Barclays may have lost big in Bear fund: report

(Reuters) - Bear Stearns said on Tuesday that assets in the fund are at this point essentially worthless.




The Journal said Barclays was reviewing its options for recovering the $400 million, citing arbitration, a negotiated settlement or litigation as possible strategies.


Read more at Reuters.com Business News

U.K. Pound Advances for Sixth Week on GDP Report, Outlook for Higher Rates

(Bloomberg) -- The pound posted its longest winning
run against the dollar in more than a year after a report showed
U.K. economic growth unexpectedly quickened in the second
quarter, fueling expectations of higher interest rates.

The U.K. currency rose to a 26-year high on speculation the
Bank of England will raise rates half a percentage point from
5.75 percent by year-end while the Federal Reserve stays on hold.
The pound also advanced as the Fed trimmed its forecasts for
economic growth and Bear Stearns Cos. reported losses on hedge
funds that bet on bonds backed by subprime loans.


Read more at Bloomberg Currencies News