How a $15B hedge fund averted disaster

Ken Griffin’s $15 billion firm was flirting with disaster this fall. In a rare interview, he explains how it survived. (Fortune Magazine) — On the morning of Friday, Oct. 24, James Forese, Citigroup’s head of capital markets, picked up the phone and

Sony to cut 8,000 jobs

Electronics giant Sony will cut 8,000 jobs and shutter about 10 percent of its manufacturing capacity in response to ‘sudden and rapid changes in the global economic environment,’ the company announced Tuesday. The cuts amount to about 5 percent of the

Asian markets dip after rallies

Most of the major Asian and Pacific stock exchanges dipped slightly by midday Tuesday, taking a breather after a day of sweeping advances. Australia’s All Ordinaries index was off 0.8 percent Monday afternoon, while Tokyo’s Nikkei gave up earlier gains

Sony Ericsson, Vodafone back Google’s Android

SAN FRANCISCO (Reuters) – Fourteen of the world’s largest mobile phone and chip makers, including Sony Ericsson, Vodafone Group Plc and ARM Holdings Plc, joined the Open Handset Alliance on Tuesday to support the Android mobile device platform developed by Google Inc.

2008 Gets Weirder: Illinois Gov. Arrested for ‘Corruption Crime Spree’

In one of the more bizarre stories in a year chock-full of them, Illinois Gov. Rod Blagojevich and his chief of staff were arrested today for what a federal prosecutor called a “corruption crime spree.”Among the charges against Blagojevich:

Oil falls 4 percent on forecast for shrinking demand

NEW YORK (Reuters) – Oil prices fell nearly 4 percent on Tuesday after the U.S. government forecast the world economic slowdown would shrink global oil consumption this year for the first time since the early 1980s.

TechMARK movers: Antisoma down despite positive data

Cancer drug developer Antisoma was lower despite announcing that new data showed durable responses in patients treated with its novel chemotherapy drug AS1413. The findings result from extended follow-up of patients in a large phase II trial, in which