Aviva investors tell RSA to up £5bn offer

first_img Show Comments ▼ Tags: NULL Share Sunday 15 August 2010 11:10 pm Aviva investors tell RSA to up £5bn offer KCS-content center_img whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldUndoTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndo whatsapp More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org INVESTORS in Aviva have said rival RSA must increase its £5bn offer if it wants to walk away with the insurer’s property and casualty business.Aviva immediately rejected the surprise offer for its general insurance arms in the UK, Ireland and Canada, made in a letter from RSA chairman John Napier last month. There are no ongoing discussions between the companies, but some Aviva shareholders said they would be open to a sale at a better valuation.“It’s trading at a pretty big discount to what you’d imagine the sum of the parts would be, and somehow they’ve got to find a way to release that,” said Jane Coffey at Royal London Asset Management, which owns shares in Aviva. “There is a price for everything,” Coffey added, but insisted a serious offer would have to be at a higher price. Analysts at Merrill Lynch reckon Aviva’s general business is worth just under £6bn.Colin Morton, a fund manager at Rensburg, which owns RSA shares, said in principle he supported the group’s pounce on Aviva. “[But] there are concerns… and they would have to give us a convincing argument as to how they could run the business better than Aviva,” he said.RSA has lined up BNP Paribas, Deutsche Bank and HSBC to underwrite a £5bn rights issue to fund the takeover. It estimates a tie-up would save around £300m in cost synergies.“The reason Aviva has given the rejection is that it doesn’t want to sell. It’s totally up to the Aviva shareholders now, if they think this deal is important,” said a person close to the situation. Aviva, the only insurer in the UK still offering both general and life insurance, maintains its general arm is important for generating cash and meeting capital requirements. last_img read more

TV wars loom as Apple takes aim

first_img whatsapp Show Comments ▼ Wednesday 1 September 2010 8:54 pm TV wars loom as Apple takes aim Apple last night launched a revamped on-demand TV service it hopes will help it smash into the online rental market.Apple TV allows users to rent episodes of hit US shows like Glee for as little as 99¢ (64p) and play them through their TV. The device could catapult Apple into a market currently dominated in the UK by firms such as Sky, Virgin and the BBC.It announced tie-up deals with ABC and Fox, with Steve Jobs saying he expects other major content producers to jump on the bandwagon soon.The release is a shift in strategy for Apple, which has previously allowed users to buy, rather than rent, TV shows. To date it has sold 450m episodes, compared to 11.7bn songs downloaded from its iTunes platform.It is the second incarnation of the product, the first released to critical acclaim but public apathy in 2006.The new version is sleeker and just a quarter of the size. But the main difference is a steep drop in the price from $229 to just $99, with a pricetag of £99 in the UK.Apple chief executive Steve Jobs said: “This tiny, silent box lets users watch thousands of HD movies and TV shows, and makes all of their music, photos and videos effortlessly available on their home entertainment system.”Analysts told City A.M. the low price suggests Apple is more interested in breaking into the market than generating serious revenue through the device.It is also unlikely that Apple TV will be able to dominate viewing habits in the same way it has revolutionised the way we consume music.Ian Maude of Enders Analysis said: “This will take some business away from the big TV players. It is part of a slow shift towards paid-for content so that will chip away at the BBC and ITV.“But it is in more direct competition with Sky and Google [which launched a new TV service earlier this week]. It is a very long-term game. At the moment on-demand rentals is a very small market. It’s also a very competitive one and it will be difficult to take customers from the big players, especially as it only has deals with two partners. There is absolutely no chance of Apple becoming dominant in the TV market – it is about chipping away at its rivals.”Apple announced a host of other products, including a new range of iPods. It will also release a new version of iTunes which will feature a social networking feature described by Jobs as “iTunes meets Twitter and Facebook.” Share More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org KCS-content whatsapp Tags: NULLlast_img read more

