Citigroup is bringing $49 billion in failed mortgage paper onto its books in a bold move to protect the investments from being wiped out completely. It was the first offensive play by Citigroup's new chief Vikram Pandit in his first two days on...
Ending more than a century of ownership by the Bancroft family, shareholders of Wall Street Journal publisher Dow Jones & Co. voted yesterday to sell the company to News Corp. for $5.6 billion. "Naturally, it's very exciting for us," News Corp...
THE Atlantic Monthly already had cut back to a publishing frequency of 10 times a year, but only now is the magazine getting around to dropping the word "monthly" from its corporate identity and officially changing its name to The Atlantic. The...
Embattled Countrywide CEO Angelo Mozilo is getting skewered once again. The nation's biggest mortgage lender reported yesterday that foreclosures doubled last month while late payments continued to rise as homeowners struggled to meet rising...
Leaders of the New York Board of Trade voted yesterday to close most of the exchange's 137-year old trading floor and move trading in commodities such as coffee, sugar and cocoa to the computer screen. The closing will put about 1,000 traders and...
Mega-tours from aging rockers and country superstars raked in big bucks at the box office in 2007, but the overall concert business stumbled as top attractions like The Rolling Stones skipped a visit to the US and U2 stayed home. Four of the...
Lehman earns Lehman said it side stepped the junk mort gage carnage at its shop - a hefty $3.5 billion in write-downs of assets. Lehman's fourth-quarter profit dropped to $870 million, or $1.54 per share, from $987 million, or $1.72 per share, a...
Discovery Communications yesterday moved a step closer toward its goal of becoming a pure-play public entity. Joint venture partners Discovery Holding Co. and Advance/Newhouse agreed in principle to a deal to combine their stakes in Discovery...
One of last year's best performing hedge funds has hit an epic ice patch, dropping an estimated 22 percent last month after a big bet on copper turned out to be none too shiny. The November returns stand in stark contrast to last year, when the...
Retail rents are up 26 percent in Manhattan over last year, driving up prices, cutting into profits and forcing stores to be more imaginative about using their space. Stores and restaurants are paying an average $133 per square foot, up from $106...
Moore Capital Management fired a team of well-regarded former Amaranth portfolio managers after the unit unexpectedly dropped 15 percent last month. The official word from the firm, which has $13 billion in assets, was that the 15 person...
