Kuwait's $200 billion fund keeps mum on Citi, Merrill
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The $200 billion Kuwait Investment Authority had no immediate comment on Monday on a report it may buy into Merrill Lynch & Co Inc  and Citigroup Inc , two U.S. banks hit by credit market losses.
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Merrill Lynch  said on Tuesday that it would issue $6.6 billion in preferred shares to investors, including the Kuwait Investment Authority, as the subprime-hit bank continues to look overseas to boost its capital.
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Dow said it will receive about $9.5 billion from a unit of Kuwait Petroleum for contributing five of its global businesses worth about $19 billion to the petrochemicals joint venture.
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The three top U.S. banks have abandoned a Treasury-backed plan for a fund to bail out structured investment vehicles, sources familiar with the matter said, after Citigroup  and others launched independent rescues, making the fund unnecessary.
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A $2 billion hedge fund fails, and there will be more, analysts say.
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Investor's Business Daily - U.S. stock mutual funds tumbled for the third straight month in July as the Federal Reserve kept raising interest rates, oil prices rose and geopolitical problems from North Korean missile tests to an Israel military strike into Lebanon kept investors on the sidelines.
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Merrill Lynch  said on Tuesday it would issue $6.6 billion in preferred shares to investors, including the Kuwait Investment Authority, as the subprime-hit bank looks to shore up its capital base.
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Citigroup announced another big investment by foreign investors after taking a $18.1 billion write-down and a $9.83 billion fourth-quarter loss, while its C.E.O. said it would cut 4,200 jobs.
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Citigroup Inc. (CN: Quote, Profile, Research) , the world&#39;s largest financial services company, said it remains committed to asset management, rejecting a published report it might
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The United States is in the middle of a retail banking war, but Citigroup Inc., one of the biggest U.S. banks, has fallen behind.
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Bank announces $18 billion in write-downs as well, also gets infusion of funds from various investors and sovereign wealth funds, but investors fear the worst may be yet to come.
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Investing remains risky in Saudi Arabia, Qatar and Kuwait, notably because the presence of US forces in the region makes these countries vulnerable to terrorist attacks, a security consulting firm said.
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Twenty-nine investment firms, including some of Wall Street's biggest names, have been fined a total $9.2 million by securities regulators who said they were late in reporting disciplinary history and other data about their brokers. The investment arms of Merrill Lynch &amp; Co. and Wachovia Corp. were barred from registering new brokers for five business days.
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Merrill Lynch & Co Inc.  may look to sell its 20 percent stake in Bloomberg LP to raise capital after writing down $8.4 billion of assets last quarter, some investors have said.
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The move by the countryâs $200 billion wealth fund comes as the government nears the end of a decade-long reorganization of the banking industry.
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Investor's Business Daily - The ex-Fed chief said it's not clear if a proposed $75 bil fund to ease the current credit crisis will work. The fund, created by Citigroup, Bank of America and JPMorgan, will buy high-quality assets of structured investment vehicles. Alan Greenspan said, "The issue here is how do you stabilize this sort of market ... will an intervention do that? If you go into a market and absorb a chunk of supply by essentially bidding above what fire-sale prices might be, that might persuade others from trying to get out of the market."
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China has been the financier keeping the U.S. government well funded, but the rate of increase of its holdings of dollar-based securities seems to have slowed.