Bear Stearns and CITIC set alliance
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NEW YORK/SHANGHAI  - Bear Stearns Cos, a U.S. investment bank that has been battered by slumping mortgage markets, and China's CITIC Securities Co have agreed to swap stakes in each other and form a broad alliance, the firms said on Monday.
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Citigroup Inc. C.N and an advocacy  group long critical of many banks' lending practices on Monday  announced a partnership that they said will help promote home  ownership in low- and moderate-income neighborhoods, especially  for immigrants.
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Bear Stearns shares rose 7.7 percent yesterday on speculation that investors including Warren E. Buffett may buy all or part of the company.
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Bear Stearns Cos, the U.S.  investment bank battered by slumping mortgage markets, and  China's CITIC Securities Co have agreed to swap stakes in each  other and form a broad alliance, the firms said on Monday.
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Stelco Inc., the Canadian steelmaker in bankruptcy protection, reached agreement with Deutsche Bank AG on a new refinancing proposal, two days after a loss of a General Motors Corp.
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British billionaire Joseph Lewis has taken a 7 percent stake in Bear Stearns Cos Inc , snapping up about $860 million worth of the investment bank's stock.
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Investors in Bear Stearns Cos.  hedge funds that were virtually wiped out from large bets on risky mortgages are planning to sue the company as early as Monday, television channel CNBC reported on Friday.
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Citigroup Inc. C.N the world's  largest financial services company, said on Tuesday it will  acquire Texas-based First American Bank.
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Joseph C. Lewis, who became a billionaire trading currencies, has taken a 7 percent stake in Bear Stearns Cos Inc &lt;BSC.N&gt;, snapping up about $860 million worth of the investment bank's stock over the past two months.
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U.S. stocks were expected to nudge  higher at Tuesday's open with fourth-quarter earnings from  investment banks Morgan Stanley MWD.N and Bear Stearns Cos.  Inc. BSC.N taking center stage.
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The recent woes of Citigroup  have encouraged some investment bankers to talk up the chances that the biggest U.S. bank might feel pressure to buy a major U.S. rival, with Wells Fargo & Co.  and even Goldman Sachs Group  touted as potential merger partners.
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Bear Stearns Cos , an investment bank battered by the mortgage market slump, and China's CITIC Securities Co  said on Monday they will take investment stakes in each other and form a broad strategic alliance.
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Citigroup Inc. , the biggest US bank, offered $10.8 billion to buy investment-banking partner Nikko Cordial Corp. after the Japanese brokerage was battered by an accounting scandal.
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Citigroup Inc  executives say they have enough funding in place to support the $80 billion in structured investment vehicles (SIVs) the bank manages and won't be forced to sell assets at distressed prices, The Wall Street Journal reported on its Web site.
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NEW YORK -- Bear Stearns Cos., the fifth-largest U.S. investment house, on Thursday reported robust capital markets and investment banking activity helped it achieve the best fourth quarter in the company's history.
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U.S. regulators said on Wednesday that Bear Stearns Cos. Inc.  should be able to unwind the positions of its two troubled hedge funds without causing wider financial market distress.
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U.S. and European banks including  Citigroup Inc  and HSBC Holdings PLC  are mulling  sales of parts of their businesses from branches to entire  units in a nod to crunch times ahead, the Wall Street Journal  reported on its Web site on Thursday.