Merrill courts foreign investors after $8bn loss

Merrill Lynch has reported a full-year loss of $7.8 billion for 2007. The firm said in a statement that its performance in 2007 was driven by declines in fixed income, currencies and commodities revenues for the second half of the year, which more than offset record revenues in equity markets and its investment banking and private client businesses. The bank made net earnings of $7.5 billion for 2006.

The firm has boosted its capital position by agreeing to issue $6.6 billion of mandatory convert

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