AP, Bloomberg, Reuters, N.Y. Post
Last updated: 3:52 am
July 5, 2008
Posted: 3:10 am
July 5, 2008
Oil down
Crude oil fell from near a record after Iran responded to incentives intended to persuade it to stop uranium enrichment. Crude oil for August delivery fell $1.25, or 0.9 percent, to $144.04 a barrel in electronic trad ing on the Nymex.
SocGen fined
Societe Generale SA, the French bank stung by a record trading loss, was fined 4 million euros ($6.3 million) by the country's Banking Com mission for failing to comply with rules on in ternal controls.
UBS AG
UBS AG may avoid a loss in the second quarter and has no plans to raise capital after 3 billion Swiss francs ($2.9 billion) in tax credits offset damage from the subprime crisis.
BCE buyout
BCE Inc., Canada's biggest phone company, signed a final agreement with a group led by the Ontario Teachers' Pension Plan to complete the world's largest lever aged buyout after agree ing to scrap its quarterly dividend. The C$52 billion ($51 billion) purchase of BCE, first announced a year ago, will be done by Dec. 11 at the original price of C$42.75 a share, the Montreal- based company said.
Overseas
European stocks dropped, capping their fifth weekly decline, on concern banks will post more writedowns and near-record oil prices will curb airlines' profits. Canada's benchmark index and most shares in Brazil and Asia also fell. US markets were closed for Independence Day.
Copyright Reuters.
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