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US Treasury Secretary Henry Paulson urges banks to bolster finances after Carlyle Capital Corporation collapses (Finance, 12 articles)
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Henry Paulson urged Wall Street banks yesterday to raise new capital rapidly to shore up their finances as a $22 billion ($10.8 billion) investment fund collapsed, marking one of the worst casualties of the credit crisis. Panicking investors snapped up gold yesterday as the price rose to more than $1,000 per ounce for the first time amid escalating fears of the global credit crisis. David Rubenstein on Thursday pledged to compensate investors hit by the collapse of a $22bn mortgage-backed securities fund his private equity group floated seven months ago. The first was for Mr Rubenstein and his partners to help the ailing fund meet the margin calls - demands for collateral - that were coming thick and fast from banks by injecting a massive amount of their own money into the fund. AMSTERDAM (Reuters) - An affiliate of U.S.-based buyout firm Carlyle Group has defaulted on about $16.6 billion of debt and expects its lenders to seize remaining assets as the global credit crunch tightens around leveraged investors. Top Carlyle executives are negotiating with major U.S. banks in an effort to prevent the fire sale of $16 billion in securities held by the Carlyle Capital Corp. Ltd., a publicly traded fund.
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Oil prices advance to record highs as U.S. dollar weakens, attracting new investment (Finance, 13 articles)
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Other commodities traded mostly higher, with crude oil rising to a new trading record above $110 and wheat futures advancing sharply as well. Many analysts believe the greenback's decline is the reason crude futures have surged to new records in 11 of the past 12 sessions, despite the fact that crude supplies have risen 10.2 percent since early January. Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the dollar is weak.
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Dollar Falls to Record Low Against Euro (Finance, 8 articles)
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Negative dollar sentiment is growing in nations where the dollar was historically accepted as equal or better than local currency und and dollar aversion is even extending to some quarters in the United States. The dollar slumped to a record low against the Swiss franc and the euro on Thursday and hit its weakest level in 12 years against the yen amid growing concerns over the health of the US economy. The Fed action was overshadowed by U.S. economic struggles, halting the dollar's rise and pushing the euro to a record high of $1.5559, surpassing its previous record of $1.5495 set Tuesday.
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Time Warner's AOL to buy global social media network Bebo for $850 M in cash (Finance, 13 articles)
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NEW YORK - AOL, the Internet arm of Time Warner Inc., said Thursday it will pay US$850 million in cash to acquire social media network Bebo, which has total global membership of more than 40 million. Bebo is one of the largest social networks in Britain, and is ranked number one in Ireland and New Zealand and number three in the U.S, according to AOL. AOL stepped up its bid to boost traffic and advertising opportunities worldwide as the struggling Internet company agreed Thursday to pay $850 million for the online hangout Bebo and a foothold in the growing arena of social media.
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TalkSport helps UTV outperform (Finance, 13 articles)
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That meant that although stated pre-tax profits fell 6 per cent, operating cashflow rose 10 per cent after a rise in production to 35,800 barrels. Revenue from the company's radio division, which accounts for 56 per cent of UTV's revenue during the period, grew by 6 per cent to $47.9m in the UK and 4 per cent to $16.6m in Ireland. The pan-European FTSE Eurofirst 300 shed 1.3 per cent to 1,268.46, while Frankfurt's Xetra Dax lost 1.5 per cent to 6,500.56 and the CAC 40 in Paris lost 1.4 per cent to 4,630.19.
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Microsoft-Yahoo proxy fight looms - (Finance, 5 articles)
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The move is " part of our ongoing international business strategy to increase competitiveness, deliver financial results, performance and efficiencies the company said in a statement. A source close to the deal who is not authorized to speak publicly about it said yesterday that Microsoft could spend $20 million to $30 million on that effort. Yahoo shares rose above the value of Microsoft s cash-and-stock offer for the first time since the Feb. 1 bid of $44.6 billion, or $31 a share.
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Enron Update: Skilling's Last Stand (Finance, 9 articles)
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Securities regulators yesterday sued two former Enron Corp. lawyers for allegedly participating in the devastating fraud and helping other executives at the Houston energy trader to mislead investors about financial setbacks and stock sales. A federal appeals court yesterday thwarted attempts by a group of Enron investors to sue investment banks over their role in the Houston energy trader's collapse, giving Wall Street a powerful weapon to defend itself against future claims. More than $11 million will be restored to the settlement fund for former Enron Corp. employees who lost their retirement fund during the company's collapse, the Labor Department says.
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Retail sales data heighten US recession fears (Finance, 5 articles)
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Recession fears continued to grip the US on Thursday as retail sales data for February showed an unexpected decline, providing evidence that consumers have pulled back significantly. According to the Commerce Department, retail sales last month fell by 0.6 per cent, led by a drop in car and restaurant purchases, while most economists were predicting a slight rise. With the housing market in turmoil amid rising foreclosures, rising energy prices, and a deteriorating job market, discretionary spending by consumers appears to be slowing sharply.
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Mortgage Rates Jump Again (Finance, 5 articles)
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Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.13 percent this week, up from 6.03 percent last week. Rates on 30-year mortgages dropped below the 6 percent threshold in the second week of January and stayed there for six straight weeks as the economic slowdown stirred concerns about a possible recession. The Mortgage Bankers Association said Thursday the proportion of all mortgages that slipped into foreclosure set a record, 0.83 percent, from October through December.
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Hostile bid for Take-Two is launched by rival EA (Finance, 7 articles)
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Take-Two investors can get $26 a share in the tender offer, the same price as the previous bid for the New York-based company. REDWOOD CITY, Calif. - Video game maker Electronic Arts Inc. said Thursday that it has launched a hostile $2 billion tender offer for rival Take-Two Interactive Software Inc., the publisher of "Grand Theft Auto" and other video games. The move takes the offer directly to Take-Two's shareholders after Take-Two rejected the offer late last month.
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blaster@cs.columbia.edu
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