Category Archive: News
SEC takes action against Egan-Jones
Credit ratings agency Egan-Jones and the firm’s founder Sean Egan are expected to face charges for allegedly making material and intentional misstatements in its application to US securities regulators. The charge refers to information in rating sovereign debt and asset-backed securities in 2008. The civil action filed by the SEC concerns Egan-Jones’ conflict of interest […]
Japan and Nordic countries to boost IMF firewall
The Japanese government late on Tuesday said it will add an estimated $60bn of funding to the IMF to help bolster its firewall, its finance minister Jun Azumi said. Japan believes the injection will prevent the European sovereign debt crisis from dragging down other economies across the globe and shield it from a deepening crisis. […]
Oracle and Google go head to head in Android lawsuit
Software giant Oracle commenced its high stakes trial over smartphone technology against internet concern Google in a California court. The case represents the first big court challenge for Android technology and at an estimated $1bn claim it is expected to become one of the largest ever technology trials. Oracle first accused Google’s Android team of […]
PetroChina unit raises $1.38bn in share sale
Kunlun Energy, the China-based gas supplier which is a wholly owned subsidiary of PetroChina, on Tuesday raised $1.35bn through a top-up share placement to help fund expansion of its LNG business. The gas supplier hopes to tap into equity markets to assist in developing its liquefied natural gas arm and fund possible acquisitions. The plan […]
DryDocks seeks aid from tribunal on $2.2bn debt restructuring
DryDocks World, the owner of the Middle East’s biggest shipyard, has filed a claim with a special tribunal in an effort to move forward its $2.2bn debt restructuring through a government decree. The company filed a notification under Decree 57 with the Dubai World Tribunal, which will protect it from any claims coming from creditors. […]
Spain to face tough budget cuts
Spain’s newly elected Prime Minister Mariano Rayoy on Friday is expected to push ahead with one of the nation’s most hard-hitting budgets in recent times. The news comes as almost a million protestors took to the streets late on Thursday after a general strike paralysed heavy industry and disrupted transport in Madrid and Barcelona. But […]
Japan retail sales beat expectations – up 3.5 percent
Retail sales in Japan rose 3.5 percent year on year in February, said the Ministry of Economy, Trade and Industry on Thursday. Japan’s retail figures saw the largest advance since August 2010 and beat analysts’ expectations of 1.3 percent, published figures showed. Sales were helped by a strong demand in the motor industry, according to […]
UK in talks to sell a third of RBS to Abu Dhabi
High profile Abu Dhabi investors have been in talks concerning a £10bn investment into Royal Bank of Scotland it was alleged on Wednesday. Shares in the UK bank rose sharply by 4.6 percent in early trade following the news that Abu Dhabi’s ruling family including Sheikh Mansour and other Abu Dhabi and Middle Eastern investors […]
Coutts pays £8.75m over money laundering compliance
Coutts, the 320-year old private bank famous for handling the finances of the Queen, has been fined £8.75m late on Monday by the FSA for money laundering violations in its dealings with high risk customers. The RBS-owned bank, which specialises in private banking and wealth management, was found to suffer “serious and systematic” failings, which […]
CaixaBank edging closer to €1.1bn Civica merger
Spanish lender CaixaBank, the Barcelona-listed arm of La Caixa, and smaller competitor Banca Civica SA have both suspended trading on Monday, said stock market regulator CNMV. The move is in anticipation of a deal announcement that could see CaixaBank take over Banca Civica in an all-share deal that will value the bank at €1.1bn or […]
