MCI says its asset values to be written down $3.5 billion
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MCI Inc. plans to write down the value of its assets by $3.5 billion to reflect the decreased worth of the company&#39;s telephone network as its consumer business shrinks.
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Marsh & McLennan Cos. MMC.N, the  insurance broker at the center of a bid-rigging probe, on  Tuesday said it will lay off 3,000 employees, or 5 percent of  its work force, and reported third-quarter profit tumbled 94  percent.
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MCI, the second-largest US long-distance telephone company, will write down assets by $3.5 billion in the third quarter, reflecting their reduced value as calling prices tumble and demand declines.
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China has agreed to pump $5 billion into Morgan Stanley as the U.S. investment bank reported a stunning fourth-quarter loss fueled by $9.4 billion in write-downs in subprime mortgages and other assets.
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Sprint Corp. on Tuesday reported a wider loss for the third quarter as it wrote off &#36;3.5 billion in value for its long-distance assets.
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Sprint Corp. (FON.N: Quote, Profile, Research) on Tuesday reported a larger third-quarter loss due to a $3.5 billion write-down in the value of its long-distance assets.
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Gold Fields will be expected to sell its international assets valued at up to $3.5 billion and return the cash to shareholders as part of its defence against a hostile all-share bid from rival gold producer Harmony.
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China agreed to pump $5 billion into Morgan Stanley  as the U.S. investment bank reported a stunning fourth-quarter loss fueled by a bigger-than-expected $9.4 billion of write-downs in mortgages and other assets.
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NEW YORK -- MBIA Inc. reported write-downs of $3.5 billion on souring credit derivatives in the fourth quarter Thursday, raising the possibility that the world's largest bond insurer could lose its top credit rating.
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Only six months out of bankruptcy, MCI has reported net losses of $3.4bn for Q3, due to falling revenues and a write down of the value of its network.
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The bond insurer, which took a $5.21 billion write-down, said it is reviewing ways to raise capital.
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The nation's fourth-largest bank plans to shore up $3.5 billion
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Merrill Lynch is expected to report today that it will add about $2.5 billion more to the $5 billion in write-downs it has already announced, a person briefed on the plan said.
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Another bank took an ax to its asset valuations Friday, as the parade of markdowns induced by the recent credit crunch continued. The latest ten-digit chop came from Wachovia Bank, which said it wrote down loans and other securities by a total of $1.3 billion in the third quarter, contributing to an overall profit decline [...].
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US mutual fund assets fell 2 percent to $7.4 trillion last month, as declining equity markets reduced the value of stock funds, according to a survey conducted by the Investment Company Institute.
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MCLEAN, VA. -- MCI lost $3.4 billion in the third quarter, due to a previously announced asset writedown of $3.5 billion, but its core operating results were better than expected.
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Morgan Stanley unveils a $9.4bn asset write-down and sells a $5bn stake to the Chinese sovereign wealth fund.