Will European banks go bust : At a Banking conference held today in Frankfurt, and which was sponsored by Handelsblatt, Deutsche Bank's outgoing chief executive, Josef Ackermann, said that some European banks would go bust if they were forced to "mark to market" their portfolios of sovereign debt.
The above at a moment which for Mr.Ackermann recalls the turbulence seen in 2008, after the downfall of Lehman Brothers.
On the positive side of things, the veteran banker highlighted the fact that European banks are now smaller than then and are better capitalized. As well, they are less dependent on short -term financing, hold less 'toxic' assets and manage risk better.
Nonetheless, financial markets are obviously quite nervous, which has been leading to considerable pressures in funding markets, particularly for financial institutions, due to the lack of a resolution of the Eurozone crisis and weaker growth prospects.
For some analysts even, such as those at Royal Bank of Scotland (RBS), banks are approaching a negative "feed-back" loop, through which cash hoarding hurts new lending and revenues, thus aggravating the pressures on their balance sheets.
Despite the above, in a research report published last Friday RBS estimated that European banks have enough collateral to withstand upcoming debt maturities in 2011 and 2012.
These analysts, however, are of the opinion that even if public support strengthens for shared financing (Eurobonds) and bond guarantees (expanded EFSM), European banks will still have to 'de-leverage' and 'readjust' their balance sheets.
In that regard, they point out that over the past ten years European bank balance sheets have grown three times as much as GDP, to the equivalent of over 200% of GDP, versus just 75% in the US. Source londonstockexchange.com
European banks forecast 2011-2012,impact Eurozone crisis, analysts predictions European banks, upcoming debt maturities in 2011-2012
Showing posts with label finance. Show all posts
Showing posts with label finance. Show all posts
Monday, September 5, 2011
Monday, August 15, 2011
bank of ireland august 15 2011, Total Voting Rights
bank of ireland august 15 2011, Total Voting Rights : In conformity with Regulation 20 of the Transparency (Directive 2004/109/EC) Regulations 2007, Bank of Ireland announces that, as at 15 August 2011:
1.Bank of Ireland has in issue 30,132,505,842 units of Ordinary Stock, of nominal value of €0.05 each, with voting rights (the "Ordinary Stock"). Bank of Ireland holds 22,008,690 units of Ordinary Stock in treasury which do not carry voting rights; and
2.Bank of Ireland has in issue 1,837,041,304 units of preference stock of €0.01 each (the "2009 Preference Stock") which carry voting rights in limited circumstances. Specifically, where the holder of the 2009 Preference Stock holds less than 25% of the total voting rights in Bank of Ireland pursuant to its holding of Ordinary Stock, the 2009 Preference Stock entitles such a holder to increase its voting rights to 25% of the total number of votes capable of being cast for the following resolutions at a General Court of Bank of Ireland:
· a resolution for the appointment, re-election or removal of directors; or
· a resolution relating to certain matters pertaining to a proposed change of control of Bank of Ireland.
The Ordinary Stock in issue figure of 30,132,505,842 should, therefore, be used by stockholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in Bank of Ireland, under the Transparency (Directive 2004/109/EC) Regulations, 2007 and the Interim Transparency Rules of the Financial Regulator
1.Bank of Ireland has in issue 30,132,505,842 units of Ordinary Stock, of nominal value of €0.05 each, with voting rights (the "Ordinary Stock"). Bank of Ireland holds 22,008,690 units of Ordinary Stock in treasury which do not carry voting rights; and
2.Bank of Ireland has in issue 1,837,041,304 units of preference stock of €0.01 each (the "2009 Preference Stock") which carry voting rights in limited circumstances. Specifically, where the holder of the 2009 Preference Stock holds less than 25% of the total voting rights in Bank of Ireland pursuant to its holding of Ordinary Stock, the 2009 Preference Stock entitles such a holder to increase its voting rights to 25% of the total number of votes capable of being cast for the following resolutions at a General Court of Bank of Ireland:
· a resolution for the appointment, re-election or removal of directors; or
· a resolution relating to certain matters pertaining to a proposed change of control of Bank of Ireland.
