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U.S. Stock Futures Tumble, Tracking Overseas Selloff
The third quarter looked set for a grim start, as U.S. stock-index futures tracked steep declines overseas on concerns about rising oil prices and the downtrodden financial sector.
UBS Sets Board Overhaul, Adopts New Governance Rules
ZURICH — UBS AG (NYSE:UBS) Tuesday said it adopted new corporate-governance rules and ushered in major board changes to deflate criticism from shareholders over the clubby nature of its ranks.
Debt-Laden Casinos Squeezed by Slowdown
The gambling slowdown that began early this year is taking a serious toll on Las Vegas, with banks, investors and private-equity funds growing as tightfisted as the consumers who are gambling less in the slumping economy.
CIT Sells Home-Lending Business
Struggling lender CIT Group Inc. (NYSE:CIT) reached separate agreements to sell its home-lending business and manufactured-housing portfolio for $1.8 billion as the company continues to shed assets for cash-raising purposes.
Lehman Hits Lowest Level Since 2000 Amid Buzz
Lehman Brothers Holdings Inc. (NYSE:LEH) shares tumbled on Monday to their lowest level since 2000 on yet another swirl of speculation that the Wall Street firm is in trouble, including possibly having to sell itself for a bargain-basement price.
TNK-BP CEO, Staff Likely to Leave Russia
MOSCOW — Marking an escalation in a bitter battle between BP PLC (NYSE:BP) and its Russian partners at their TNK-BP Ltd. (RTB:TNBP) joint venture, Robert Dudley, TNK-BP’s chief executive, warned in an email to expatriate employees Tuesday that he and all the other foreign staff at the company will likely have to leave Russia by the end of this month because of visa problems.
Credit Crunch Fuels Rise in ‘Advance Fee’ Schemes
Federal and state authorities say the nation’s housing slump and credit squeeze are resulting in a spike in reports of companies preying on frustrated borrowers who are having difficulty securing commercial loans through conventional sources.
Crude Oil Rises on Concern Israel Attack Will Cut Iran Supply
July 1 (Bloomberg) — Oil rose, extending this year’s 48 percent gain, after ABC News reported Israel is increasingly likely to attack Iran this year, starting a conflict that would threaten supplies from the Middle East.
IPOs Fall to Five-Year Low as Economy Slows, Loan Losses Climb
July 1 (Bloomberg) — Initial public offerings came to market in the first half of the year at the slowest pace since 2003, and few investors expect a rebound as economic growth tapers off and loan losses mount.
Clear Channel Lenders Deepen Discount on Bank Loans, People Say
July 1 (Bloomberg) — Clear Channel Communications Inc.’s (NYSE:CCU) banks, seeking investors to help finance the U.S. radio company’s $17.9 billion leveraged buyout, cut the offering price on some loans, according to people with knowledge of the offering.
Sirius Sees $400M in XM Deal Synergies
Sirius Satellite Radio (NYSE:SIRI) said its proposed merger with rival XM Satellite Radio(NYSE:XMSR] would produce $400 million in total synergies next year if the deal gains approval soon from the Federal Communications Commission.
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