NewsDaily: Business News

Browse Stories:
Business News

1 to 10 of 827 stories over past 30 days view more

Posted 2008-05-09
at 4:05 pm EDT

AIG's loss and record oil sour mood on Wall St

NEW YORK, May 9, 2008 (Reuters) — Stocks fell on Friday as the price of oil set another record and concerns about the financial sector flared up again after American International Group Inc reported a massive loss. ... > full story
Posted 2008-05-09
at 3:05 pm EDT

Oil hits record $126 on supply worry

NEW YORK, May 9, 2008 (Reuters) — Oil jumped to a record above $126 a barrel on Friday, extending gains to more than 11 percent since the start of the month on fuel supply concerns and a rush of speculator buying. ... > full story
Posted 2008-05-09
at 3:05 pm EDT

Citigroup aims to shed $400 billion of assets

NEW YORK, May 9, 2008 (Reuters) — Citigroup Inc said on Friday it plans to shed $400 billion of assets within three years and boost revenue by up to 10 percent annually, in a bid to restore profitability after huge losses tied to flagging mortgage and credit markets. ... > full story
Posted 2008-05-09
at 3:05 pm EDT

Countrywide falls on worry over B of A merger

NEW YORK, May 9, 2008 (Reuters) — Countrywide Financial Corp shares fell nearly 6 percent on Friday on renewed speculation that Bank of America Corp will renegotiate or cancel its agreement to buy the largest U.S. mortgage lender. ... > full story
Posted 2008-05-09
at 3:05 pm EDT

Mortgage credit losses could total $500 bln: Goldman

NEW YORK, May 9, 2008 (Reuters) — Goldman Sachs economists expect a total of $500 billion in residential mortgage credit losses, a renewed slowdown in economic activity after the near-term boost from fiscal stimulus, and no monetary policy tightening in 2008 or 2009, according to a research note from the firm. ... > full story
Posted 2008-05-09
at 2:05 pm EDT

Microsoft appeals against EU fine

BRUSSELS, May 9, 2008 (Reuters) — Microsoft said on Friday it was appealing against a record 899 million euro ($1.39 billion) fine imposed by the European Commission for using high prices to discourage software competition. ... > full story
Posted 2008-05-09
at 2:05 pm EDT

Sanofi hit by generic Plavix threat in Europe

LONDON, May 9, 2008 (Reuters) — French drugmaker Sanofi-Aventis , which briefly encountered generic competition to its second-biggest product Plavix in the United States in 2006 and 2007, now faces a similar threat in Europe. ... > full story
Posted 2008-05-09
at 2:05 pm EDT

AIG sees no signs of mortgage asset market rebound yet

NEW YORK, May 9, 2008 (Reuters) — American International Group , after disappointing with a worse-than-expected loss on Thursday, did little to buoy investor spirits on Friday, telling shareholders it does not yet see signs of a rebound in the market for mortgage assets, which have cost it dearly over the past two quarters. ... > full story
Posted 2008-05-09
at 2:05 pm EDT

March trade gap narrows on record import drop

WASHINGTON, May 9, 2008 (Reuters) — A record drop in U.S. imports because of slowing domestic demand took a big bite out of the U.S. trade deficit in March despite record high oil prices. ... > full story
Posted 2008-05-09
at 1:05 pm EDT

Circuit City to open its books to Blockbuster

ATLANTA, May 9, 2008 (Reuters) — Circuit City Stores Inc on Friday reversed course and said it would open its books to suitor Blockbuster Inc and the movie-rental company's largest shareholder, billionaire investor Carl Icahn. ... > full story