WHY BERNANKE IS BEING DUBBED THE NEW RUDOLF VON HAVENSTEIN

first_img Share Sunday 24 October 2010 10:06 pm More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comPuffer fish snaps a selfie with lucky divernypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com WHY BERNANKE IS BEING DUBBED THE NEW RUDOLF VON HAVENSTEIN KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Timescenter_img whatsapp Show Comments ▼ IT’S been a particularly rough week for Federal Reserve chairman Ben Bernanke when it comes to comparisons. First, he had to endure a hapless US chief investment officer drawing obscure parallels between the Fed warning on the beginning of a global currency war and Hitler warning of the start of World War II (no, The Capitalist doesn’t quite get the connection either).And before the weekend, a slightly more learned comparison came courtesy of SocGen strategist Dylan Grice, who’s got a bee in his bonnet about asset price inflations. Again, the association is a Germanic one – and to find the parallel, Grice has delved into the history books to revisit the 1920s, when Reichsbank president Rudolf von Havenstein was presiding over the worst period of hyperinflation in Germany’s history, when wheelbarrowfuls of dosh would just about cover a loaf of bread.“Von Havenstein paused, thought and then added two plus two, to arrive at about … oooh … sixteen million,” Grice wrote in his latest missive. “Noting that currency bestows purchasing power and observing the troubling lack thereof across the country, he diagnosed the problem as being a lack of currency, and concluded that more printing would solve the problem. Today we look back and chuckle at von Havenstein’s naïveté, so staggeringly dense it might have bent light.”Today, unfortunately, he reckons the (lack of) thinking hasn’t changed, though the circumstances are somewhat different. “Bernanke and his co-believers are equally oblivious to their contemporary equivalent: asset market inflations. From emerging markets to precious metals to agriculture, it’s like déjà vu all over again. Nascent bubbles are emerging. But to what Havensteinian conclusion does the warped logic of our central bankers lead them? Why, the world needs more liquidity, of course…”STAR QUALITYKnowing the importance of image in the upper echelons of the banking world, The Capitalist imagines that JP Morgan chief executive Jamie Dimon and former Merrill Lynch boss John Thain are relatively chuffed with the actors chosen to play them in the upcoming movie of Andrew Ross Sorkin’s best-selling Too Big to Fail.Dimon will be played by Bill Pullman, best known for playing a go-getting US President in Independence Day. And Thain hasn’t lost out in the macho stakes, either – he’ll be portrayed by Matthew Modine, star of war flick Full Metal Jacket. Other names already confirmed for the film include William Hurt as US Treasury secretary Henry Paulson, Paul Giamatti as Ben Bernanke, and Tony Shalhoub as Morgan Stanley’s John Mack. whatsapp Tags: NULLlast_img read more

High Court gives green light to Irish bank revamp

first_img Tags: NULL whatsapp Show Comments ▼ Ireland’s High Court upheld Ireland’s state-run “bad bank” structure, throwing out a legal challenge that had threatened to complicate the country’s recovery from financial crisis.Paddy McKillen, who co-owns Dublin’s Clarence Hotel with rock group U2 band members Bono and The Edge, had brought the first case against Ireland’s National Asset Management Agency to try and stop it acquiring around 2.1bn euros (£1.8bn) in loans secured on his assets.Lawyers for the Belfast man had argued that McKillen’s loans are being repaid and have no place in NAMA, which was established to take over Irish banks’ risky commercial property portfolios and draw a line under years of reckless lending that have brought the sector and the economy to its knees.NAMA needs performing loans to generate income, and a win for McKillen could have encouraged other developers to launch similar actions, cutting its cash flow and forcing a heavily indebted government to plug the gap.It could also have hampered a recovery in the property market with transactions put on hold while legal cases were pursued.“In summary, the court has concluded that the (NAMA) Act is a proportionate response to the very grave financial situation in which the state finds itself and which has particular relevance to financial institutions within the state,” said the judgement, read by the president of the Irish High Court, justice Nicholas Kearns.Lawyers for NAMA had argued that the central bank, the financial regulator and the European Commission all deemed McKillen’s loans a sufficient systemic risk to merit their inclusion in NAMA.They also argued that the loan-to-value ratio on some of his loans had been breached and he did not deserve special treatment.McKillen, the publicity-shy developer who hired Nobel prize-winning economist Joseph Stiglitz as an expert witness in the case, owns shopping centres, offices and five-star hotels in the UK, Ireland, France and the United States.His assets include London luxury hotels Claridges, the Connaught and the Berkeley.NAMA is acquiring loans with a nominal value of 73bn euros and the agency said in July it expected about a quarter of them would be income-producing.The agency is eying a profit of one billion euros over a 10-year lifespan but has warned it could also make an 800 million euro loss in a more “stressed” scenario.The government has said it would recoup any losses it makes on NAMA via a special levy on the banks.In September, NAMA Chief Executive Brendan McDonagh said the agency was in advanced talks to sell about 500m euros of assets with a view to repaying 20bn euros of loans by 2013.It has acquired nearly 40 per cent of the loans it has targeted and expects to conclude the bulk of the transfers by the end of the year.The hefty discounts, in some cases nearly three quarters of the original loan value, that NAMA is demanding on the assets it has acquired has upped Ireland’s overall bill for cleaning up its banks to potentially 50bn euros and triggered fears Dublin will need external aid to help manage its finances. Monday 1 November 2010 7:04 am Sharecenter_img John Dunne by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm High Court gives green light to Irish bank revamp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org whatsapplast_img read more

