Banking
HSBC Looks To Sell Non Life Insurance Unit For $ 1 Billion
HSBC Holdings Plc (5) tries to sell its general insurance operations of approximately $ 1 billion as part of the CEO, Stuart Gulliver intends to sell certain assets, the London-based Times. Information on non-life unit was sent to potential buyers, including private equity firms, the newspaper, without saying where it obtained the information. The initial [...]
Australia’s Central Bank Puts Interest Rates On Hold At 4.75%
Australian central bank Tuesday left interest rates unchanged at 4.75 percent, says the global economic situation was unstable and raises questions about growth. The rate has remained unchanged since November, and economists had widely tipped Australia follow a wait and see approach, given the recent financial crisis in Europe and the United States. The Australian [...]
European Debt-Insurance Costs Rise
The cost of insuring the debt of governments and European banks rose to record levels Monday after poor economic data fueled concerns of a slowdown in economic growth. Italian five-year credit default swap as a form of insurance against default raped four percentage points after the closing of this level for the first time Friday. [...]
Warren Buffett Saves Bank Of America, Invests $ 5 Billion
Warren Buffett will invest $ 5 billion in Bank of America Corp., to intervene to rescue the largest bank in the United States in the same way that helped to rescue Goldman Sachs and General Electric during the financial crisis. Bank of America shares rose nearly 26 percent at one point but gave up most [...]
FDIC: Number Of Banks On “Problem List” Drops To 865 In Q2
U.S. bank earnings will continue to grow, but the prospects for earnings growth are dim, banks have difficulty in increasing their income. The Federal Deposit Insurance Corp. said Tuesday that the industry has received $ 28.8 billion in the second quarter of $ 7.9 billion increase over the previous year. This is slightly lower than [...]
BofA Plans To Cut 3500 Jobs This Quarter
Bank of America is to cut 3,500 jobs this quarter, and is working on a restructuring that could eliminate thousands of additional jobs, reported the Wall Street Journal, the addition of a massive layoff of major banks. Sensitive to the ups and downs over the global economy, global banks have reported close to 50 000 [...]
Turkey’s Banking System Is Powerful
Ali Babacan said Turkey was included in the overall resolution mechanisms, and closely followed developments in the country. Deputy Prime Minister of Turkey, Ali Babacan said Friday that the Turkish banking system was very strong. “The weakness of the banks is another reason of this problem in the United States and Europe,” Babacan said while [...]