The Ordinary Stock in issue figure of 30,132,505,842 should, therefore, be used by stockholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in Bank of Ireland, under the Transparency (Directive 2004/109/EC) Regulations, 2007 and the Interim Transparency Rules of the Financial Regulator
Sunday, August 14, 2011
Hot news that could affect the financial markets for week august 15 -19th 2011
Hot news that could affect the financial markets for week august 15 -19th 2011 : The high volatility in the financial markets during last week subsided by the end of the week; this volatility was stem by the news of Standard & Poor’s downgrading the US credit rating from AAA to +AA for the first time in US history. ECB’s intervention in the debit crisis in Europe also helped to stabilize the market.
This week there are many news items that could affect the financial markets including, among others, the US TIC long term purchases, preliminary second quarter GDP growth rate in Europe and Japan, Euro Area and US inflation rate, and Japan’s trade balance. Here is an economic news calendar for the week of August 15th to August 19th that highlights the main news items and reports related to U.S, Europe, Australia, Japan and Canada.
Sunday 14th of August 2011 00:50– Japan’s preliminary GDP 2Q2011:
Japan’s economy continues to demonstrate contractions as its gross domestic product fell by 0.9% during the first quarter of 2011, and 0.8% during the fourth quarter of 2010. The Tsunami that hit Japan back in March will likely to affect its economic slowdown in second quarter 2011. This news could affect the strength of the Japanese Yen;
Monday 15th of August 2011 14:00 – US TIC long term purchases:
The Treasury International Capital report will present the main changes in the purchases and sales of US long term treasuries during June 2011. In the previous report regarding May 2011, the net foreign purchases reached $23.6 billion; the increase in purchases was mainly driven by China. In the upcoming report there might continue to be a rise in purchases. Due to the recent news of the US credit rating downgrade, its likely to have also affected traders to further purchase Treasury bills
Monday 15th of August 2011 2.30 Monetary Policy meeting Australia’s Bank :
The minutes of the monetary policy meeting of the reserve bank of Australia will be published; it shows the main domestic and international factors that affected the board’s decisions on the Bank’s basic interest rate which is at 4.75%; this decision might also affect the AUD/USD and consequently the pricing of major commodities including crude oil
Tuesday 15th of August 2011 10:00– Main Europe’s economy’s GDP 2Q2011 report:
Germany will publish this week its preliminary second quarter GDP report. This report will show the changes in the economic growth in Euro Area. According to the recent report in the first quarter of 2011, the Euro Area GDP grew by 0.8% compared with the previous quarter. This news might affect the Euro; there are early expectations of a lower growth rate in the second quarter
Tuesday 15th of August 2011 13.30 – U.S. Building Permits:
The recent report showed an improvement as the adjusted annual rate reached 624,000 building permits in June 2011, which is 2.5% above May’s rate. If this report will continue to show a rise in the building permits rate, it will indicate that the housing market in the US is pulling out of its recession
Tuesday 15th of August 2011 13.30 – U.S. Housing Starts:
The additional figure to be published by the US Census Bureau involves the US housing starts; this figure was historically correlated with gold price – as housing starts rise gold price usually declined the following day (even when controlling to the US dollar effect); in the last report the adjusted annual rate reached 629,000 in June 2011, which is 14.6% above the May rate of 549,000
Wednesday 17th of August 2011 10:00 – Euro Area CPI and core monthly inflation (June):
In the last report regarding June 2011, the annual inflation rate was 2.7%, unchanged compared with May’s for Euro Area; this inflation rate is still above the target inflation of ECB. The expectations in the upcoming CPI report for July 2011 are a slight decline. This news might affect the Euro currency, ECB’s rate decision and consequentially major commodities prices including crude oil and gold
Wednesday 17th of August 2011 13.30 – U.S. producer price index news:
This monthly report will show the progress in the PPI during July, i.e. the inflation rate from producers stand point. In the previous report regarding June, this index for finished goods declined by 0.4%, after a rise of 0.2% in May; this index declined mainly due to the drop in energy prices by 2.8% during June;
Wednesday 17th of August 15:30 – EIA report about Crude oil inventories:
The EIA (Energy Information Administration) will publish its weekly report on the U.S Petroleum market for the week ending on August 12th; last week the US oil stockpiles sharply declined by 10.73 million barrel – the sharpest fall since February 18th, 2011. For the week ending on August 5th crude oil stocks reached 1,796 million barrels
Wednesday 17th of August 2011 00.50 – Report of Japanese Trade balance (for April):
The Japanese trade balance deficit for June 2011 sharply decreased by 57.5% compared with May 2011, to reach 191.152 billion YEN (roughly $2.45 billion) deficit (seasonally adjusted figures). This sharp decrease is mainly due to the sharp increase in exports by 5.4%, while the imports only grew by 0.5% during June. Japan is among the leading importing countries of commodities, such as crude oil and gold; its trade balance could provide insight into Japan’s changes in demand goods and services;
Thursday 18th of August 2011 13:30 – Report on US CPI:
This monthly report will show the main changes in the core consumer price index during July. According to the US Bureau of Labor statistics for June 2011, the CPI fell by 0.2% and over the last 12 months by 3.6%. The main reasons for the fall are related to the sharp drop in the energy prices that curbed the inflation pressures;
Thursday 18th of August 2011 13:30 – Department of Labor report – U.S. unemployment claims :
For the week ending on August 6th, initial claims decreased by 7,000, as it reached 395,000 claims; the insured unemployment rate fell by 0.1 percent points to 2.9% for the week ending on July 30th; and the number of insured unemployment was 3.688 million, a decrease of 60,000 compared with the previous week’s.
