14 April 2008

Is This The End?

Three days of top-level meetings among the world's senior economic officials ended Sunday with one thing clear: There probably won't be a joint international effort to quell the turmoil now gripping global financial markets.

Wall Street is now bracing itself for a week dominated by news of large losses, multibillion dollar writedowns and thousands of job cuts.

Wachovia announced today that it lost $350 million in the first quarter after earning $2.3 billion in the same period a year earlier. The loss was driven by $2 billion in asset write-downs and $2.1 billion in new provisions against credit losses...

Good morning, Citigroup and Merrill Lynch reveal fresh $15bn loss. Investors and bankers fear that another set of dire numbers by the two lenders will reverse the slight improvement in sentiment in recent weeks and quash hopes of an end to the financial turmoil soon.

Housing bubble mutating into global phenomenon... To Dublin, With Love

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