Lloyds agreed to acquire troubled mortgage lender HBOS in a government-brokered deal aimed at shoring up the British banking system.
The massive sale of the bulk of Lehman’s $70 billion broker-dealer operation is being pushed so fast it allows little or no time for competing bids.
Nortel Networks lost nearly half its stock-market value Wednesday after the company said it would miss forecasts as its customers pare their spending.
General Mills’ profit took a hit as efforts to protect against rising commodity costs ended up backfiring amid price swings.
Pier 1’s net loss narrowed as margins rose, though sales declined and the home-furnishings retailer withdrew its forecast for the year in light of economic uncertainties.
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The dramatic collapse of top-tier financial institutions is reshaping more than the markets; it’s recasting the landscape of the Obama and McCain campaigns.
Stocks plunge despite the Federal Reserve’s decision to lend insurance giant AIG up to $85 billion to stave off bankruptcy. The 3-month Treasury bill yield drops nearly to zero. The SEC issues new rules to curb short-selling. Housing starts fall to a 17-year low.