Bank of America settles claims
The sign of a Bank of America ATM machine is pictured in downtown Los Angeles. Bank of America and its Countrywide unit will pay US$ 8.5 billion to settle claims that the lenders sold poor- quality mortgage- backed securities that went sour when the housing market collapsed. The deal, announced yesterday, comes after a group of 22 investors demanded that the bank repurchase US$ 47 billion in mortgages that its Countrywide unit sold to them in the form of bonds. — Reuters SINA Corp has partnered with a Japanese Internet company to expand its microblog site Weibo.com outside China.
Under the agreement, Find Japan Inc will provide Weibo account verification services for Japanese institutions and celebrities starting next month. The partnership will allow Japanese companies and individuals to have a chance to communicate with more than 140 million Weibo users in Chinese.
Sina said earlier that it plans to roll out an English version of its Weibo service at the end of this year.