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Fed Reserve Bank of New York and JPMorgan step in to avert Bear Stearns collapse (Finance, 35 articles)
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Financial sector turmoil drove investors out of equities and into the havens of gold and government bonds on Friday after US investment bank Bear Stearns said it would receive emergency funding. The credit crisis on Friday engulfed one of Wall Street's most important investment banks as the Federal Reserve and JPMorgan Chase combined to provide emergency finance for 85-year-old Bear Stearns and prevent further upheaval in global markets. Friday's action by the Federal Reserve marks the first time since the 1960s that the US central bank has authorised the provision of emergency finance to any financial institution other than a regulated deposit-taking bank. Analysts speculated that the Fed could be forced to provide emergency finance to other investment banks and possibly even some hedge funds in the weeks ahead. The fifth largest investment bank, Bear Stearns is a big factor in the credit default swaps market, a prime broker to many hedge funds, a primary dealer in the bond market and a counterparty to many leading Wall Street firms. A look back at the key issues for the bank from early signs of problems in the mortgage market last June to the announcement of emergency funding from the NY Fed and JP Morgan.
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Other stories about Bear, Stearns and bank:
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Gas and diesel prices rocketed to new records Friday; oil falls on profit-taking (Finance, 15 articles)
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A closed meeting of big oil companies, Opec and leading commodity exchanges will discuss the upwards spiral of the crude oil price amid mounting concern that the recent surge is not reflecting the slowdown in the global economy. NEW YORK - The rally in energy prices gained momentum Friday, with U.S. retail gas prices rising further into record territory and diesel and heating oil futures setting records of their own amid concerns about strong global demand and tight supplies. Other commodities traded mostly higher, with crude oil rising to a new trading record above $110 and wheat futures advancing sharply as well.
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Other stories about oil, dollar and crude:
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AOL pays $850m in cash for Bebo as cornerstone of international strategy (Finance, 9 articles)
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Bebo also skews younger with an emphasis on original content, including the popular Web-only series " Kate Modern. Before Bebo, AOL had spent about $1 billion on acquisitions to build its online ad network, called Platform A, in hopes of selling ads on thousands of sites beyond its own AOL properties. AOL on Thursday claimed it could "supercharge" the revenues from advertising on social networks after the Time Warner -owned portal agreed an $850m offer for Bebo, the closest rival to Facebook and MySpace.
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Other stories about AOL, Bebo and Yahoo:
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Consumer prices unchanged in Feb., but don't cheer yet (Finance, 9 articles)
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The Labor Department said its consumer price index, the most widely used gauge of inflation, was flat last month after rising 0.4% in January. Public expectations of future inflation have reached the highest level on record, according to a survey that will make policymakers reluctant to cut interest rates again without clear evidence that the economy is slowing enough to check demand. The latest inflation rate released by the central bank stands at 20.2 per cent, but people's perception is that the price of consumer goods has risen much higher than the official figure.
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Carlyle fails to save $22bn CCC fund (Finance, 8 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. The immediate casualties of this new chapter include hedge funds and other leveraged investors such as Carlyle Capital Corporation, the listed credit fund sponsored by Carlyle Group, the private equity firm. 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.
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Incentives: Free bets, luxury jets and Airmiles (Finance, 7 articles)
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V olatility in the markets may spur many investors to switch to cautious portfolio allocations, but for the spread betting industry, downward market movements have brought opportunities for large gains over very short periods. Those who believe a severe downturn is looming are betting on falls in equity and property markets, corresponding rises in commodity and bond prices, and currency movements. Until recently many spread betting firms, including City Index, had offered up-front cash incentives in a bid to bump up customer numbers and draw in those new to spread betting.
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Other stories about Gold, betting and spread:
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Sir Richard Branson takes $250m hit as Virgin Mobile numbers slide in America (Finance, 5 articles)
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Sharp is set to start selling its mobile phones in China ahead of the Beijing Olympics this year in a rare overseas foray by one of Japan's leading consumer electronics companies. Sharp, which is known for its Aquos brand flat-screen liquid crystal display televisions, would be one of the few Japanese company selling mobile phones in China following rival Kyocera's withdrawal. Sir Richard Branson has lost $250 million ($124 million) in Virgin Mobile USA after an 85 per cent collapse in the company's share price since its flotation last year.
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Sir Ken hints at Morrison share sale (Finance, 4 articles)
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CALGARY - Almost everything about Denny Morrison's preparation felt wrong, but the Canadian speedskater set a world record in the 1,500 metres Friday. When Sir Ken Morrison said on Thursday that he was thinking about selling some of his family's 15 per cent shareholding in Wm Morrison, the supermarket chain he ran for 55 years, his move struck a chord with savvy investors. They had already been quietly exiting the sector, with analysts questioning prospects for UK food retailers against a backdrop of increased competition and the worst consumer spending environment in 20 years.
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Prudential rules out flotation of Asian arm despite soaring profit (Finance, 4 articles)
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Shares in Prudential led the FTSE 100 risers this morning, increasing 2.45 per cent to 671p on operating profit up from $2.1 billion to $2.5 billion for the 12 months to December 31, 2007. Total new business at Prudential rose 22 per cent to $1.2 billion, with over half the growth coming from Asia, making up for slowing growth in the UK where new business profit rose just 4 per cent to $277 million. Prudential has defended accounting rules that force companies to state assets at the latest market prices, potentially putting the UK's second-biggest life assurer on a collision course with some of its big US and European rivals.
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Insurer Allianz takes step towards sale of Dresdner Kleinwort bank (Finance, 4 articles)
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Dresdner Bank's decision to deepen the splits between its two divisions is " relatively unexciting news according to one analyst - a legal furthering of existing operational differences between its investment banking arm and its private and corporate client unit. In billing Friday's move as the chance to play an active role in banking consolidation, Dresdner and parent Allianz, under chief executive Michael Diekmann, are clearly hinting at more interesting times to come. Dresdner Bank, owned by Allianz, the German insurer, is to be split into two separate businesses in a move that increases the prospects for a sale of Dresdner Kleinwort, the investment banking branch.
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Regus profits up as office space demand rises (Finance, 5 articles)
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Demand for serviced office space remains strong, according to Regus, the world's biggest provider, which raised its pre-tax profit by 54 per cent to $119 million last year in a period of rapid expansion. Regus, the managed offices group, on Friday reported a 54 per cent increase in pre-tax profits for 2007, and said it had not seen any signs yet of a market slowdown. US equity markets staged an impressive afternoon rally on Thursday, shaking off earlier weakness after Standard & Poor's said that the end was in sight for subprime writedowns.
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blaster@cs.columbia.edu
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