Canadian Imperial Bank of Commerce has turned to a U.S. vulture fund to protect the capital base of the country’s sixth-largest bank with an infusion of $1.05-billion to help the institution get through the credit crisis.
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Twice as many Canadians as a year ago are finding it hard to resist the half-price sale on U.S. residential property
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North American stocks fell or pared earlier gains Friday, as concerns about the economy overshadowed the U.S. House of Representatives’ approval of the Bush administration’s US$700-billion financial rescue package.
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The focus of the coming week will be on financial markets and whether the passage of the US$700-billion bailout package, as well as actions in other industrial countries, eases the global credit crunch and at least stabilizes what have become deeply depressed stock markets.
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A corporate takeover battle without precedent in history broke out as shareholders fought back against an emergency rescue brokered by U.S. federal authorities to sell Wachovia’s banking operations to Citigroup and instead backed a bid by Wells Fargo, putting the government in the middle of a fierce legal battle between the third- and fourth-largest U.S. banks for dominance.
The combined company will have 10,761 retail locations, US$258-billion in mutual fund assets and US$1.42-trillion in assets.
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Elmer Tabor, chairman of a small community bank in
Cape Coral, Fla., doesn’t believe his ailing bank will see one penny
of the US$700-billion bailout for the U. S. financial system. But
he’s relieved the legislation is finally getting passed.
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Wild uncertainty in the market reveal the naked fear among even the savviest of investors
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Main Street’s revolt against excessive corporate compensation
has reached a new depth of protest.
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Carefully-woven government plans to rescue banks deemed too big to fail came apart at the seams yesterday as private institutions refused to back deals brokered by politicians
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The Associated PressRice cultivating ties in Kazakhstan visitThe Associated Press - Oct 4, 2008But Jeffrey Goldstein, Freedom House's senior program manager for Central Asia, said Rice's trip could be positive. "It depends on what she is going to do …
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