Markets News

Big California bank fails, has China branches

Reuters - Sat, Nov 7

United Commercial Bank, a big San Francisco bank with branches in China, was closed by state regulators on Friday and its banking operations were acquired by East West Bancorp Inc, also active in both nations.

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China state firms to pay less in dividends - report Reuters - Sat, Nov 7
Chinese state-owned firms will pay a smaller cumulative dividend to the central government this year because their profits have fallen, the Economic Observer reported on Saturday.
Blackstone profit tops view; sees more deals ahead Reuters - Sat, Nov 7
Private equity firm Blackstone Group LP posted a forecast-beating quarterly profit on Friday and said it is gearing up for more deals and IPOs as the lending and equity markets recover.
Warren Buffett's Berkshire says net income triples Reuters - Sat, Nov 7
Warren Buffett's Berkshire Hathaway Inc on Friday said quarterly earnings tripled, as rising stock markets boosted its investment holdings and a quiet hurricane season contributed to higher insurance profit.
Freddie Mac posts $5 bln loss, predicts weak housing Reuters - Sat, Nov 7
Freddie Mac, the second largest provider of U.S. residential mortgage funding, on Friday posted a loss of $5 billion in the third quarter and predicted it would need more government support amid a "prolonged deterioration" in housing.
U.S. regulators close Gateway Bank, Prosperan Bank Reuters - Sat, Nov 7
Bank regulators closed Gateway Bank of St. Louis, in St. Louis, Missouri, and Prosperan Bank, of Oakdale, Minnesota, on Friday, the 118th and 119th U.S. bank to fail this year.
Citigroup says new rules may hit securitization Reuters - Sat, Nov 7
Citigroup Inc said on Friday that new accounting rules for securitization trusts may prevent the bank from funding some of its assets with a top debt rating.
U.S. insurance group moves ahead with new rating plan Reuters - Sat, Nov 7
U.S. insurance regulators on Friday approved development of a new model for sizing up risks in mortgage bonds held by insurers that cuts reliance on traditional credit rating companies.
Wall St trial summations hone in on 'toast' email Reuters - Sat, Nov 7
The trial of two former Bear Stearns hedge fund managers on fraud charges ended on Friday with sharp arguments over the meaning of the word "toast" in one defendant's email about the subprime mortgage market.
IMF releases $329.4 million loan to Sri Lanka Reuters - Sat, Nov 7
The International Monetary Fund said on Friday its executive board completed a review of Sri Lanka's economic performance and released $329.4 million from a stand-by loan agreement.
Dimon's father joins Bear Stearns advisory unit Reuters - Sat, Nov 7
JPMorgan Chase & Co CEO Jamie Dimon's desire to expand his bank's brokerage unit has resulted in an unexpected new hire -- his dad.
GLOBAL MARKETS - Stocks shrug off data, gold hits high, oil sinks Reuters - Sat, Nov 7
Global equity markets ended the week with gains on Friday, shrugging off initial shock at U.S. jobs data, but oil prices never fully recovered.
Brazil to publish list of sanctions against U.S. Reuters - Sat, Nov 7
Brazil will publish on Monday a preliminary list of U.S. goods it intends to hit with trade sanctions in retaliation for Washington's cotton subsidies, a senior government official told Reuters.
BofA suspending federal student loan program Reuters - Sat, Nov 7
Bank of America Corp will suspend its federally-backed student loan program by Dec. 5, the company said in a letter to colleges and universities on Friday, as the U.S. gets ready to end the program entirely.
NY gold up, other metals off, U.S. jobs data weakens Reuters - Sat, Nov 7
The following are New York
midsession prices and market updates for precious metals and
IMF warns G20 off cutting economic support too fast Reuters - Sat, Nov 7
The International Monetary Fund warned global financial leaders on Friday not to repeat the mistakes of the Great Depression and choke off emergency support for their economies too quickly.
U.S. STOCKS - Wall St flat; broker upgrades offset jobs data Reuters - Sat, Nov 7
U.S. stocks barely budged in a choppy trading session on Friday, lifted by several broker upgrades that offset disappointing data showing the unemployment rate rose to its highest in more than 26 years.
GLOBAL MARKETS - Stocks recoup early losses, oil not so lucky Reuters - Sat, Nov 7
Global equity markets rebounded on Friday from the initial scare brought on by a grim U.S. jobs report after investors decided the data were not so bad.
Gold futures top $1,100/oz for first time Reuters - Sat, Nov 7
Gold futures in New York rose to a record above $1,100 per ounce on Friday as the dollar eased in the wake of disappointing U.S. employment data.
Wall St rises as brokerage upgrades offset job data Reuters - Fri, Nov 6
U.S. stocks edged up after a choppy trading session on Friday, buoyed by brokerage upgrades that offset disappointing unemployment rate that rose to its highest in more than 26 years.