Beijing opens Olympics with elaborate ceremony

Date: Fri, 08 Aug 2008 12:03:12 -0400

Beijing opens Olympics with elaborate ceremony

The 29th Olympic Games opened in Beijing Friday with an elaborate
ceremony punctuated by a dramatic fireworks display and a cast of
thousands of performers.

Credit expenses lead to $2.3 bln loss at Fannie Mae

Fannie Mae posts a $2.3 billion loss as the biggest U.S. buyer of home
mortgages says the struggling housing market and credit expenses again
hurt its performance during the second quarter. Investors react
negatively. Fannie CEO issues gloomy forecast for home prices.

MBIA reports surprise profit of $1.7 billion

MBIA Inc. reported a surprise second-quarter net income of almost $2
billion on Friday as the bond insurer booked gains on credit
derivatives.

The curse of the ABN Amro acquisition

It was billed as the biggest banking takeover ever and a deal that could
propel its participants into the top tier of global firms, but those
involved in the break-up of Dutch giant ABN Amro last year have suffered
more than most in recent months.

Toyota's net falls 28% on stronger yen, sales slump

Toyota Motor Corp. reports Thursday a 28.1% decline in net income for
the April to June quarter, owing to a stronger yen, higher raw material
prices and slumping North American and European sales.