Banking & Finance
Friday, 07 October 2011 00:25
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NEW YORK: Amid White House warnings that Europe's ever-worsening debt crisis could have a "very real" impact in the United States, banks and investors are checking and rechecking their exposure.
Three years after being at the epicenter of a crisis that brought the global economy to its knees, US financial houses want to make sure they are not on the frontline of a fresh crisis.
This time the threat comes from Europe not Wall Street.
The fear is that the value of deals with European banks and governments could be obliterated by a rash of bankruptcies or default on the other side of the Atlantic.
But this time the banks believe they are ready.
Richard Bove, an analyst at Rochdale Securities, said the risk for US banks was minimal.
Whether it is Bank of America, Morgan Stanley or the overall industry, he said, "these companies have more liquidity than they've had in decades and ...
LONDON: European insurers are financially robust and unlikely to require injections of fresh capital, barring an Italian sovereign default or break-up of the single currency area, analysts said.
European insurance stocks have on average lost a third of their value since February, partly reflecting fears insurers could be forced to raise cash to offset impairments on their government bond holdings as the eurozone crisis deepens.
This week's state bailout of Franco-Belgian lender Dexia, laid low in ...
MADRID: Spanish banks, not taxpayers, must pay for any future costs of recapitalising the financial sector so as to avoid deepening the public deficit, Finance Minister Elena Salgado said Thursday.
The reform announced by minister had a clear messsage: banks must now stand on their own feet, six days after the state sealed a 7.55-billion-euro ($10.2 billion) overhaul of the financial sector.
"The government's intention is that future losses that may occur in the recapitalisation of the ...
ABUJA: The Central Bank of Nigeria (CBN) will no longer allow oil companies to buy US dollars at its auctions to fund oil product importation because the firms should use the foreign exchange they earn from exporting crude oil, the CBN said in a publicly circulated letter.
The decision by the CBN is expected to reduce US dollar demand at its bi-weekly auctions and support the naira, which fell to its weakest ever in the interbank ...
LONDON: The Bank of England to buy 75 billion pounds more in assets to shield Britain's economy from the euro zone debt crisis and keep the faltering recovery going on Thursday.
Thursday's decision to expand its asset purchase programme to a total of 275 billion pounds highlights the precarious state of Britain's economy as global growth slows, government spending cuts and tax hikes bite and consumers face high inflation and slow wage rises.
The bank kept interest ...
FRANKFURT: Key euro-priced bank-to-bank lending rates fell on Thursday ahead of the ECB's monthly meeting where it expected to announce new extra-long liquidity measures to help the banking sector and some see a chance of it cutting interest rates.
ECB policymakers have delivered mixed messages on the possibility of cutting interest rates recently, but have been near-united in signalling they are prepared to offer at least one round of ultra-long 12-month funding.
This comes as new fears ...
BELGRADE: Serbia's central bank cut its key interest rate as expected on Tuesday, by 50 basis points to 10.75 percent more than most analysts had forecast.
The bank, which had previously hinted at further easing, said it took the decision because inflation was declining steadily and aggregate demand remained low.
"The executive board expects that the September inflation will be at a single digit food prices are stabilised and the increase in state-regulated prices (has) slowed down," ...
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