Foreign buyers prop up London property values

first_imgMonday 1 November 2010 7:39 pm KCS-content Tags: NULL FOREIGN buyers are helping push up house prices in the most affluent areas of central London, according to fresh research. While the value of prime homes in London has fallen one per cent since July, overseas buyers have buoyed prices in areas like Kensington and Chelsea, says agent Knight Frank. Foreign buyers made up 68 per cent of all sales in June, compared to 53 per cent last year, with even more new overseas homeowners at the top end of the market. While European demand has been quiet in recent months, demand from Asia, Russia and the Middle East has remained strong. “The weakness of the pound ensures that effective discounts available to foreign buyers are still very significant,” said Liam Bailey, research director at Knight Frank. “Surveys over the summer found that seven in ten London homes priced at over £5m are going to foreign investors.”The top 25 per cent of homes in London have gained 12 per cent in value in the year to the end of October, thanks to strong growth at the start of the year. However, prices fell 0.23 per cent last month, the fourth consecutive monthly fall in the capital. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterBeach RaiderSee The Woman Bradley Walsh Is Dating At 61Beach Raidercenter_img Foreign buyers prop up London property values whatsapp whatsapp Share Show Comments ▼last_img read more

ANALYST VIEWS: WHAT DID YOU MAKE OF COMPASS’ RESULTS ?

first_img whatsapp KCS-content Share ANALYST VIEWS: WHAT DID YOU MAKE OF COMPASS’ RESULTS ? by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmMoneyPailShe Was A ’90s Star, Now She Works In {State}MoneyPail Show Comments ▼ whatsappcenter_img KEVIN LAPWOOD | SEYMOUR PIERCEThese results from Compass were comfortably above our expectations, although the increase in total dividend was a big surprise. The outlook is positive.NIGEL PARSON | EVOLUTION SECURITIESThe combination of strong cashflow and low debt has given Compass the firepower to accelerate earnings and increase the dividend.JULIAN CATER | COLLINS STEWARTWhile earnings are in line with our expectations, cash flow performance has been outstanding, around £100m better than we had forecast. Tags: NULL Wednesday 24 November 2010 8:41 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Prooflast_img read more

Moody’s slashes Ireland’s credit rating

first_img Moody’s slashes Ireland’s credit rating More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comConnecticut man dies after crashing Harley into live bearnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comWhy people are finding dryer sheets in their mailboxesnypost.com whatsapp whatsapp Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemcenter_img Moody’s Investors Service slashed Ireland’s credit rating by five notches to Baa1 from Aa2 and warned further downgrades could follow if Ireland was unable to stabilise debt metrics in the foreseeable future.The downgrade followed Fitch’s move last week to become the first ratings agency to strip Ireland of its ‘A’ credit status, cutting it by three notches to BBB+ following the debt-stricken government’s request for an EU/IMF bailout.Moody’s said the crystallization of bank-related contingent liabilities, increased uncertainty regarding the country’s economic outlook and decline in the government’s financial strength were the key drivers of the action.It said the outlook on the Baa1 rating was negative.“Ireland’s sovereign creditworthiness has suffered from the repeated crystallization of bank related contingent liabilities on the government’s balance sheet,” Dietmar Hornung, vice president and senior credit officer at Moody’s said.“The increased uncertainty regarding the outlook for the Irish economy – an additional determinant of today’s rating action – is the result of the continued severe downturn in the financial services and real estate sectors as well as the ongoing contraction in private sector credit.”The move follows news that bad debts held by Spain’s banks have reached a 15-year high, according to new Bank of Spain figures. Unpaid loans made by Spanish banks, financial cooperatives and retail credit cards rose to €103.7bn (£88bn) – a ratio of 5.66 per cent of total lending, up from 5.49 per cent the previous month.Moodys warned earlier this week it had placed Spain’s newly-downgraded Aa1 rating under review. Today, it also issued downgrades to the issuer and debt ratings of the Basque Country as well as the issuer ratings of the Diputación Foral de Guipuzcoa and Bizkaia by one notch to Aa1. It said the outlooks for all of those were negative. Show Comments ▼ John Dunne Friday 17 December 2010 2:45 am Tags: NULLlast_img read more

