Financial assets lost $50,000bn worldwide (Headlines)
Financial assets worldwide might have lost more than $50,000bn, equivalent to a yearâ??s global economic output, according to a report by the Asian Development Bank (ADB).
Bank of Americaâ??s credit rating was cut for the second time in three months Tuesday, amid concerns that the weakening economy and the acquisition of Merrill Lynch will hurt the bankâ??s earnings.
HSBCâ??s consumer finance division will require further capital injections for several years, the bank admitted Monday, as it revealed the business had destroyed about $10bn in shareholder value since it was bought six years ago.