UBS faces 'major' CDO losses

UBS AG, Europe's largest bank by assets, may have lost as much as $9 billion on collateralized debt obligations, according to CreditSights Inc.

Flowers offers $1.8b for stake in Shinsei Bank

Christopher Flowers, the banker who helped create Shinsei Bank Ltd in Japan's first financial buyout, is leading a group that will offer 202 billion yen ($1.8 billion) for a stake in the company after its shares slumped 44 percent.

IN BRIEF (Page 16)

Business International

Offers are less than Friday's close: Bank

Britain's Northern Rock Plc said yesterday proposals it has received so far from investors interested in taking over the stricken mortgage bank were "materially" below its closing price on Friday.

Survey: More economists see US recession ahead

The number of economists forecasting the US will slip into recession almost doubled over the last two months, according to a survey by the National Association for Business Economics (NABE).

IN BRIEF (Page 16)

Business International

Mukesh Ambani beats brother Anil on India's rich list

Billionaire Mukesh Ambani extended his lead over younger brother Anil as the second-richest Indian, as his Reliance Industries Ltd benefited the most from a record stock market rally.

NYSE chief Thain takes on Merrill mantle

When John Thain started trading mortgages at Goldman Sachs Group Inc more than 20 years ago, little did he know it would help make him the indispensable man when Merrill Lynch & Co made him an offer he couldn't refuse.

Goldman veteran to head exchange

Duncan Niederauer, named to replace John Thain as head of NYSE Euronext, is likely to follow the strategy of his former Goldman Sachs Group Inc colleague for expanding the stock exchange.

Biz people

Buffett hits out at 'plutocracy'