JP Morgan Chase has filed a $2.1 bln suit against Enron to recover the assets held in a group of special vehicles. While JP Morgan says its exposure to the vehicles accounted for less $100 million, the balance is believed to have been distributed among a syndicate of banks.
Accounting firm Andersen told Congress it warned Enron Corp about possible illegal acts and said its client left it in the dark on crucial data at the heart of the energy trader's spectacular collapse.
Financial services company American Express is likely to cut 6500 more jobs mostly in its travel business largely due to a drop in travel after the September 11 attacks.
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Confidence among Japanese corporations about prospects for the economy have deteriorated sharply, according to the Bank of Japan's authoritative Tankan survey, underscoring expectations that the world's second largest economy is in the grips of a protracted recession.
The headline rate of UK inflation has fallen to its lowest level in 38 years, underlining the return to an era of low inflation. It was pushed down heavily by another sharp drop in petrol prices and by October's quarter-point cut in interest rates, which was passed through into November mortgage interest payments.
Europe's biggest car maker Volkswagen will pour $2.2 bn into China in the coming years, nearly doubling its investment to develop new products and facilities, senior executives said.
US regulators cleared Nestle, to complete its $10.3 bn acquisition of Ralston Purina, transforming the Swiss food giant's US sales and giving it a leading position in the fastest-growing sector of the pet food market.