Thursday 18th of August 2011 15:00 – U.S. existing home sales :
This report will show the major changes in U.S. existing home sales during July 2011; in the recent report related to June there was a drop in number of homes sold: the seasonally adjusted annual rate reached in June to 4.77 million home sales compared with an annual rate of 4.81 million home sales in May 2011, a 0.8% drop, and an 8.8% decline from the 5.23 million home sales (annual rate) in June 2010
Thursday 18th of August 2011 15:30 – EIA report about Natural gas storage:
the natural gas market in the US bounced back last week due to increase in electric sector; the EIA will publish its U.S. natural gas stocks, production and consumption report for the week ending on August 12th. In the recent report, natural gas storage inclined by 0.9% or by 25 Bcf; the natural gas storage inclined to 2,783 billion cubic feet for all lower 48 states – the highest stock level since January 7th, 2011
Friday 19th of August 2011 13.00 – Canadian Core CPI:
This report will pertain July 2011 and show the main changes in the core consumer price index, which excludes the most volatile components such as energy, fruit and vegetables. According to the recent Canadian statistics report for June 2011, the CPI rose by 3.1% in 12 month up to June; this is a lower rate than May that recorded a 3.7% growth rate in 12 months. The main reason for this growth is the energy prices that increased by 15.7% during the 12 months up to June 2011.
financial markets prediction week august 15 2011, stock market forecast 15 august 2011, financial markets forecasr august 2011, economic news for week 15 august 2011, US dollar effect, apanese Yen predictions august 15 2011, here will be gold price on MOnday August 15 2011, predictions stock market august 15 2011, predictions on stocks 8/15/11, market predictions for next week august 15 2011, gold week of the august15,gold prices for august 15 2011.
This week there are many news items that could affect the financial markets including, among others, the US TIC long term purchases, preliminary second quarter GDP growth rate in Europe and Japan, Euro Area and US inflation rate, and Japan’s trade balance. Here is an economic news calendar for the week of August 15th to August 19th that highlights the main news items and reports related to U.S, Europe, Australia, Japan and Canada.
