New York - The largest US investment bank Goldman Sachs on Tuesday announced a third-quarter profit loss of 845 million dollars, but stressed the company was doing better than its competitors.
The loss compares to a 2.9 billion dollar profit for the same quarter in 2007, the bank said in a statement from in New York.
Despite the loss, Goldman Sachs could boast that it was still a going concern unlike competitors Lehman Brothers (which filed for bankruptcy Monday) and Merrill Lynch
(which was sold to the Bank of America).
The government has ruled out, any plans of privatize public sector banks of the country. It has advised to the Forum of Bank Unions (UFBU) to call off its proposed two day strike. The bank union has announced a two day strike on September 24 and 25 against the privatization of public sector banks. The center government said that it would hold 51 percent stakes in all government banks which would not affect their character. The union government hopes that the union would call off the strike for the overall interests of the people of country.
Manila - Developing Asia's economic growth is expected to slow down in the next two years due to high oil and food prices and an economic slump in industrial countries, a report by the Asian Development Bank (ADB) said Tuesday.
The Manila-based ADB said developing Asian economies will revert to moderate growth of 7.5 per cent in 2008 and 7.2 per cent in 2009 after posting their fastest growth of 9.0 per cent in 2007.
Washington - After the worst episode yet in a devastating, year-long credit crisis plaguing the United States, the question on some analysts' minds was whether the world's largest economy was in danger of losing its dominant grip on global finance.
New York - Lehman Brothers Holdings Inc, the 158-year-old investment bank, has become the largest institution to fail in US history after a last-minute rescue fell apart over the weekend.
A legendary US institution, Lehman employs about 25,000 people and reported debts of more than 600 billion dollars as it filed for bankruptcy Monday in a Manhattan court.
Apart from its debts, Lehman was valued at about 637 billion dollars in its bankruptcy filing. Its share price plunged 95 per cent.
New York - The largest US investment bank Goldman Sachs on Tuesday announced a third-quarter profit loss of 845 million dollars, but stressed the company was doing better than its competitors.
Manila - Developing Asia's economic growth is expected to slow down in the next two years due to high oil and food prices and an economic slump in industrial countries, a report by the Asian Development Bank (ADB) said Tuesday.
Washington - After the worst episode yet in a devastating, year-long credit crisis plaguing the United States, the question on some analysts' minds was whether the world's largest economy was in danger of losing its dominant grip on global finance.
New York - Lehman Brothers Holdings Inc, the 158-year-old investment bank, has become the largest institution to fail in US history after a last-minute rescue fell apart over the weekend.
London - Staff emplo
