Six American banks face more stress tests over Euro debt crisis November 22, 2011 SIX of America’s biggest banks face a new round of stress tests as the Federal Reserve shows increasing concern over the Eurozone debt crisis. The tests against a possible market shock will take in Bank of America Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo, which all have large trading operations. Yesterday [...]
Thomas Cook seeks sale of Spanish asset November 22, 2011 THOMAS COOK has launched a firesale of its Spanish hotels as part of a wider plan to cash in on non-core assets and stave off a debt crisis. The group’s shares plunged 75 per cent yesterday after it said it had opened fresh talks with its lenders in an effort to increase borrowing for the [...]
ANALYST VIEWS: WHAT IS NEXT FOR THOMAS COOK? November 22, 2011 WYNN ELLIS | NUMIS The announcement will be of concern to shareholders, customers and suppliers. Thomas Cook faces a difficult near-term future which could lead to significant loss of market share. Turning the business around will also be tougher as suppliers are likely to be more wary of committing product to the company and extending [...]
Santander to sell Chilean stake for $1bn November 22, 2011 SANTANDER is set to offload a 7.8 per cent stake in its Chilean subsidiary, worth approximately $1bn (£639m), in an effort to increase its core capital to 10 per cent by 30 June 2012. The bank is selling the shares in order to meet new regulatory requirements for capital ratios, with the European Banking Authority [...]
ANALYSIS | AMOUNT OF CAPITAL BANKS MUST RAISE UNDER NEW EU STRESS TESTS November 22, 2011 €30bn €26.2bn €17.8bn €8.8bn
Egyptian army chief promises to relinquish power after protests November 22, 2011 UNDER fierce pressure from street protests in which 36 people have been killed, Egypt’s army chief promised to hand over to a civilian president by July and made a conditional offer for an immediate end to army rule. Field Marshal Mohamed Hussein Tantawi, head of the military council that has ruled Egypt since Hosni Mubarak’s [...]
Thanks to all the generous donors to our appeal so far November 22, 2011 WE ARE just three days into our first-ever City A.M. Christmas appeal and we have been overwhelmed by the generosity of our readers so far. Donations have been pouring in via website and text and we are delighted to announce that we have reached a grand total of £87,567.75 by the end of our second [...]
£90,000 RAISED IN TWO DAYS November 22, 2011 WE ARE delighted that City A.M.’s Christmas appeal has had such a spectacular and successful start. There is still time for you to make your contribution to the campaign. You can donate through any of the easy ways available: send a text; visit our appeal website, www.cityam.com/appeal; or by phone. We are delighted that [...]
CHIEF EXECUTIVE OPPORTUNITY INTERNATIONAL UK EDWARD FOX November 22, 2011 The latest figures to hit my desk this week show that we now have 405,000 savers in Malawi, eight times as many as we have loan clients. Of course, saving for the proverbial rainy day in a country racked by both drought and wet seasons, gives people a shield against down periods. They can also [...]
New Spanish leader fails to calm markets November 22, 2011 YIELDS hit a 14-year high on short-term Spanish debt yesterday, as the country’s new Prime Minister failed to announce a plan to extricate the country from its debt crisis. Belgium too felt the markets’ heat, and the IMF stepped in with an offer of increased aid for countries with sound fundamentals but temporary debt problems. [...]