Sunday 14th of August 2011 00:50– Japan’s preliminary GDP 2Q2011:
Japan’s economy continues to demonstrate contractions as its gross domestic product fell by 0.9% during the first quarter of 2011, and 0.8% during the fourth quarter of 2010. The Tsunami that hit Japan back in March will likely to affect its economic slowdown in second quarter 2011. This news could affect the strength of the Japanese Yen;
Monday 15th of August 2011 14:00 – US TIC long term purchases:
The Treasury International Capital report will present the main changes in the purchases and sales of US long term treasuries during June 2011. In the previous report regarding May 2011, the net foreign purchases reached $23.6 billion; the increase in purchases was mainly driven by China. In the upcoming report there might continue to be a rise in purchases. Due to the recent news of the US credit rating downgrade, its likely to have also affected traders to further purchase Treasury bills
Monday 15th of August 2011 2.30 Monetary Policy meeting Australia’s Bank :
The minutes of the monetary policy meeting of the reserve bank of Australia will be published; it shows the main domestic and international factors that affected the board’s decisions on the Bank’s basic interest rate which is at 4.75%; this decision might also affect the AUD/USD and consequently the pricing of major commodities including crude oil
Tuesday 15th of August 2011 10:00– Main Europe’s economy’s GDP 2Q2011 report:
Germany will publish this week its preliminary second quarter GDP report. This report will show the changes in the economic growth in Euro Area. According to the recent report in the first quarter of 2011, the Euro Area GDP grew by 0.8% compared with the previous quarter. This news might affect the Euro; there are early expectations of a lower growth rate in the second quarter
Tuesday 15th of August 2011 13.30 – U.S. Building Permits:
The recent report showed an improvement as the adjusted annual rate reached 624,000 building permits in June 2011, which is 2.5% above May’s rate. If this report will continue to show a rise in the building permits rate, it will indicate that the housing market in the US is pulling out of its recession
Tuesday 15th of August 2011 13.30 – U.S. Housing Starts:
The additional figure to be published by the US Census Bureau involves the US housing starts; this figure was historically correlated with gold price – as housing starts rise gold price usually declined the following day (even when controlling to the US dollar effect); in the last report the adjusted annual rate reached 629,000 in June 2011, which is 14.6% above the May rate of 549,000
Wednesday 17th of August 2011 10:00 – Euro Area CPI and core monthly inflation (June):
In the last report regarding June 2011, the annual inflation rate was 2.7%, unchanged compared with May’s for Euro Area; this inflation rate is still above the target inflation of ECB. The expectations in the upcoming CPI report for July 2011 are a slight decline. This news might affect the Euro currency, ECB’s rate decision and consequentially major commodities prices including crude oil and gold
Wednesday 17th of August 2011 13.30 – U.S. producer price index news:
This monthly report will show the progress in the PPI during July, i.e. the inflation rate from producers stand point. In the previous report regarding June, this index for finished goods declined by 0.4%, after a rise of 0.2% in May; this index declined mainly due to the drop in energy prices by 2.8% during June;
Wednesday 17th of August 15:30 – EIA report about Crude oil inventories:
The EIA (Energy Information Administration) will publish its weekly report on the U.S Petroleum market for the week ending on August 12th; last week the US oil stockpiles sharply declined by 10.73 million barrel – the sharpest fall since February 18th, 2011. For the week ending on August 5th crude oil stocks reached 1,796 million barrels
Wednesday 17th of August 2011 00.50 – Report of Japanese Trade balance (for April):
The Japanese trade balance deficit for June 2011 sharply decreased by 57.5% compared with May 2011, to reach 191.152 billion YEN (roughly $2.45 billion) deficit (seasonally adjusted figures). This sharp decrease is mainly due to the sharp increase in exports by 5.4%, while the imports only grew by 0.5% during June. Japan is among the leading importing countries of commodities, such as crude oil and gold; its trade balance could provide insight into Japan’s changes in demand goods and services;
Thursday 18th of August 2011 13:30 – Report on US CPI:
This monthly report will show the main changes in the core consumer price index during July. According to the US Bureau of Labor statistics for June 2011, the CPI fell by 0.2% and over the last 12 months by 3.6%. The main reasons for the fall are related to the sharp drop in the energy prices that curbed the inflation pressures;
Thursday 18th of August 2011 13:30 – Department of Labor report – U.S. unemployment claims :
For the week ending on August 6th, initial claims decreased by 7,000, as it reached 395,000 claims; the insured unemployment rate fell by 0.1 percent points to 2.9% for the week ending on July 30th; and the number of insured unemployment was 3.688 million, a decrease of 60,000 compared with the previous week’s.
Thursday 18th of August 2011 15:00 – U.S. existing home sales :
This report will show the major changes in U.S. existing home sales during July 2011; in the recent report related to June there was a drop in number of homes sold: the seasonally adjusted annual rate reached in June to 4.77 million home sales compared with an annual rate of 4.81 million home sales in May 2011, a 0.8% drop, and an 8.8% decline from the 5.23 million home sales (annual rate) in June 2010
Thursday 18th of August 2011 15:30 – EIA report about Natural gas storage:
the natural gas market in the US bounced back last week due to increase in electric sector; the EIA will publish its U.S. natural gas stocks, production and consumption report for the week ending on August 12th. In the recent report, natural gas storage inclined by 0.9% or by 25 Bcf; the natural gas storage inclined to 2,783 billion cubic feet for all lower 48 states – the highest stock level since January 7th, 2011
Friday 19th of August 2011 13.00 – Canadian Core CPI:
This report will pertain July 2011 and show the main changes in the core consumer price index, which excludes the most volatile components such as energy, fruit and vegetables. According to the recent Canadian statistics report for June 2011, the CPI rose by 3.1% in 12 month up to June; this is a lower rate than May that recorded a 3.7% growth rate in 12 months. The main reason for this growth is the energy prices that increased by 15.7% during the 12 months up to June 2011.
