Cracking Finance
Your only stop for Business, Finance, Jobs and Insurance news.
Fannie Mae lose money, asks for aid
On Friday, another bad news came for the financial market when Fannie Mae reported a first quarter loss of around 23.2 billion dollars. The mortgage finance company also revealed that it has asked the Treasury department for 19 billion dollars. The mortgage giant has already asked 15.2 billion dollars last …
I.M.F estimates loses from crisis to be $4.1 trillion
According to a recent estimation by IMF (International Monetary Fund), the banks and financial institutions face losses going up to 4.1 trillion dollars due to the current economic crisis. This information was released by IMF in its global financial stability report on Tuesday. According to the fund, the institutions will …
Goldman Sachs reports profit in the first quarter
Amidst all the financial trouble going on, a ray of hope came this Monday when Goldman Sachs declared a first-quarter profit of $1.66 billion. This profit is 13% higher than the quarter a year ago. Another announcement made by the firm, was that it has decided to raise &5 billion …
China worried about buying US bonds
With the recent release of data by China’s Central Bank, it is clear that China sold bonds during January and February but started purchasing in March this year. It seems that the foreign reserves of China this year have hit its slowest increase of 8 years. It has edged up …
Microsoft and Yahoo talking about ad partnership
Last year, Yahoo and Microsoft held several negotiations which ended without any result. But it looks like that a new series of discussions have started once again. According to an anonymous person, Ms. Bartz, Yahoo’s chief executive, and Steven A. Ballmer, Microsoft’s chief executive, met last week.
Both Yahoo and Microsoft …
FedEx reduces operating costs through layoffs
1000 Employees have been laid off by FedEx Corp. in order to meet job cuts. The announcement was made by the package delivery company after a drop of 75% in the earnings. On Friday, the company informed that out of the laid off workers, half of them will be employed …
Chrysler seeks more financial aid from government
With the economy in such turmoil, everyone is asking government for help and another addition to this list is Chrysler LLC. With the firm urging its dealers to ask the Treasury Secretary to give more aid to the company, it is evident that Chrysler LLC needs government’s support to function. …
Citigroup heads for reverse stock split
According to Citigroup Inc, it wishes to execute a reverse stock split and also wants to increase its common shares outstanding in order to have a conversion from preferred shares to common shares. In terms with its announcement last month, Citi wants to exchange around $27.5 billion, due to its …
Google executive Tim Armstrong moves to AOL
Tim Armstrong, the executive of Google is soon going to adopt a new role of AOL’s chief executive. This has fueled the rumors regarding the separation of AOL from the parent Time Warner Inc. The idea of an independent AOL has been supported by Google also for some time now.
Google …
Wells Fargo Bank Cuts Its Dividend By 85%
On March 6, 2009, Wells Fargo bank announced that it would slash 85% of its dividend which would reduce the price to a nickel per share. According to Wells Fargo, this move will save them approximately $5 billion per year. Wells Fargo is a San Francisco-based bank which took over …
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