 |
|
|
|||||
Tag: banks
2009-01-02 15:32:09| GoldSeek.com News
THE SPOT PRICE of wholesale gold bullion slipped into the first, quiet session of 2009 trading on Friday, recording a London AM Gold Fix of $869.75 an ounce some 3.4% above the start of 2008 for Dollar investors.
2008-12-30 20:29:59| CNNMoney.com
Read full story for latest details.
2008-12-30 11:22:26| Financial Services - Topix.net
The Treasury Department said Monday that it has provided $1.9 billion to 43 banks as part of the government's $700 billion financial rescue program.Buffalo, N.Y.-based M&T Bank Corp. received the most, getting $600 million from the Treasury in return for preferred stock and warrants. Fulton Financial Corp., based in Lancaster, Pa., received $376.5 million, the department said.The department previously announced that it was providing the money but did not reveal the recipients' names until late Monday.
Tags
support
financial
banks
treasury
2008-12-30 10:31:20| Guardian Unlimited Business - more business news
Japan is reportedly planning an ambitious scheme to relieve the country's banks of trillions of yen in bad loans in a desperate attempt to breathe life back into the ailing economy.The Sankei Shimbun, a daily broadsheet, reported today that the government and the Bank of Japan are considering spending $110bn (965m) on bad loans and assets, such as corporate debt, stocks, commercial paper and derivatives.The report, which did not name its sources, comes soon after gloomy data predicted a troubled year ahead for the world's second biggest economy, which has already slid into recession and faces a period of deflation next year for the second time in a decade.The package, which may be in place as early as March, bears the hallmarks of Japan's last big bank bail-out between the late 1990s and 2005, when the government spent billions of yen on bad loans to keep the country's banking system afloat.The reported scheme is the latest of a raft of emergency measures designed to pull the Japanese economy back from the brink of ruin.Experts are predicting a third consecutive quarter of contraction amid warnings that consumer price inflation risks slipping into negative territory next year, while unemployment is approaching levels not seen since the dark days of the 1990s.Exporters, including corporate powerhouses Sony and Toyota, have slashed output and cut staff as the soaring yen and weak demand batter sales around the world.As a result Japan's industrial output marked a record fall last month, figures out last week showed. Manufacturing output sank by 8.1% in November, the government said, the biggest drop since records began in 1953.In response to the crisis the Bank of Japan has cut interest rates twice since the end of October - most recently by 20 basis points to 0.1% - and moved to ease the pressure on corporate funding.The BoJ will help firms gain access to new funds by increasing its outright purchase of Japanese government bonds to 1.4 trillion (10.74bn) a month from 1.2tn, and temporarily buying commercial paper - a form of short-term unsecured borrowing - outright.The government, meanwhile, has unveiled 12trn in extra stimulus spending and a record 88.5trn budget for next year as the export-dependent economy feels the full force of the credit crisis unfolding in the US and Europe.Some analysts believe, however, that the measure reported today may be an overreaction to the banks' current bad loan problem.Bad loans held by Japanese banks totaled 11.4tn in March this year, a fraction of the 33.9tn in March 1999 at the height of Japan's "lost decade" of recession."I do not see how this would be particularly effective, as the amount of bad loans is smaller than those banks were saddled with in late 1990s," Hironari Nozaki, a bank analyst at Nikko Citigroup, told Reuters.The problems facing the Japanese economy in 2009 were underlined today when the Tokyo Stock Exchange closed for the year ruing its biggest annual percentage loss on record.Modest gains in December - the first since May - were scant consolation for the benchmark Nikkei stock average's yearly loss of more than 42%.Atsushi Saito, the exchange's president, told employees at a closing ceremony that the stockmarket was "facing harsh winds we have hardly experienced before".Asia's biggest stockmarket will learn exactly how harsh those winds are when it reopens on 5 January.Global recessionJapanToyotaguardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds
Tags
receive
japanese
banks
bailout
2008-12-28 20:40:04| Telegraph Business
New research shows the commercial slump could trigger nationalisation for some lenders.
Tags
property
face
banks
bombshell
Sites : [1] [2]