Wachovia Corp, the fourth-largest US bank, reported an unexpected loss because of subprime infected mortgage holdings and said it plans to raise capital by selling shares to outside investors.
Blockbuster Inc, the biggest movie-rental chain, made an unsolicited offer to buy Circuit City Stores Inc, for as much as $1.35 billion as the second- largest US electronics retailer struggles with falling sales.
The Federal Reserve's new twice-monthly loan auctions have failed to reduce banks' borrowing costs since officials introduced them in December, Stanford University economist John Taylor said.
Airlines lined up yesterday for compensation after Boeing Co announced a further six-month delay for its new 787 Dreamliner plane.
The Bank of England cut the benchmark interest rate for the third time since December as the worst housing slump in 16 years threatened to push the economy into a recession.
Germany's RWE and Britain's Centrica have both made indicative bids for British Energy valuing the nuclear power operator at up to 11 billion pounds, sources close to the matter said.
Cleary Gottlieb Steen & Hamilton, a 950-lawyer New York firm, got the job when bankers needed deal-savvy attorneys to help launch a $3 billion sale of shares in Reliance Power Ltd, India's third-largest utility.
Hainan Party Chief Wei Liucheng says the province must take the lead in China's free trade zone construction, a strategy raised by the 17th National Congress of CPC.
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