business - "market"

'The big issue is the credit swap business, and they do not have any control over market prices.' American International Group , after disappointing with a worse-than-expected loss on Thursday, did little to buoy investor spirits on Friday, telling shareholders it does not yet see signs of a rebound in the ... via WNED.org

SAN FRANCISCO (MarketWatch) -- ANB Financial N.A. of Bentonville, Ark., was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation was named receiver, the FDIC said late Friday. This marks the third bank failure of the year. FDIC's board approved the assumption of the insured deposits of ANB Financial by Pulaski Bank and Trust Co. in Little Rock, Ark. The regional bank's nine offices will reopen Monday as branches of Pulaski Bank. ANB had about $2.1 billion in assets and $1.8 billion in total deposits as of Jan. 31, according to the FDIC. Pulaski Bank will assume $212.9 million of ANB's insured nonbrokered deposits for a premium of 1.011% and will purchase $235.9 million of assets.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

U.S. stocks tumble, with the major indexes headed towards weekly losses, as the financial sector spouts more leaks after American International Group Inc. reports a $7.8 billion loss and Citigroup Inc. unveils plans to shed about half a trillion dollars in assets.

CITIGROUP said overnight it plans to shed $USUS400 billion ($US425 billion) of assets within three years and boost revenue by up to 10 per cent annually, in a bid to restore profitability after huge losses tied to flagging mortgage and credit markets.

OAKDALE, CA (MARKET WIRE) Oak Valley Community Bank (OTCBB: OVYB) previously announced plans to establish a one-bank holding company called Oak Valley Bancorp. The Bank's Board of Directors approved a plan of merger and reorganization for Bancorp at its April board meeting, subject to regulatory approval and shareholder approval at the Bank's upcoming meeting on June 17, 2008. The Bank and Bancorp submitted its application today to the FDIC and California Department of Financial Institutions for required approvals related to the reorganization.

US stocks were lower in a week during which continuing concerns about oil prices, inflation and credit markets outweighed strong sales figures from several retailers and encouraging economic data

AP - wall street ended the week with a big decline as investors grappled with two of the biggest threats to the economy: fallout from turmoil in the credit market and surging energy prices. All three major indexes suffered losses for the week.

NEW YORK (MarketWatch) -- If you want to know how far Israeli companies have come in country's 60-year history celebrated last week, the president of the only Israel-focused mutual fund company in the U.S. is happy to oblige.

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SAN FRANCISCO (MarketWatch) -- Boeing Co. said late Friday it started negotiating a new labor contract with the International Association of Machinists and Aerospace Workers union covering more than 26,000 employees. Workers affected by the negotiations are in the Seattle area, Portland, Ore., and Wichita, Kan., the company said. Boeing expects to have a new contract with the union in place by Sept. 4. (Corrects dateline.)Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.