Declining profits, as well as tighter profit margins will force the banks to close about 5,000 branches nationwide by the year 2012 according to a research note made by bank analyst Meredith Whitney on Monday. Whitney Meredith, CEO of Meredith Whitney Advisory Group LLC, informed that the decreased desire of consumers and corporate firms to […]

The euro’s exchange rate went just above $1.3900 early Tuesday in Asia after falling for two straight days in a row. Apparently, the reasons why this occurred are because of the disappointing German data, as well as the concerns about debts in the peripheral euro zone. Euro fell to as low as $1.3885 that is […]

Arab Bank ARBK.AM in Jordan dropped 19.7 percent from its nine-month profits to $402.3 million the same period last year. This report is based on its financial statement released on Sunday. According to the given financial statement, the bank had a 3 percent growth in assets at the beginning of the year. That is, $52.12 […]

Over the weekend, Puerto Rico’s lawmakers approved the legislation to implement a temporary tax on offshore manufacturing businesses in the U.S territories hit by recession. According to the administration officials, the new tax targets 40 to 50 operating firms on the island and is expected to make more than $75 million every year. The legislation […]

Aaron Kushner, a Massachusetts businessman said that his investment group will bid to purchase the Boston Globe from the New York Times Co. telling that the newspaper is a feasible business. His investment group is called 2100 Trust, which is planning to make the offer very soon. Kushner owns the Marian Health Greeting Cards business […]

U.S regulators closed three more banks on Friday, which makes a total of 133 banks to fail as of October 15 this year. Two banks were closed in Missouri and one in Kansas. FDIC or Federal Deposit Insurance Corporation confirmed that 3 banks, Premier Bank from Jefferson City, WestBridge Bank and Trust Co from Chesterfield, […]

International bankers warn that forcing several financial establishments to reach up with the new capital requirements too fast could greatly hurt the economies around the world. As a result of the Basel III agreement that 27 countries have settled last month, individual countries might push their banks to meet with the new capital and liquidity […]

Joseph Stiglitz, a Nobel Prize winning economist, said that large emerging economies can still live with weak dollar rate as his defense for the need of new round of U.S economic stimulus on Thursday. According to Stiglitz, US monetary policy seems to be working its way through “competitive currency devaluation.” This is caused by the […]

The Boeing Company had finalized their $5.3 billion agreement with the U.S Navy to create 124 F/A-18 fighter jets, as well as electronic attack planes. The deal extends for four years, which is expected to make over $600 million savings. Boeing and the Pentagon announced the deal on Tuesday, which requires the Boeing Company to […]