WorldBanks Info

Britain’s banks should be prepared to cope with an economic downturn and a housing market slump that could mirror the recession in the early 1990s, a regulator said.

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The New York attorney general said regulators had reached settlements with Merrill Lynch, Goldman Sachs and Deutsche Bank over their roles in selling risky auction-rate securities to investors.

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The broadcast of the Beijing Olympic Games has been a boon for China Central Television, one of the chief propaganda arms of the state and perhaps a new global media titan.

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The apparel retailer said its second-quarter profit rose 51 percent, despite a sales decline, helped by cost-cutting and tight control on inventory.

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General Motors plans to spend $500 million so the factory can start building a compact car that is a critical part of its effort to become profitable again.

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During the credit boom that preceded the current bust, many professional investors thought that they had found a way to increase their profits without taking on risk.

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Manufacturing in the Mid-Atlantic declined less rapidly in August and weekly jobless claims fell, but an index of leading economic indicators posted its largest one-month decline in nearly a year.

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The German lender IKB Deutsche Industriebank will be sold to the private equity firm Lone Star Funds, the German company’s biggest shareholder said Thursday.

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Oil prices jumped more than $5 a barrel and the dollar fell back against the euro and the yen. U.S. stocks fell on continuing fears about the health of the nation’s credit markets.

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Jessica Dunne spent about $100,000 of her own savings over the last three years to develop Ellie, her first perfume. In June, she introduced her second fragrance.

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