G20 reassures that it will tackle food price inflation

first_img Share alison.lock THE Group of 20 leading economies have started working-level talks on the soaring food prices that are stoking fears of a repeat of the 2008 food crisis. Global food prices hit a record high last month, outstripping the levels that sparked riots in several countries in 2008, and key grains could rise further, the United Nations’ food agency said this week. Policymakers’ major concern is that, if unchecked, rising food prices could stoke inflation, protectionism and unrest. Hundreds of youths clashed with police in several Algerian cities including the capital yesterday over food prices and unemployment, residents said. Rising food prices could also set back the recovery from the financial crisis by eroding consumers’ disposable budgets in the fast-growing emerging economies that are leading the revival. Rhee Chang-yong, who represents South Korea at the G20, said working group talks were under way in the G20 with the aim of improving global cooperation to resolve food security problems ahead of a summit hosted by France. “France is emphasising food security. As a former host country of G20, we would like to deal with the price volatility problem thoroughly,” Rhee said. French President Nicolas Sarkozy has asked the World Bank to conduct urgent research on the impact of food prices, Reuters sources said. Last year, wheat futures prices rose 47 per cent, buoyed by bad weather including drought in Russia and its Black Sea neighbours. U.S. corn rose more than 50 per cent and US soybeans jumped 34 per cent. The UN Food and Agriculture Organisation said in a report on Wednesday that sugar and meat prices were at their highest since its records began in 1990. For wheat, rice, corn and other cereals, prices were at their highest since the 2008 crisis. During that crisis, riots broke out in countries from Egypt to Haiti. Import prices jumped, forcing many countries’ trade balances into a deep and costly deficit and several governments in Asia imposed export restrictions on rice. whatsapp Friday 7 January 2011 11:59 am G20 reassures that it will tackle food price inflation whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definitionthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald Show Comments ▼ Tags: NULLlast_img read more

Oil barrel price could hit $110

first_img More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Show Comments ▼ whatsapp Sunday 9 January 2011 10:46 pm Tags: NULL Oil barrel price could hit $110 center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald KCS-content SPECULATION could push oil prices to rise to $110 per barrel within a few weeks, which may prompt OPEC to raise production, a member of Kuwait’s Supreme Petroleum Council (SPC) said yesterday.“Demand will increase slightly, but this increase in price is usually technical, due to analysts’ forecasts and speculations,” said Imad al-Atiqi, a member of the country’s highest oil policy body.However, OPEC members are unlikely to meet before their scheduled meeting in June if prices reach $100 a barrel, Atiqi said. Share whatsapplast_img read more

BofA posts $1.2bn loss but Merrill performs

first_img Show Comments ▼ Friday 21 January 2011 8:06 am alison.lock by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com Bank of America, the largest US bank by assets, reported a second straight quarterly loss, driven by a $2bn (£1.25bn) writedown of its mortgage business.The bank posted a fourth-quarter net loss of $1.2bn, or 16 cents a share, compared with a loss of $5.2bn, or 60 cents a share, a year earlier.But shrugging off reports that its investment banking arm, BofA Merrill Lynch, was underperforming relative to peers, it said data firm Dealogic ranked it second worldwide for global investment banking revenues, with a 6.8 per cent market share. “The company ended the year with No. 1 positions in both global and US rankings in leveraged loans and asset-backed securities,” it said in a statement.“Bank of America Merrill Lynch participated in eight of the top ten investment banking deals of the year by fees and six of the top ten investment banking deals in the fourth quarter by fees.”The bank’s global banking and markets unit, which includes Merrill Lynch’s former investment bank operations, reported quarterly profit of $724m.Higher asset balances, plus a growing sense of optimism among investors, helped drive Merrill’s revenue up 13 per cent to $3.55bn from the year-ago period.Asset and wealth management fees also set a new record in the quarter, and the bank held $644bn in assets under management at 31 December, 2010.Excluding the mortgage business writedown, the bank earned $756m, or four cents per share. Deposits rose to a record $1trn by the end of 2010, it said.Last year’s results included a one-time Troubled Asset Relief Program-related charge of $4bn.“Last year was a necessary repair and rebuilding year,” said President and Chief Executive Officer Brian Moynihan. “Our results reflect the progress we are making at putting legacy – primarily mortgage-related – issues behind us.” More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com whatsappcenter_img Share Tags: NULL BofA posts $1.2bn loss but Merrill performs whatsapplast_img read more