International Business News - Financial Services http://hk.ibtimes.com/subsection/companies/financial.htm All articles are copyrighted by IBTimes.com 400 100 http://hk.ibtimes.com/ http://hk.ibtimes.com/images/top_logo_ibt2_3.gif American International Group Inc spent more than $400,000 for a corporate conference at a California resort soon after the U.S. bailout of the company with an $85 billion takeover. http://hk.ibtimes.com/articles/20081009/aig-luxury-bailout.htm Thu, 09 Oct 2008 10:54:46 EDT This volcanic island near the Arctic Circle is on the brink of becoming the first "national bankruptcy" of the global financial meltdown. http://hk.ibtimes.com/data/articleimgs/4166-.jpg http://hk.ibtimes.com/articles/20081008/iceland-teeters-bankruptcy.htm http://hk.ibtimes.com/articles/20081008/iceland-teeters-bankruptcy.htm Wed, 08 Oct 2008 11:07:24 EDT Less than a week after the federal government had to bail out American International Group Inc., the company sent executives on a $440,000 retreat to a posh California resort, lawmakers investigating the company's meltdown said Tuesday. http://hk.ibtimes.com/data/articleimgs/4164-.jpg http://hk.ibtimes.com/articles/20081008/aig-bailout-lawmakers.htm http://hk.ibtimes.com/articles/20081008/aig-bailout-lawmakers.htm Wed, 08 Oct 2008 10:50:28 EDT Frantically trying to stop the bleeding on Wall Street, the Federal Reserve took a first-time step Tuesday to get cash directly to businesses and hinted that interest rates could come down soon. Stocks continued their free fall anyway and hit new five-year lows. http://hk.ibtimes.com/data/articleimgs/4163-.jpg http://hk.ibtimes.com/articles/20081008/fed-companies-emergency.htm http://hk.ibtimes.com/articles/20081008/fed-companies-emergency.htm Wed, 08 Oct 2008 10:37:31 EDT Germany on Sunday guaranteed all private bank accounts and negotiated a 50 billion euro ($69 billion) bailout deal for Hypo Real Estate AG as Europe's second largest economy sought to ward off financial crisis. http://hk.ibtimes.com/articles/20081006/german-hypo-real-estate.htm Mon, 06 Oct 2008 10:10:35 EDT Banks and Wall Street firms ramped up borrowing from the Federal Reserve's emergency lending facility over the past week, a fresh sign of the credit stresses plaguing the country. http://hk.ibtimes.com/articles/20081006/credit-wall-street-firms.htm Mon, 06 Oct 2008 10:10:11 EDT Here's a safe bet for uncertain times: A lot of banks won't survive the next year of upheaval despite the U.S. government's $700 billion plan to restore order to the financial industry. http://hk.ibtimes.com/articles/20081006/bank-failures.htm Mon, 06 Oct 2008 08:27:47 EDT A battle broke out Friday for control of Wachovia, as Wells Fargo agreed to pay $14.8 billion for the struggling bank, while Citigroup and federal regulators insisted that Citi's earlier and lower-priced takeover offer go forward. http://hk.ibtimes.com/data/articleimgs/4117-.jpg http://hk.ibtimes.com/articles/20081004/wells-fargo-wachovia-citi.htm http://hk.ibtimes.com/articles/20081004/wells-fargo-wachovia-citi.htm Sat, 04 Oct 2008 10:43:02 EDT Rates on 30-year mortgages have risen for a second straight week, climbing to the highest level in a month. http://hk.ibtimes.com/articles/20081003/freddie-mac-mortgage.htm Fri, 03 Oct 2008 08:07:04 EDT Banks and investment firms borrowed in record amounts from the Federal Reserve's emergency lending facility over the past week, providing fresh evidence of the credit stresses squeezing the