News

Jail-sentenced billionaire Mehmet Karamehmet is being sued for almost $10m (£6.6m) in the High Court over loans issued to Maltese shipping company Blue Shipping.

Bidders set for £100m battle over New Star

New Star Asset Management, the fund manager that controlled a tenth of the retail investment market as recently as two years ago, will be sold for a knock-down price by the end of the month.

German government injects €10bn into Commerzbank

State to take 25 per cent stake to preserve merger deal with Dresdner Bank

Sterling hits new record low against euro

Sterling hit a record low against the euro and a basket of currencies today as pessimism about the UK economy was reinforced by a think tank report showing a sharp contraction in growth.

New Starfalls back down to earth

The fund manager founded by John Duffield amid much fanfare in 2000 is in trouble after racking up debt now worth more than 10 times its falling market value. Mathieu Robbins reports

Japan the latest economy to fall into recession as exports drop off

Japan became the latest country yesterday to succumb to the disintegrating global markets and fall into recession, its first since the technology bubble burst seven years ago.

SocGen profits fall 84 per cent on Lehmans write-offs

The fallout from the collapse of Lehman Brothers continued yesterday, as two of Europe's biggest banks came clean on their exposure to the fourth-biggest US investment bank, which went bankrupt in September.

The great Wall St earthquake

The disappearance of two more giant investment banks will transform an industry whose business model has been broken on the wheel of the credit crunch. By Nick Clark

City braced for fresh round of banking job cuts

Commerzbank plans to shed 1,200 jobs in London as it agrees to buy out Dresdner for €8.8bn

Jeremy Warner's Outlook: The economy looks bad, but not nearly as bad as the blundering Government

Market moving business and economic news comes from the oddest of sources these days, and none more unexpected than The Guardian's Weekend magazine, home to lifestyle and celebrity tittle tattle.

Commerzbank set to seal deal on Dresdner takeover

Allianz, the giant German insurer, is expected to announce as early as tomorrow the sale of its retail and investment bank Dresdner to Commerzbank, with insiders expecting the takeover to be worth about €9bn (£7.2bn). Rumours earlier this year had linked Lloyds TSB with a possible rival bid.

FTSE 100 ends week in bear market territory

The benchmark FTSE 100 index of blue-chip shares closed in bear market territory for the first time since the dotcom crash after it plunged nearly 3 per cent at the end of another dire week for UK investors.

Santander considers making a move for Dresdner

Banco Santander, the Spanish group that owns Abbey, is considering a move to gatecrash the proposed merger between Commerzbank and Dresdner Bank, although insiders believe an all-German tie-up is already a "done deal".

Lloyds eyes German market for overseas expansion

Lloyds TSB is considering a bid for Deutsche Postbank, Germany's biggest retail bank, to put into action its long-held ambition to expand internationally.

Reassurances from Schwartz fail to clear the storm

Alan Schwartz went on television on Wednesday to try to dispel the rumours mounting over Bear Stearns for the previous 48 hours. Speaking from a conference in Florida, he painted a sunny picture of the bank's finances.

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