24 Dec 2004 07:04 PM

HSBC Holdings Ltd., a London-based bank with appetite for Asian expansion, is expected to be the preferred bidder in the sale of Korea First Bank, South Korea’s third largest bank, ranking just behind Citibank Korea Inc. and Korea Exchange Bank. Another

24 Dec 2004 08:37 AM

Fannie Mae, U.S. mortgage government agency received approval for a December preferred stock dividend from its regulator, the Office of Federal Housing Enterprise Oversight (Ofheo), although the Ofheo said it could not grant approval for dividends in the subsequent periods and will therefore issue approval separately for each quarter, according to Fannie Mae spokesman Chuck Greener. "OFHEO

23 Dec 2004 07:22 PM

The Bank of England revealed a document that gives hint on the possible rate hike, sending the sterling down. The minutes of the monetary policy committee’s meeting include the opinion of some members that "the downside risks to the inflation projection had increased but not enough to make a persuasive case for a reduction

23 Dec 2004 01:28 PM

Fannie Mae’s regulator, the Office of Federal Housing Enterprise Oversight, has launched a probe into the bonuses and compensations received by the two top executives fired earlier this week. Fannie Mae has announced firing of Chief Executive Officer Franklin Raines and Chief Financial Officer J. Timothy

22 Dec 2004 04:16 PM

Fannie Mae has announced firing of Chief Executive Officer Franklin Raines and Chief Financial Officer J. Timothy Howard yesterday in the wake of the accounting scandal that led to restatements of $9 billion in profit. Raines’ removal was provoked by loss of confidence in the management that kept reiterating that Fannie Mae’s records were clean in the height of the scandal. Raines insisted during his testimony in Congress that the

22 Dec 2004 11:03 AM

According to Freddie Mac, U.S. mortgage rates rose in the last week. The 30-year fixed-rate mortgage averaged rose 0.07% to 5.75%.

20 Dec 2004 06:30 PM

Lazard may end its 156-year history as a private investment bank and go public opening its financial records to investors in an IPO. Lazard is projected to file an application with the Securities and Exchange Commission. The

20 Dec 2004 01:38 PM

Fannie Mae’s board met Sunday to discuss the possible management shake-up in the wake of the SEC ruling pronouncing the mortgage giant guilty of violating the accounting rules. There was no statement issued and Fannie Mae representatives offered no comment. The SEC

17 Dec 2004 06:30 PM

The Bank of Japan lowered its forecast for the country’s economic growth, indicating to the steel shortages as a reason for the downgrade. Japan’s two leading steel producers, Nippon Steel and JFE, are desperately pumping up output to boost demand but still falling short of the production needs. “Japan’s

17 Dec 2004 07:50 AM

The SEC ha ruled that Fannie Mae is guilty of violating the accounting standards and needs to restate its earnings for the past four years. Fannie Mae has agreed to comply with the decision and will recognize $9 billion of losses on interest-rate risk hedging derivatives in its next quarterly earnings statement. The decision of the chief accountant at the SEC will add more substance to the calls for tougher supervision at the

17 Dec 2004 07:47 AM

Alan Greenspan will not be the one to head the US Treasury after John Snow leave. The approach to put the respected Fed chairman was made at arm’s length but has been declined by senior Republicans. Instead, Snow will remain in his place, confirmed the administration representatives. “The president

17 Dec 2004 07:42 AM

ABN Amro Holding NV tries to fight the decline in earnings by cutting 3% of its workforce, or 2,850 jobs. The largest Dutch bank plans to take a charge of 790 million euros ($1.1 billion) in 2004 and start saving 770 million euros per year since 2007, according to spokesman Hans van Zon. Most

17 Dec 2004 07:08 AM

According to CBSMarketWatch, Deutsche Bank has frozen a planned credit to Gazprom, due to a decision by a U.S. court that granted a temporary injunction against the selling off of Yukos’ key unit Yuganskneftegaz.

16 Dec 2004 03:07 PM

According to Freddie Mac, the average 30-year fixed mortgage rate fell to 5.68% last week, from 5.71% down a week earlier.

16 Dec 2004 02:29 PM

Goldman Sachs, the third- largest U.S. broker, said fourth-quarter profit rose 23% on strong revenue from fixed-income trading and M&A fees.