New York - Bank of America Corp chief executive Kenneth Lewis on Monday said the acquisition of Merrill Lynch & Co left the banking giant best positioned to weather the financial storm that has engulfed Wall Street and is unlikely to end before 2010.
Lewis said the 50-billion-dollar takeover, which first came under discussion Saturday morning, had been the "strategic opportunity of a lifetime" despite one of the most difficult financial environments in US history.
New York, Sept 14 : Republican vice-presidential candidate Sarah Palin, who is said to be instrumental in the reversal of positions of Barack Obama and John McCain in the presidential race, has reportedly fired a salvo at Barack Obama on not picking up Senator Hillary Clinton as his running mate.
New York - US insurer AIG, suffering from a declining share price and facing a possible downgrading of its credit rating, is being forced to extreme measures, including perhaps selling off subsidiaries to extricate itself from billions of dollars in losses, the Wall Street Journal reported in its online edition Sunday.
Citing an AIG insider, the respected US business journal said AIG was considering a teleconference with analysts on Monday, at which the process of restructuring would be outlined.
New York, Sept. 14 : Republican presidential nominee Senator John McCain has drawn an avalanche of criticism for regularly stretching the truth in attacking Senator Barack Obama’s record and positions.
According to the New York Times, McCain has found himself under particularly heavy fire for a pair of headline-grabbing attacks.
First, his campaign twisted Obama’s words to suggest that he had compared Alaska Governor Sarah Palin, the Republican vice-presidential nominee, to a pig with “You can put lipstick on a pig; it’s still a pig.”
New York - Crisis talks continued Saturday involving US Treasury Secretary Henry Paulson and top bankers amid ongoing fears about the future of Lehman Brothers Holdings Inc.
US media reports said Paulson had categorically ruled out any any state aid for the bank, which is desperately looking for a potential buyer after its shares tumbled 94 per cent since the beginning of the year as the credit crisis ravaged the US financial sector.
Bank of America Corp was said to be the leading contender for a takeover, but British banks Barclays and HSBC were also seen as having a possible a role in a rescue.
New York - US stocks made small gains on Friday, led by energy and metals companies, but were held down by ongoing fears about the future of Lehman Brothers Holdings Inc.
Hurricane Ike's anticipated arrival on the US mainland drove up petrol prices, helping refiners make strong gains.
The price of copper surged while gold ended a nine-day string of losses. Shares in metals giant Freeport-McMoRan Copper and Gold Inc jumped more than 8 per cent.
New York - Bank of America Corp chief executive Kenneth Lewis on Monday said the acquisition of Merrill Lynch & Co left the banking giant best positioned to weather the financial storm that has engulfed Wall Street and is unlikely to end before 2010.
New York, Sept 14 : Republican vice-presidential candidate Sarah Palin, who is said to be instrumental in the reversal of positions of Barack Obama and John McCain in the presidential race, has reportedly fired a salvo at Barack Obama on not picking up Senator Hillary Clinton as his running mate.
New York - US insurer AIG, suffering from a declining share price and facing a possible downgrading of its credit rating, is being forced to extreme measures, including perhaps selling off subsidiaries to extricate itself from billions of dollars in losses, the Wall Street Journal reported in its online edition Sunday.
Republican presidential nominee Senator John McCain has drawn an avalanche of criticism for regularly stretching the truth in attacking Senator Barack Obama’s record and positions.
New York - US stocks made small gains on Friday, led by energy and metals companies, but were held down by ongoing fears about the future of Lehman Brothers Holdings Inc.
