In 2006, when the nation was at the height of its housing boom, Wachovia went on to acquire Golden West Financial Corp. - mortgage lender for $25-billion, and also inherited its deteriorating speciality $122-billion portfolio of Pick-a-Payment loans, which allows borrowers to skip payments and in large part, the possible cause of Wachovia's current problems.
 
But, Wachovia too like other banks stands to benefit from the government’s proposed $700 billion rescue plan.
 
Earlier this summer, Wachovia announced a slash in dividends and plans to cut 11,350 jobs, mostly in its mortgage business, after reporting a $9.11 billion loss for its second quarter.
 

Aksh Optifibre, an Indian provider of optical fibre solutions, has entered into 3-year agreement with Sony Pictures Entertainment to bring Hollywood content for iControl, to provide the best possible entertainment to the viewers.

Icontrol is a television connection allowing viewers to control television programmes as per their convenience with more than 130 channels, value added services like video on demand, time-shifting, live television voting etc.

Chennai-based Orchid Chemicals and Pharmaceuticals has entered into an arrangement with US drug maker Merck & Co. Inc. for discovery and development of novel anti-infective drugs.

Under the terms of deal, Orchid will receive an undisclosed upfront payment and will be eligible to get payment totaling more than $100 million in different milestones.

Apart from this, the Indian drug maker will also receive royalties on global sale of the drugs.

Washington, Sept. 29 : Presidential candidates – Barack Obama and John McCain have both expressed cautious support for the 700 billion dollar bail out to end the meltdown on Wall Street.

McCain told ABC''s "This Week" program that he will "swallow hard and go forward" with the plan, adding "the option of doing nothing is simply not an acceptable option."

New York - US banking giant Citigroup Inc will buy the bulk of the operations of fourth-largest bank Wachovia Corp, the latest consolidation move under government watch in the ongoing credit crisis.

Citigroup will buy the banking business of Wachovia and get government help in absorbing some of the losses related to the subprime-mortgage market, the Federal Deposit Insurance Corp (FDIC) said in a statement.

But the FDIC insisted the takeover should not be viewed as a bail- out, and assured Wachovia customers that operations would continue to run smoothly in the transition.

Citigroup will take on more than 40 billion dollars in losses.

London, Sept. 29 : The United States has supplied Israel with a powerful long-range radar system that would provide an extra early warning in case of an Iranian missile attack.

According to The Telegraph and The Times, the equipment was flown into Israel last week along with 120 American staff and has been set up at an air force base in the southern Negev desert.

It is believed to be the first time American personnel have been stationed in Israel since the 1991 Gulf war, when Patriot anti-missile batteries were deployed - to little effect - against Iraq''s Scud missiles.