TAKING A HIT: Financial stocks have been seriously affected by growing losses associated with subprime mortgages granted to individuals with poor credit last year
US stock markets ended mixed on Friday with the leading Dow Jones Industrial Average higher for a fourth straight trading day as investors set their sights on lower interest rates.

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Crude oil prices dipped to their lowest levels in more than a month on Friday, falling below US$89 a barrel as investors sold amid signs of weakening demand and expectations OPEC will boost production next week.

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ALL CHANGE: Analysts said a number of big upcoming flotations in China had raised concerns that investors might sell existing holdings to fund new share purchases
Asian stocks closed mostly up on Friday amid growing hopes of a US interest rate cut, but Shanghai bucked the trend by falling more than 2 percent as investors nervously eyed upcoming flotations.

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The dollar firmed on Friday amid renewed optimism about the outlook for the US economy as prospects for a cut in interest rates appeared to rise.

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OPTIMISM: The London market was also buoyed by merger and acquisition talks in the mining sector, with the FTSE 100 index rising to close at 6,432.50
European shares closed higher on Friday as Wall Street extended its gains on prospects of a cut in interest rates by the Federal Reserve to boost the US economy, dealers said.

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LARGER NETWORK: The acquisition added 1 million new clients to the US-based bank's client portfolio and boosted its number of employees from 3,500 to 5,600
By Joyce Huang
Citibank Taiwan Ltd (花旗台灣) yesterday completed its acquisition of the Bank of Overseas Chinese (華僑銀行), boosting its local branch network from 11 to 66 when it opens for business tomorrow.

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Moody's Investors Service said that the US$64.9 billion in debts sold by Citigroup Inc's structured investment vehicles (SIV) was cut or placed on review for a downgrade as part of a review of $130 billion of SIV debt.

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Ed Zander is out as Motorola Inc's chief executive after a roller-coaster four years that saw him oversee the cellphone maker's Razr-led resurgence but ultimately bear blame for strategic gaffes and product whiffs that led to its steep decline.

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China Construction Bank Corp, the world's second-largest bank by value, has opened its first Australian office in Sydney as it seeks to expand its operations in the country.

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ALONE: While the move was expected, the search giant surprised the market with its decision not to team up with an experienced partner
Google Inc confirmed its plans to bid for a prized piece of the airwaves in an upcoming government auction, further underscoring the Internet search leader's determination to shake up the wireless market and plumb more profits from mobile phones.

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US Treasury Secretary Henry Paulson said he's moving "fast" in seeking a solution to the subprime crisis as securities industry lobbyists warned against any deal that weakens the US$7.1 trillion mortgage-bond market.

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