Global Financial Markets
Global Financial Markets
Entries Tagged as 'global business'
Economy: Biggest drop in 7 years
Gross domestic product falls 0.5% in the third quarter, showing greater economic weakness than original reading.
The troubled U.S. economy posted its biggest drop in seven years, according to a government report Tuesday.
The gross domestic product, the broadest measure of the nation’s economic activity, declined 0.5% in the three months ending Sept. 30, according to the Commerce Department.
This was in line with estimates from economists surveyed. [Read more →]
Stocks manage a modest gain
Investors work through Lehman’s announcement of a steep quarterly loss, getting a boost from some upbeat earnings forecasts and the dollar’s advance. Stocks ended higher Wednesday as investors scooped up shares battered in the previous session’s
selloff and sorted through Lehman Brothers’ steep quarterly loss and restructuring plans.
Strong earnings forecasts from FedEx and Texas Instruments, a firmer dollar, and lower oil and gold prices lent additional support. [Read more →]
Lehman suffers nearly $4 billion loss
Wall Street firm reveals major restructuring: spin-off of commercial real estate assets and plan to sell stake in investment management division.
Lehman Brothers suffered its worst quarterly loss since going public, reporting a loss of nearly $4 billion Wednesday, and announced a series of drastic steps aimed at reviving the beleaguered firm.
Among those changes were plans by the firm to spin-off part of its commercial real estate assets, sell a majority stake of its investment management division and slash its annual dividend. [Read more →]
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