BAD NEWS: Mortgage industry layoffs in the US rose as surging home foreclosures and a credit squeeze forced home lenders across the country to scale back operations
US investment bank Lehman Brothers Holdings Inc said on Wednesday it was closing down a mortgage subsidiary with the loss of 1,200 jobs, citing a slowdown in subprime mortgage business.

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A recently disclosed fraud involving hundreds of thousands of people on the Monster.com jobs Web site reveals the perils of leaving detailed personal information online, security analysts say.

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The heavens are only a few mouse clicks away with Google Inc's latest free tool.

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Countrywide Financial Corp said on Wednesday that Bank of America Corp had made an investment of US$2 billion in the company, a deal that comes as the US' largest mortgage lender tries to weather a credit crunch that has rocked Wall Street and the mortgage industry.

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Southeast Asia's regional bloc is considering a moratorium on new free-trade talks because ongoing negotiations with six countries have overstretched resources and personnel, officials said yesterday.

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Ford Motor Co will not make an announcement about the sale of its Jaguar and Land Rover units until late this year or perhaps early next year, the head of the company's European operations said.

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■ FINANCE
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