Morgan Stanley widened its fourth-quarter loss estimate on Goldman Sachs Group Inc, citing a fall in equity, credit and real-estate asset values in November, and rising negative marks on the firm's illiquid asset and principal investment portfolios. Morgan Stanley's Patrick Pinschmidt now expects Goldman to report a loss of $4.45 a share for the quarter,
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Repairing the giant particle collider built to simulate the "Big Bang" could cost up to 35 million Swiss francs ($29 million), the European Organization for Nuclear Research (CERN) said on Friday. Announcing a further delay to the Large Hadron Collider's resumption, now expected in summer, CERN spokesman James Gillies said repairs will cost 15 million
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Facebook's 120 million users are being targeted by a virus dubbed "Koobface" that uses the social network's messaging system to infect PCs, then tries to gather sensitive information such as credit card numbers. It is the latest attack by hackers increasingly looking to prey on users of social networking sites. "A few other viruses have
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Sales of mobile phones are shrinking faster than expected as consumers are cutting spending, the world's top mobile phone maker Nokia said on Thursday in its second warning in three weeks. "Consumers are continuing dramatically to cut back their spending," Nokia Chief Financial Officer Rick Simonson said at the company's investor day in New York,
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China and the United States pledged on Friday to boost efforts to tackle the turmoil engulfing global markets and to continue high-level cooperation when President-elect Barack Obama takes office. But signs of tension marked the two days of talks as the United States fretted that China might be losing the stomach to let its currency
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A report on Friday expected to show the biggest monthly U.S. jobs loss in 26 years is set to pile more pressure on the Federal Reserve to slash rates again and add urgency to an automaker bailout as the global economic crisis deepens. Australia was also trying to protect its automobile business, pledging A$2 billion
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European stocks are set to open sharply lower on Friday, tracking weakness in the U.S. markets on disappointing profit outlooks from large companies and as low oil prices sent the energy sector tumbling. Financial spreadbetters expected Britain's FTSE 100 to open between 54 and 65 points lower, Germany's DAX between 58 and 88 points lower,
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Asian shares rose on Friday following record rate cuts by central banks in Europe, though risk aversion remained, lifting the dollar ahead of what is expected to be dismal U.S. employment data. Oil prices steadied after slumping $3 on Thursday to their lowest level in nearly four years amid bleak economic data that could spell
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A slew of sharp interest rate cuts on Thursday showed the world's central banks have redoubled their willingness to ease policy as far as it takes in their ongoing battle with the worst financial crisis in 80 years. Some were raising rates only months ago but have undergone a rapid conversion as the global financial
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British entrepreneur Theo Paphitis said on Thursday he had pulled out of the running to buy Woolworths' sweets-to-DVDs retail business, but talks between the administrators, Deloitte, and other suitors are continuing. "It is with disappointment that I confirm that we could not reach a deal," Paphitis, famous for his role on BBC Television's Dragons' Den,
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