02 May 2005 06:22 AM

UBS CUT GOLDMAN SACHS, MERRILL LYNCH, LEHMAN BROS. TO "NEUTRAL" FROM "BUY"

02 May 2005 06:20 AM

European PMI fell to 49.2 in April from 50.3 in March, German PMI declined to 49.7 in April from 50.3 in March.

02 May 2005 06:19 AM

The dollar rose to 105.40 yen, from $104.60 yen in New York late Friday after the U.S. reported that North Korea fired a missile into the Sea of Japan. In the currency market, the euro fell to $1.2850 from $1.2870.

02 May 2005 04:40 AM

American International Group Inc., the world’s largest insurer in terms of market capitalization, on Sunday said that its restatement of financial reporting will lead to a reduction of $2.7 billion, or 3.3%, in the net worth of the company. The restatements will cover the period from 2000 to 2003 and the quarters ended March 31, June 30 and September 30 in 2004.

02 May 2005 04:38 AM

Neiman Marcus Group Inc., a luxury retailer, is close to a takeover deal with buyout firms Texas Pacific Group and Warburg Pincus LLC, although the transaction has not been finalized. The two companies have won in the auction putting in a bid of about $100 a share for Neiman Marcus known for its extravagant Christmas catalogs. The total value of the takeover approaches $5 billion. This is nine times Neiman’s cash flow.

02 May 2005 04:36 AM

Warren Buffett, the world’s second-richest person and CEO of Berkshire Hathaway, said Sunday that Bill Gates’s presence on the board of Berkshire Hathaway Inc. will help to continue the entity’s success story after the resignation of Buffett himself.

02 May 2005 04:33 AM

Morgan Stanley’s board in yesterday’s meeting removed a bylaw that called for a 75 percent vote to oust chief executive, and revealed plans to name a lead outside director to improve governance at the firm. The board, while making it easier to remove Philip Purcell whose leadership raises questions in the company, also voiced strong support for his leadership.

30 Apr 2005 08:47 AM

The comments from China’s top official may have negative impact on Chinese move towards allowing foreign banking institutions to expand on Chinese market.

30 Apr 2005 07:11 AM

The payment industry is in search for new trends in revenue growth as the US top-ranked banks say their revenue from the check-processing may fall by 13% to 15% this year as compared with last year’s 10% to 11%.

29 Apr 2005 11:12 AM

A new budget plan was passed by the US Congress last night with the reduced spendings on Medicaid and increased attention to oil drilling in Alaska. The plan is worth $2.6 trillion.

29 Apr 2005 11:01 AM

LEHMAN BROS. RAISED SAFEWAY TO "EQUAL WEIGHT" FROM "UNDERWEIGHT"

29 Apr 2005 10:49 AM

China’s President Hu Jintao said Taiwan opposition Nationalist Party Chairman Lien Chan is a friend and stressed the need to soothe the rivalry between the mainland China and rebelian island.

29 Apr 2005 10:12 AM

The Chicago PMI fell to 65.6 in April from 69.2 in March. Economists were expecting 62.5. The new orders index fell to 71 from 76.7.

29 Apr 2005 10:10 AM

Michigan consumer sentiment fell to 87.7 in late April from 88.7 earlier in the month. Economists were expecting 89. The current conditions index rose to 104.4 from 103.9 in early April. The expectations index

29 Apr 2005 10:05 AM

Italian Prime Minister Silvio Berlusconi won a second and final vote of confidence in parliament that shows no need in approving a new government and indicates that there will be no early elections.