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18 Jan 2005 08:23 AM
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Bank of America 4Q earnings rocketed 41%, matched expectations:
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Bank of America said today its fourth-quarter earnings rocketed 41% on the purchase of FleetBoston Financial, excellent asset management and consumer loan and deposit growth.
Net
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14 Jan 2005 12:36 PM
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Asia’s richest tycoon sells stake in Canadian Imperial:
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Li Ka-shing, the richest man in Asia, announced his intention to sever his decades-old relationship with Canadian Imperial Bank of Commerce (CIBC) be selling his 4.9% stake in the bank to transfer the money later on to his charitable foundations
The proceeds from the sales of 17 million shares will total C$1.2 billion ($1 billion). CIBC said they will buy the stake
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13 Jan 2005 04:49 PM
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Fannie Mae loses profit as ARMs get popularity:
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Fannie Mae’s earnings restatements may cause the mortgage giant to post the first annual decline in earnings in the past 19 years.
The analyst poll conducted by Thomson Financial yielded an average estimate of $7.36 per share earnings this
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13 Jan 2005 08:24 AM
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THE ECB HOLDS ITS INTERESTS RATES UNCHANGED AT 2%:
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THE ECB HOLDS ITS INTERESTS RATES UNCHANGED AT 2%
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13 Jan 2005 07:05 AM
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THE BANK OF ENGLAND LEFT ITS INTEREST RATES UNCHANGED AT 4.75%:
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THE BANK OF ENGLAND LEFT ITS INTEREST RATES UNCHANGED AT 4.75%
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11 Jan 2005 08:56 AM
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Standard Chartered paid too much for Korea First, analysts believe:
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The market is not beaming with enthusiasm over Standard Chartered’s purchase of the Korea First Bank. Standard’s stock price dropped 2.2%, and SG Cowen downgraded the UK-based bank that does most of its business in Asia to hold from buy giving preference to the rival HSBC that lost the bidding war for Korea First.
The
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10 Jan 2005 08:44 AM
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Standard Chartered falls after purchasing First Korea:
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Standard Chartered stock lost 2.5% after announcing the $3.3 billion acquisition of the Korea First Bank. In early London trading the bank’s shares traded at 929 pence.
Standard Chartered makes 65% of its profit in Asia, and the acquisition will raise Korea to the level of Standard’s second-important market after Hong Kong. The Korean bank will amount to 22% of Standard’s assets
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10 Jan 2005 08:39 AM
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Stanley Fischer to become Bank of Israel’s governor:
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An American citizen and former Citigroup Vice Chairman Stanley Fischer was chosen to fill in the vacancy of the governor of the Bank of Israel. The decision was made by Israel’s Prime Minister Ariel Sharon and finance minister Benjamin Netanyahu and needs to win approval from the committee overseeing the appointment of top officials.
"The
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07 Jan 2005 10:05 AM
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J.P. Morgan Chase to buy Vastera for $129 million:
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J.P. Morgan Chase to buy trade processes management automator Vastera for $129 million, or $3 a share in cash.
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06 Jan 2005 11:27 AM
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The 30-year mortgage rate fell to 5.77%: Freddie Mac:
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The 30-year mortgage rate fell to 5.77% in the week ending Jan. 6, from 5.81% last week, according to Freddie Mac.
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06 Jan 2005 11:18 AM
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Fed message more aggressive than expected:
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Financial markets were quick to price in the “hawkish” message they read into the entangled debate in the minutes of the past Fed meeting that now surfaced three weeks after the meeting itself, in line with the latest decision. Many agree that with faster release the minutes is likely to have more impact on the financial markets. This time, the expectations of higher inflation by Fed policymakers added to the likelihood of the Fed switch
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04 Jan 2005 10:04 AM
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New World Bank President could help reform the institution:
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World Bank President James Wolfensohn will not seek reappointment after his term expires in June, reports Treasury spokesman Rob Nichols. This is what Mr. Wolfensohn told US Treasury Secretary John Snow. Earlier he said speaking on ABC news that 10 years at the helm of the world’s primary lending institution is probable enough.
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03 Jan 2005 10:11 AM
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Long-term rates mysteriously low:
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Global economy got a serious boost from the cheap long-term borrowing available, mainly fuelled by low rates on US 10-year Treasuries.
In 2004 a lot of growth was once again driven by consumer spending in the US that helped to digest the output of many of the world’s exporting countries lacking an equally vigorous domestic demand. Saving in the US has
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29 Dec 2004 04:19 PM
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Applications for U.S. home mortgages fell, mortgage rates rose to 5.72%:
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Last week applications for U.S. home mortgages fell 1.7% to 677.4. The MBA’s seasonally adjusted index of refinancing applications fell almost 8% to 1,803.9.The MBA’s purchase index rose 2.7% to 483.8.
Fixed
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29 Dec 2004 02:32 PM
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Deutsche Bank cracks down on Yukos bankruptcy filing:
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The lawyers of Deutsche Bank asked the court in the Houston, Texas, to decline the filing for bankruptcy protection of the Russian oil giant Yukos. The document states that the company has virtually no business links to the state of Texas, and thus cannot be considered to be within the jurisdiction of the local court. Yukos links with the state are limited to the fact that the company’s chief financial officer Bruce Misamore has moved to
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