Business International

Wachovia's posted loss unexpected

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 bids up to $1.35 billion for Circuit City

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.

IN BRIEF (Page 17)

Business International

Fed's auction fails to reduce premiums

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 line up for Boeing 787 delay compensation

Airlines lined up yesterday for compensation after Boeing Co announced a further six-month delay for its new 787 Dreamliner plane.

Bank of England cuts key rate to 5%

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.

11b pound bid for British Energy

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.

India deal helps New York law firm to prosper

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.

Special Report

Island that reflects a nation's success

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.