Business

January 24, 2011

Facebook raises $1.5 billion

Confirming reports that have swirled for weeks, Facebook said Friday that it has raised $1.5 billion from Goldman Sachs and Digital Sky Technologies. The investment gives the company a valuation of approximately $50 billion. The company also…

January 21, 2011

Gold company to invest US$185mto expand Suriname operations

The Toronto-based parent company of Lam-gold, the largest gold-mining enterprise operating in Suriname, says a…

January 20, 2011

China’s economy grew 10.3% in 2010

China's gross domestic product (GDP) grew a faster-than-expected 10.3% in 2010, official statistics…

January 19, 2011

Apple sets new record with sales of $27 billion

Apple reported results on Tuesday for its best-ever quarter, with revenue of $26.7 billion driven by…

January 19, 2011

Bank calls in the receivers to Newstead Belmont

Newstead Belmont Hills Golf Resort went into receivership yesterday after Butterfield Bank recalled a multi-million dollar loan. The luxury Paget property will continue to run, although receivers Ernst and Young have not ruled out selling some,…

January 14, 2011

Turks and Caicos Banking Company restructures its operations

The Turks and Caicos Banking Company, the country's oldest independent private bank, has announced plans to restructure…

January 13, 2011

Fundraising pressure on China’s banks unlikely to ease

Despite a flurry of deals last year that raised nearly $82 billion, stock and bond sales by China's…

January 13, 2011

Lehman sees $60 billion bankruptcy payout, needs time

Lehman Brothers Holdings Inc (LEHMQ.PK) said it will take longer than expected to win approval of a bankruptcy plan, and projects paying out $60.1 billion as it tries to settle differences with creditors owed six times that amount. Harvey Miller,…

January 13, 2011

Madoff victims win $7.2 billion from Picower estate

It's a landmark day for victims of Bernard Madoff's Ponzi scheme. A bankruptcy court judge approved the…

January 13, 2011

Auto bailout’s estimated cost to taxpayers: $19 billion

A Congressional oversight panel says that a "starkly improved" outlook for the auto industry has reduced the likely taxpayer loss on the bailout by more than half to about $19 billion. The previous estimate from the panel was that taxpayers would…