Hands predicts 'many' LBO writedowns

Guy Hands, chief executive officer of Terra Firma Capital Partners Ltd, said buyout firms will have to slash the value of "many" of their investments as turmoil in the credit markets and an economic slowdown bite.

Gloomy mood leads to slide in European stocks

European stocks fell as investors speculated banks may have further writedowns and Ericsson AB's handset unit said earnings will decline. US index futures retreated.

IN BRIEF (Page 16)

Business International

Financial stocks lead recovery

Stocks in Europe and Asia rose for the first time in four days, led by financial shares, on speculation the Federal Reserve will make the deepest interest-rate cut in more than two decades. US index futures advanced.

Goldman profit falls by 53%

Goldman Sachs Group Inc, the world's biggest securities firm by market value, reported a smaller-than-estimated 53 percent drop in first-quarter profit after asset writedowns and lower fees from investment banking.

Visa IPO won't be hit by turmoil

Visa Inc, which plans to float its shares on the New York Stock Exchange today in the biggest US initial public offering ever, will not be deterred by market turmoil that has taken a severe toll in recent days, analysts said.

Try and try again as Fed seeks to calm the market

If this doesn't end the market panic, what will?

Biz people

Dimon gets a nice bargain

IN BRIEF (Page 16)

Special Supplement

Port city now also a hub for software and IT

The port city of Dalian in Liaoning province has taken long strides in its quest to become the leading software outsourcing service center in the country, Mayor Xia Deren said early this month.