The euro decreased sharply on Tuesday against the dollar to $1.3599 following Italy’s debt rating cut by Standard & Poor’s late on Monday. S&P cut Italy’s credit rating by one notch to A from A+ with a negative outlook. The downgrade by the ratings agency comes amid worries that a “fragile governing coalition” and “weakening…
Credit Suisse said on Monday it has agreed an out of court settlement of €150m with the Public Prosecutor’s Office in Germany to end an investigation into its employees concerning tax evasion. The payment will be taken as a charge in the 3Q11. Switzerland’s second largest bank said in a statement: “The entire proceedings are…
Canadian BlackBerry maker, Research in Motion, saw its share plummet almost 20 percent Friday after it announced it had missed its earnings target for the third consecutive quarter. Profits decreased sharply by 47 percent for 2Q11 to $497m from $797m year-on-year, while revenue dropped by ten percent to $4.17bn in the three months to August…
France’s second and third largest banks by assets – Credit Agricole and Société Générale – on Wednesday saw their credit ratings downgraded one notch by Moody’s Investors Service. Moody’s slashed Credit Agricole to Aa2 from Aa1 while Société Générale was reduced to Aa3 from Aa2 with a negative outlook for long-term debt and deposit ratings….
It’s funny and a bit ironic to think that to improve your credit rating, you actually need to take out some new credit in the first place. The principle behind this is relatively simple; if you’ve missed payments or defaulted on loan sums in the past then lenders will look at your credit profile and…
Shares in BNP Paribas on Tuesday plummeted nine percent to €23.63 after a drop of 12 percent in an earlier session. The decrease followed allegations that the lender could be facing a possible credit rating downgrade. Several French banks remain under pressure by markets amid worries over Greek debt exposure. Stocks had opened higher in…
The Independent Commission on Banking published its final report on Monday proposing that Britain’s banks need to “ring-fence” by disconnecting their retail operations from the riskier investment banking arms. Banks were given until 2019 to implement the radical reforms, and could cost between £4bn and £7bn according to the report. ICB’s chairman, John Vickers, said:…
Home insurance or business insurance is vital when you own a property. There are several ways you can be sure you have the right insurance that fits your needs. Unusual weather conditions may cause damage to your property or even make it unlivable for many months. Does your insurance cover the expense of living away…
Non-Mexicans buying property in Mexico will likely find that much of the process is similar to that of the U.S. or Canada. However, there are a few important differences, most notably the extra requirements made for non-citizens to buy in the country’s “Restricted Zone” by means of a Bank Trust (Fideicomiso.) There are also other…
Markets remained stable on Thursday as investors await President Obama’s speech on job proposals detailing plans of boosting employment before a joint session of Congress. President Obama is said to put forward a jobs package of an estimated $300bn amid US voter frustration over the country’s 9.1 percent unemployment. The plan will outline measures to…