country. http://hk.ibtimes.com/articles/20081003/financial-companies-fed.htm Fri, 03 Oct 2008 07:39:13 EDT The Association of Banks will form a task force to follow up on the Lehman Brothers minibond issue, Secretary for Financial Services & the Treasury KC Chan announced today. http://hk.ibtimes.com/articles/20081002/minibond-task.htm Thu, 02 Oct 2008 17:03:33 EDT Adding to their woes, mortgage finance giants Fannie Mac and Freddie Mac are facing a federal grand jury investigation into their accounting practices. http://hk.ibtimes.com/data/articleimgs/4087-.jpg http://hk.ibtimes.com/articles/20080930/fannie-freddie.htm http://hk.ibtimes.com/articles/20080930/fannie-freddie.htm Tue, 30 Sep 2008 14:49:44 EDT Citigroup agreed Monday to buy Wachovia's banking operations for $2.1 billion in a deal arranged by federal regulators, making the Charlotte, N.C.-based bank the latest casualty of the widening global financial crisis. http://hk.ibtimes.com/data/articleimgs/4074-.jpg http://hk.ibtimes.com/articles/20080930/citigroup-wachovia.htm http://hk.ibtimes.com/articles/20080930/citigroup-wachovia.htm Tue, 30 Sep 2008 10:53:29 EDT US Regular shuts Washington Mutual Inc, the largest US savings and loan, and sold its deposits to JPMorgan Chase with $1.9 billion. WaMu becomes the biggest bank to fail in US history. http://hk.ibtimes.com/data/articleimgs/4028-.jpg http://hk.ibtimes.com/articles/20080926/washington-mutual-jpmorgan-failure.htm http://hk.ibtimes.com/articles/20080926/washington-mutual-jpmorgan-failure.htm Fri, 26 Sep 2008 17:05:21 EDT As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market. http://hk.ibtimes.com/data/articleimgs/4025-.jpg http://hk.ibtimes.com/articles/20080926/washington-mutual.htm http://hk.ibtimes.com/articles/20080926/washington-mutual.htm Fri, 26 Sep 2008 16:20:11 EDT The phenomenon drawing great amount money from BEA has disappeared. BEA aslo use additional interest rate to attract customers to get back the capital. http://hk.ibtimes.com/articles/20080926/bea-interest-rate.htm Fri, 26 Sep 2008 16:12:18 EDT HSBC has reduced about 1100 global staffs, half of the reduced staffs were in Britain and 100 in Hong Kong, including the market apartment. This meaure will benefit HSBC, preventing the lost of profit. http://hk.ibtimes.com/data/articleimgs/4024-.jpg http://hk.ibtimes.com/articles/20080926/hsbc-staffs.htm http://hk.ibtimes.com/articles/20080926/hsbc-staffs.htm Fri, 26 Sep 2008 11:43:26 EDT With a Wall Street bailout looming that will almost certainly limit CEO pay, some of the poster boys of the financial crisis have already fled the scene, taking millions of dollars in severance packages with them. http://hk.ibtimes.com/articles/20080926/ceos-wall-street-bailout.htm Fri, 26 Sep 2008 11:21:19 EDT JPMorgan Chase & Co. Inc. came to the rescue of Washington Mutual Inc. Thursday, buying the thrift's banking assets after WaMu was seized by the Federal Deposit Insurance Corp. in the largest failure ever of a U.S. bank. This is the second time in six months http://hk.ibtimes.com/data/articleimgs/4019-.jpg http://hk.ibtimes.com/articles/20080926/pmorgan-fdic.htm http://hk.ibtimes.com/articles/20080926/pmorgan-fdic.htm Fri, 26 Sep 2008 11:01:38 EDT The Chief Executive and Chairman of BEA Li Guobao pointed out the rumour may be related to the stock activity. There are many indicators showing that a stock short sell intends to attack BEA and make rumour. http://hk.ibtimes.com/articles/20080925/bea-guobao-draw.htm Thu, 25 Sep 2008 11:56:44 EDT