2009

Feb

17

Trustwave acquires Mirage Networks

Trustwave has acquired Mirage Networks, a provider of Network Access Control (NAC) technology to financial organizations and other industries.

2009

Feb

02

Lehman creditors may receive stock instead of cash

Lehman Brothers, which went bankrupt in September 2008, has devised a plan to split up its illiquid assets into two companies. It will provide the creditors with stock in these companies instead of cash to boost their returns. The plan would prev

2009

Feb

03

Citigroup plans to use part of bailout capital to increase lending

Citigroup plans to utilize USD 36.5 billion out of the bailout capital, infused by the U.S. government, for new mortgages, credit card loans and for buying mortgage-backed securities. The banks' aim is to use TARP (Trouble Asset Relief Program) funds

2009

Feb

03

Australian govt. cuts rates to avoid recession

The central bank of Australia has cut its interest rate to 3.25 percent. This is the lowest rate in the last 45 years, with the reasons being global recession and decreasing commodity prices. However, it is comparatively higher than most other develo

2009

Feb

03

Scandal-hit Satyam wins new outsourcing contracts

Amidst controversies, Satyam has found itself capable enough to win 15 new outsourcing contracts in January 2009. The company lures contracts from markets such as North America, Europe, Japan, Africa, Middle East and Asia-Pacific. Until now, onl

2009

Feb

03

U.S. government plans executive pay cuts for bailout recipients

The U.S. Government is planning to put a ceiling of USD 500,000 for top executives in those financial firms, which have received bailout money. It is expected that executives would only be getting normal stock dividends and not bonuses above their ba

2009

Feb

04

Congress asks explanation from bailout recipients

Congress has asked top executives of Bank of America, Wells Fargo, and other banks for clarification regarding their spending of taxpayer-funded bailout money. Banks such as Citigroup, JP Morgan, State Street, Goldman Sachs, Morgan Stanley and Bank o

2009

Feb

05

U.S. government requires investment plan for bank holdings

The U.S. government has to decide on exercising its warrants in order to hold common stock in some of the rescued banks. It has to formulate an investment plan for its holdings worth USD 271 million, collected in dividends from ownership stakes in Am

2009

Feb

05

World Bank plans to inject more cash in developing nations' banks

International Finance Corp. (IFC), the World Bank's private-sector division plans to inject funds into the banks of developing countries to introduce liquidity amid global economic crisis. The bank recapitalization fund is projected to increase to US

2009

Feb

06

U.S. government overpays billions under TARP

According to the Congressional Oversight Panel report, the government has overpaid USD 78 billion under the Troubled Asset Relief Program (TARP). U.S. government's Treasury Department gained minimum value from its investments in AIG and Citigroup. Un