| FACTBOX: Write-downs and losses at major global banks
Date Bank Write-down or Type of loss Period covered credit loss Jan 22 Bank of America $5.3 bln Collateralized debt obligations 4th qtr Jan 22 Wachovia $1.5 bln Credit losses 4th qtr Jan 15 Citigroup $18.1 bln Subprime mortgages 4th qtr Jan 15 Citigroup $4.1 bln Consumer loans 4th qtr Dec 20 Bear Stearns $1.9 bln subprime mortgages 4th qtr Dec 19 Morgan Stanley $9.4 bln mortgages and assets 4th qtr Dec 13 Lehman Brothers $830 mln real estate, asset-backed securities 4th qtr Dec 10 UBS AG $10 bln subprime mortgages 4th qtr Dec 6 Royal Bank Scotland $2.5 bln investment banking 2007* Nov 15 Barclays $2.6 bln subprime mortgages 2007 Nov 13 Scotiabank C$135 mln asset-backed commercial paper 4th qtr ($141 mln) structured credit Nov 13 Royal Bank Canada C$160 mln subprime mortgages 4th qtr ($168 mln) Nov 6 Capital One $4.9-5.5 bln credit losses 2008 Nov 14 HSBC $3.4 bln mortgages 3rd qtr Nov 6 Commerzbank 300 mln euros subprime mortgages 3rd qtr ($440.5 mln) October 24 Merrill Lynch $8.4 bln CDOs, subprime 3rd qtr (Reporting by Ed Leefeldt, editing by John Wallace) .
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MITCHELL THE FORGOTTEN MAN
The West Ham star might be about to make the leap into our top ten sooner rather than later with promoter Frank Warren claiming after the fight that he wants to keep Mitchell busy and see him box at least five times this year. Mitchell, a classy, accurate box-puncher who has been forgotten somewhat due to the emergence of Amir Khan, is also setting his sights high in 2008. "I want to win the British, European and world titles this year," he explained after the fight. I'm not sure that he'll earn a world title crack in the 11 and a bit months that remain in 2008 but there is every chance he could lift the British belt as his rescheduled clash with Johanesson could take place on March 8 when David Haye and Enzo Maccarinelli collide. On the British beat this month former British, European and Commonwealth super-bantam ruler Esham Pickering scored an exciting stoppage win over Sean Hughes at Burton's Meadowside Leisure Centre.
Bank of America to buy struggling mortgage provider
Bank of America announced yesterday that it is buying Countrywide Financial Corp., the largest mortgage broker in the United States, in an all-stock transaction worth about US$4 billion. The takeover by the largest US consumer bank could help save the California-based company from bankruptcy, but possible impact on jobs was not immediately detailed, observers said. A statement from Bank of America's headquarters in Charlotte, North Carolina, said the acquisition will make it the nation's largest mortgage lender and loan service provider. Countrywide, the subject of widespread talk about possible impending bankruptcy in recent days, "will benefit from the stability of being part of the largest and one of the most financially strong financial institutions in the United States," the bank said in the statement.
Friday wild card
Why would anyone want a state prison or CWC in northern Idaho? How could an IDOC facility benefit the community as well as the offenders? These are fair questions. Ninety-five to 98 percent of state-incarcerated offenders will be released back into their communities. The receiving communities have little to say about that. Released offenders are coming, so it stands to reason that the receiving communities will feel and be safer if they can help released offenders not reoffend. .
Caterpillar Affirms 2008 Outlook
Peoria, Ill.-based Caterpillar's earnings report followed similar, good-new-, bad-news reports from other major manufacturers this month, all of them struggling at home but riding a wave of growth abroad. The company earned $975 million, or $1.50 per share, compared with $882 million, or $1.32 per share a year earlier. Revenue rose 10 percent to $12.14 billion from $11 billion in the prior-year period. Analysts were expecting a profit of $1.50 per share on revenue of $11.79 billion, according to a poll by Thomson Financial. Caterpillar Chief Executive Officer Jim Owens said strong economic growth outside the United States would offset weak domestic demand. "Global markets for mining, energy and infrastructure development are booming," he said in a statement.
World stocks recover but worries over Societe Generale scandal
EUROPEAN share prices rocketed today, but Wall Street moved only marginally higher and Asian bourses were mixed amid lingering fears of economic slowdown. The massive fraud at Societe Generale hasn't helped, with the French banking giant saying that adding its fraud loss of 4.9 billion euros ($A8.22 billion) to its exposure to the US sub-prime mortgage crisis, its total losses came to almost 7.0 billion euros in 2007. Despite the massive loss, Europe's main stock markets were sharply higher at the close, with London's FTSE 100 index jumping 4.75 per cent to 5,875.80 points. In Paris, the CAC 40 index rose 6.04 per cent to 4,916.98 points and in Frankfurt the DAX put on 5.93 per cent at 6,821.07 points. The European bourses, like markets across the world, went into a nosedive earlier this week due to growing fears of a US recession.
Wolves boss cool on signings
Mick McCarthy insists he is still on the look out for new signings but admits it is “unlikely" that there will be any more players coming in before the January transfer window shuts. Wolves have six days to make permanent signings before the window shuts and while McCarthy has not ruled out more players joining new boys Sylvan Ebanks-Blake and David Edwards he is happy with the squad he already has. There are funds to sign more players available but the club have been staunch in their desire to stick to the “young and hungry" blueprint that served them well last season. “Will there be any more signings? We'll see – I've got nothing in mind. I'm not expecting any but we're still looking," McCarthy said. .
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