| SUN Discusses New Operating Plan, Financial Restructuring, Management and Consolidation
SUN Sports and Entertainment Inc. (Other OTC:SSPE.PK - News) announced today improved changes to its operating plan including a financial restructuring of debt and the placement of new equity capital. In addition, the Company reports change in management, additions to the Advisory Board, and the consolidation of operating facilities. .
(AFX UK Focus) 2008-03-12 09:49 GMT: Malaysian shares close sharply higher on Fed rescue plan - UPDATE
KUALA LUMPUR (Thomson Financial) - Malaysian shares closed sharply higher on Wednesday as sentiment improved following strong gains on Wall Street overnight after the Federal Reserve pledged to pump up to 200 billion dollars into ailing US financial markets. Extended bargain-hunting after Monday's free fall also gave the local bourse a boost. But profit-taking dragged the benchmark index off the day's high before trading closed. The Kuala Lumpur Composite Index (KLCI) rose 26.05 points or 2.2 percent to close at 1,232.59, off a high of 1,251.35. The FTSE Bursa Malaysia 30-large cap index climbed 177.01 points or 2.2 percent to 8,177.69 and the FTSE Bursa Malaysia second board index gained 78.10 points or 1.3 percent at 5,890.87. Advancers led decliners 595 to 197, with 205 stocks unchanged and 430 counters untraded.
Banks face "new world order," consolidation: report
NEW YORK (Reuters) - Financial firms face a "new world order" after a weekend fire sale of Bear Stearns and the Federal Reserve's first emergency weekend meeting since 1979, research firm CreditSights said in a report on Monday. More industry consolidation and acquisitions may follow after JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) on Sunday said it was buying Bear Stearns (BSC.N: Quote, Profile, Research) for $236 million, or $2 a share, a deep discount from the $30 price on Friday and record share price of about $172 last year. "Last evening the Bear Stearns situation reached a crescendo, as JPMorgan agreed to acquire the wounded broker for a token amount of $2 per share," CreditSights said. "The reality check is that there are many challenged major banks, brokers, thrifts, finance/mortgage companies, and only a handful of bona fide strong U.S.
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