Market euphoria over Spanish bank bailout fizzles June 11, 2012 Financial market euphoria over a European bailout for Spain’s debt-stricken banks faded quickly today as investors sounded the alarm over its impact on public debt and bondholders, and eyed the next risks in the euro zone’s debt crisis. EU and German officials said Spain faces supervision by international lenders after the deal to lend Madrid [...]
Samsung denies interest in Nokia June 11, 2012 Samsung Electronics has denied it was interested in acquiring Nokia, sending shares in the Finnish mobile phone company down two per cent. Nokia shares rose six per cent on speculation of a possible buyout offer. “Such reports are purely speculative and are not true,” the company said.
It’s time governments stopped bailing out bankrupt banks June 11, 2012 IF you are tempted to celebrate Spain’s bailout, or if you agree with its football-mad PM that it was a “triumph”, a great European “victory”, I would urge you to reconsider. Sure, chucking at least €100bn at insolvent, incompetently managed second-tier Spanish banks will pour oil on stormy Eurozone waters. It will reduce the immediate [...]
Severfield-Rowen issues profit warning June 11, 2012 Structural steelwork maker Severfield-Rowen warned that its full-year profit might be lower than market estimates as it expects cost overruns on two projects in the United Kingdom, sending its shares down 17 percent. The company, which has worked on access bridges at football club Arsenal’s Emirates Stadium, said last month it anticipated full-year results to [...]
Mouchel considering restructuring options June 11, 2012 Mouchel said it was still reviewing its restructuring options, which includes a possible equity fundraising, as the British infrastructure firm looks to rebound from a turbulent few years that have battered the business. The group, whose value has dramatically reduced after a 2011 dominated by contract blunders, management resignations, failed takeover bids, tough trading and [...]
Tesco sales fall June 11, 2012 Tesco, the world’s third-biggest retailer, has seen a drop in quarterly underlying sales in its main British market, showing its recovery plan following a shock profit warning in January is taking time to gain traction. The supermarket group, with over 6,000 stores in 14 countries, said consumer confidence was subdued across all of its markets, [...]
Spain gets €100bn for broken banks June 10, 2012 SPAIN’S government bowed to the inevitable over the weekend and asked the Eurozone for a bailout to recapitalise its devastated banks. The Eurogroup backed the request, praising the government’s efforts to reform the economy, and offering up to €100bn (£81bn) from the Eurozone’s bailout funds. The bailout announcement came after a week in which Spain’s [...]
MPs attack Osborne as he passes buck on recession June 10, 2012 GEORGE Osborne was attacked by a Conservative backbench MP yesterday for “wasting two years” pursuing an economic policy that is “not credible”. The chancellor said Britain’s economic recovery “is being killed off” by the Eurozone crisis, calling for the currency area’s governments to pool more sovereignty and transfer more money from strong governments to weaker [...]
It’s time governments stopped bailing out bankrupt banks June 10, 2012 IF you are tempted to celebrate Spain’s bailout, or if you agree with its football-mad PM that it was a “triumph”, a great European “victory”, I would urge you to reconsider. Sure, chucking at least €100bn at insolvent, incompetently managed second-tier Spanish banks will pour oil on stormy Eurozone waters. It will reduce the immediate [...]
Shareholders in Bankia gear up for lawsuit June 10, 2012 SPANISH shareholder group AEMEC said over the weekend that more than a thousand investors have shown an interest in pursuing a civil claim against bailed-out caja conglomerate Bankia. Shareholders allege irregularities in the way its stock market listing was handled, according to their lawyers Cremades & Calvo-Sotelo. Spain’s public prosecutor last week launched an anti-corruption [...]
