October 9, 2007 |
shanghai -- China Minsheng Banking Corp. said Monday that it had agreed to buy a 9.9% stake in UCBH Holdings Inc. of San Francisco in what would be the first U.S. strategic investment by a mainland Chinese bank. UCBH, the parent of United Commercial Bank, called the deal "historically significant." Analysts said the move by Beijing-based Minsheng was likely to be a harbinger.
October 3, 2007 |
Toronto-Dominion Bank, in what would be the biggest foreign takeover by a Canadian lender, agreed Tuesday to pay $8.5 billion for Commerce Bancorp Inc., the New Jersey company that ousted founder Vernon Hill three months ago. Shareholders of Cherry Hill-based Commerce, the state's largest bank, would get about $42.37 a share in cash and stock, or 6.6% more than Monday's closing price, Toronto-Dominion said.
August 18, 2007 |
In an about-face Friday from only 10 days earlier, the Federal Reserve expressed concern that a sudden freeze-up in the financial markets could hurt the economy, trimmed one of its key interest rates and hinted that more help could be on the way. The central bank's words and action had a bracing effect on the stock market, which had been preparing for another day of wild swings. After four days of declines, some of them very sharp, the Dow Jones industrial average jumped 233.30 points, or 1.
August 12, 2007 |
washington -- At the Group of 8 summit of world leaders in June, President Bush repeated his calls for developing nations to curb their emissions of greenhouse gases. Without their cooperation, he said, drastic measures in the United States to battle climate change would make little sense. "We all can make major strides, and yet there won't be a reduction until China and India are participants," he told reporters. But just weeks earlier, the U.S.
August 2, 2007 |
Biola University in La Mirada has sued Bank of America Corp. and BNP Paribas, saying the banks conspired to overcharge the Christian school for $84.2 million of derivatives. In its suit filed Tuesday in U.S. District Court in Los Angeles, Biola said the banks misled it into believing that it paid a fair price for four derivatives it bought in 2002 and 2004. The contracts were tied to tax-exempt bonds the college sold. Bank of America, the second-biggest U.S.
May 15, 2007 |
A wide swath of U.S. banks tightened lending standards for nontraditional and sub-prime home mortgages in recent months, while terms for commercial and industrial loans eased amid tough competition, the Federal Reserve said Monday. The Fed, in its April survey of senior loan officers, said 45% of domestic banks polled reported a tightening of nontraditional residential mortgage standards. More than half the institutions originating sub-prime mortgages also tightened credit standards.
November 23, 2006 |
JPMorgan Chase & Co., the third-biggest U.S. bank, agreed to pay $2.2 million to settle claims that the company's Bank One unit discriminated against hundreds of employees on long-term medical leave, the government said Wednesday. The U.S. Equal Employment Opportunity Commission claimed Bank One, which JPMorgan acquired in 2004, violated the Americans With Disabilities Act by failing to properly accommodate employees whose medical leaves exceeded six months.
September 26, 2006 |
The number of big loans with problems that U.S. banks are holding has risen this year, as the ability of manufacturers, particularly in the automotive industry, to repay loans weakened, banking regulators said Monday. Adversely rated credits -- loans that are likely to result in some loss for the lender without corrective action -- rose to 5.1% of all credits from 4.8% a year earlier, regulatory agencies said.
August 13, 2006 |
ON his first day in London, Frank Conlon went to an ATM to withdraw some British pounds. Conlon, a frequent visitor to England, is accustomed to withdrawing cash from machines without incident. But on his trip in February, things didn't go as usual. Instead of spitting out pounds, the machine flashed a message that his bank was refusing this request. Figuring something was wrong with that ATM, he went to another and encountered the same problem.
July 8, 2006 |
European Union officials are seeking an investigation of the U.S. government's program for monitoring international banking data, with the most pressing questions aimed at figuring out how much European governments and institutions knew about the secret operation. Lawmakers of the European Parliament, meeting this week in Strasbourg, France, demanded that the European Central Bank and similar institutions in the 25-nation bloc reveal the level of their cooperation in or knowledge of the U.S.