking Takes its First Casualty: Immigration ReformFOXNews (blog)“The first casualty of the Democratic health care bill will be immigration reform. If the health care bill goes through this weekend, that will, in my view, ...In Shadow of Health Care Vote, Immigrant Advocates Keep Pushing for ChangeNew York TimesBill would kill immigration planStraits TimesSchumer, Graham push high-tech Social Security cardsBoston GlobeReuters AlertNetall 1,112 news articles »Truth Is A Casualty Of The Final Push - Investor's Business DailyUSA TodayTruth Is A Casualty Of The Final PushInvestor's Business DailyHealth Reform: Not since the heyday of Bill Clinton have we had a leader play so fast and loose with the facts as President Obama. ...Obama the hyper-partisan?Washington Post (blog)all 807 news articles »Health Care Fast Tracking Takes its First Casualty: Immigration Reform - FOXNews (blog)Los Angeles TimesHealth Care Fast Tracking Takes its First Casualty: Immigration ReformFOXNews (blog)“The first casualty of the Democratic health care bill will be immigration reform. If the health care bill goes through this weekend, that will, in my view, ...In Shadow of Health Care Vote, Immigrant Advocates Keep Pushing for ChangeNew York TimesBill would kill immigration planStraits TimesSchumer, Graham push high-tech Social Security cardsBoston GlobeReuters AlertNetall 1,112 news articles »Truth Is A Casualty Of The Final Push - Investor's Business DailyUSA TodayTruth Is A Casualty Of The Final PushInvestor's Business DailyHealth Reform: Not since the heyday of Bill Clinton have we had a leader play so fast and loose with the facts as President Obama. ...Obama the hyper-partisan?Washington Post (blog)all 807 news articles »Israel suffers first rocket attack casualty since Gaza war - Christian Science MonitorReutersIsrael suffers first rocket attack casualty since Gaza warChristian Science MonitorFor 14 months after the Gaza war, the Israel border was relatively calm. Today's rocket attack will put pressure on Israel for a stepped-up military ...Israel Strikes Gaza Back…AgainiNEWP- Freedom of SpeechIsraeli Showers Attack In Palestinian Gaza Stripindia-server.comGaza-fired rocket kills one in IsraelFree Speech Radio Newsall 1,279 news articles » |
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