The stress of financial turmoil is literally showing on the faces of Americans, with many unemployed individuals growing beard in the country.
The top executives at Merrill Lynch and Morgan Stanley, led by their chief executives John Thain and John Mack, will not receive bonuses this year amid growing pressure on Wall Street leaders to share the pain of the financial crisis.
Arun Sarin, who recently retired as the Vodafone group CEO, is being considered for the post of chief executive of internet major Yahoo! Inc, the Wall Street Journal says.
Dow Jones said shares representing approximately 60.3 per cent of the outstanding voting power of the company were cast on Thursday in favour of the merger. Announcing the approval, Dow Jones said the stockholders' vote satisfies the final condition for the completion of the deal. The two companies had signed an agreement and plan of merger on July 31. The merger became effective on Thursday.
Attributing to a person familiar with the situation, The Wall Street Journal said that Bank of America's directors plan this week to settle on an emergency CEO pick, in case legal turmoil forces Lewis to step down before year-end.
As part of the reshuffle, James Murdoch will step down as chief executive of British Sky Broadcasting, and replace his father as non-executive chairman of the UK satellite broadcaster.
Days after Citi's global CEO Vikram Pandit said the group planned to reduce head-count by 52,000, there are reports that the financial major will lay off over 1,000 employees in India. The financial services company has around 10,000 employees in India.
Favouring 'aggressive action' to boost the shaky American economy, House Speaker Nancy Pelosi has proposed a two-stage effort with a $60-100 billion stimulus package this month followed early next year by a 'permanent tax cut'.
Hollywood producer Peter Guber says business leaders need to know the power in their roles and not lose sight of the need for drama.
The White House announced on Wednesday that President George W Bush will invite Prime Minister Manmohan Singh and the other leaders of the G-20 countries for a major White House Summit to discuss the Wall Street meltdown.
19-year-old Indian-American pre-med student Atul Nakhasi is suddenly the darling of Democratic Presidential candidates.
Writer Asra Nomani, a friend of Daniel Pearl's, tells Aseem Chhabra why she doesn't believe in A Mighty Heart.
Cities with a strong presence in health care, education, law, energy, and the government will feel the impact of a downturn less.
