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Slow approach to raising bank capital loses the race against write-offs
8/21/2008 2:56:48 AM by adeal
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It should come as no surprise that banking is a cyclical business. After the bubble bursts, there is always lots of hand wringing and vows to be more rigorous in underwriting. Then the bubble refills and people start to worry more about losing market share to companies with less disciplined underwri ....(GetMarketNews)
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Union cites deal in Twinkie-maker bankruptcy
8/21/2008 2:38:59 AM by adeal
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The International Brotherhood of Teamsters said Wednesday it had brokered a deal between a financial firm looking to invest in bankrupt Interstate Bakeries Corp. and the company's lenders. The Teamsters, who had publicly criticized lenders Monday for holding up the negotiations, said the deal had be ....(GetMarketNews)
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Source: auction-rate probe focuses on 3 banks
8/21/2008 2:34:05 AM by adeal
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New York Attorney General Andrew Cuomo will intensify his probe into auction-rate securities by focusing on Bank of America Corp., Goldman Sachs Group Inc. and Deutsche Bank AG, a person close to the investigation said Wednesday. The banks are the three biggest players in the auction-rate securities ....(GetMarketNews)
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Bank of England official warns of inflation
8/20/2008 6:35:26 AM by adeal
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A member of the Bank of England's interest-rate setting committee warned Tuesday that Britain is running the risk of uncontrolled inflation - comments that sent the pound down on currency markets. Writing in the Sun newspaper, Tim Besley said "it would be easy to give in and let inflation get out of ....(GetMarketNews)
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Incentive package to foster investments
8/20/2008 6:32:29 AM by adeal
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New incentives for encouraging job creation and helping Turkey's poorest regions could be implemented by as early as 2009. In addition to the already announced 5 percent cut in payroll taxes, the government is also planning to cover training costs and help companies with investment and borrowing. Th ....(GetMarketNews)
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Delphi to cut 600 white-collar jobs
8/19/2008 7:06:10 AM by adeal
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Delphi Corp. said Monday that its electronics and safety division will lay off about 600 of its 3,200 U.S. salaried workers, blaming a steep drop in automaker demand for its components. Delphi Spokesman Milton Beach said the job cuts are part of a plan to cut the division's total costs by 25 percent ....(GetMarketNews)
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Still No End in Sight for Falling U.S. House Prices, Says Scotiabank Report
8/19/2008 6:59:15 AM by adeal
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According to the report, the hike in long-term mortgage rates, coupled with tightening credit conditions, has left many potential home buyers out of the equation. However, home and construction prices are expected to continue to fall due to an oversupply of houses available on the market.(GetMarketNews)
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Mervyns files for Ch. 11 bankruptcy protection
7/30/2008 5:55:05 AM by adeal
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Department store chain Mervyns LLC filed for bankruptcy protection on Tuesday, the latest in a series of merchants stumbling in the harsh retail environment and another blow to the nation's struggling malls. The company, which had been languishing for several years, said that all of its 175 stores w ....(GetMarketNews)
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Spain's pain falls on European Central Bank
7/30/2008 5:30:33 AM by adeal
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Spain's housing collapse is becoming European Central Bank President Jean-Claude Trichet's economic crisis as delinquent home-loans rise amid a slowing economy. Spanish lenders, once the most prudent on the Continent, have almost tripled borrowings from the Frankfurt-based ECB in the past year to ....(GetMarketNews)
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Turkey's tax champ: Istanbul
7/30/2008 5:29:49 AM by adeal
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When it comes to paying taxes, more money comes out of the pockets of Istanbul residents than any other Turkish citizens. Every YTL 43 out of 100 in tax was collected in Istanbul, according to data collected by the Finance Ministry's General Directorate of Public Accounts.Nearly YTL 82.75 billion i ....(GetMarketNews)
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