financial markets prediction week august 15 2011, stock market forecast 15 august 2011, financial markets forecasr august 2011, economic news for week 15 august 2011, US dollar effect, apanese Yen predictions august 15 2011, here will be gold price on MOnday August 15 2011, predictions stock market august 15 2011, predictions on stocks 8/15/11, market predictions for next week august 15 2011, gold week of the august15,gold prices for august 15 2011.
Monday, July 25, 2011
Al Rajhi Bank enters the Jordanian market with an array of innovative products and services
Al Rajhi Bank enters the Jordanian market with an array of innovative products and services ; Al Rajhi Bank, recently launched in the Kingdom, bringing an expansive array of highly versatile, Sharia compliant products and services to the local market. Leveraging on its strong retail banking base, its longstanding experience and expansive global network of affiliates, the bank will offer the Jordanian public a wide range of banking products delivered through modern and convenient banking channels.
Al Rajhi is first bank in the Kingdom to provide a Sharia compliant, Murabaha-based personal finance program to individuals that also allows them to consolidate debts in a single instalment, all the while enjoying a variety of added benefits, including one-hour approvals and 24-hour financing.
“Al Rajhi’s entry into the Jordanian market marks yet another major milestone in the bank’s outstanding legacy,” commented Tarek Akel, Regional Manger of Al Rajhi Bank in Jordan. “With an uncompromising commitment to establishing a contemporary global banking network founded on Islamic principles, Al Rajhi is eager to bring its varied array of Islamic banking solutions to the Jordanian market, which houses one of the most progressive and fastest growing banking industries in the region.
Given our highly adaptable customer-centric approach to product development, our prime objective is to introduce quality products and services specifically tailored to meet the demands of the local market.”
Al Rajhi is first bank in the Kingdom to provide a Sharia compliant, Murabaha-based personal finance program to individuals that also allows them to consolidate debts in a single instalment, all the while enjoying a variety of added benefits, including one-hour approvals and 24-hour financing.
“Al Rajhi’s entry into the Jordanian market marks yet another major milestone in the bank’s outstanding legacy,” commented Tarek Akel, Regional Manger of Al Rajhi Bank in Jordan. “With an uncompromising commitment to establishing a contemporary global banking network founded on Islamic principles, Al Rajhi is eager to bring its varied array of Islamic banking solutions to the Jordanian market, which houses one of the most progressive and fastest growing banking industries in the region.
Given our highly adaptable customer-centric approach to product development, our prime objective is to introduce quality products and services specifically tailored to meet the demands of the local market.”
al rajhi bank saudi arabia exchange rate
al rajhi bank saudi arabia exchange rate : Al Rajhi is first bank in the Kingdom to provide a Sharia compliant, Murabaha-based personal finance program to individuals that also allows them to consolidate debts in a single instalment, all the while enjoying a variety of added benefits, including one-hour approvals and 24-hour financing.
Established in 1957, Al Rajhi is the leading International sharia compliant banking group based in the Middle East with total assets of around USD 46 Billion and a paid up Capital of USD 4 Billion. With over 50 years of experience in banking and trading activities, Al Rajhi has continually developed products and services that meet the various needs of its clients.
In addition to its revolutionary personal financing package, the bank is also offering a variety of essential banking products, including current, savings and investment accounts, car and home financing solutions, card solutions, e-banking services, and others. Today, the bank’s Saudi network alone boasts 500 branches, more than 2,500 ATM's, 18,000 POS terminals installed with merchants, not to mention the largest customer base in the country. In addition to Jordan, the bank is currently present in Kuwait and Malaysia.
Over the years, Al Rajhi has garnered numerous awards from various independent institutions around the world, including Euromoney, Arabian Business, Global Finance and The Asian Banker. Visit al rajhi bank...
al rajhi exchange rate, al rajhi bank saudi arabia exchange rate, al rajhi bank exchange rate indian rupees, al rajhi exchange rate india, alrajhi currency converter, al rajhi bank currency converter, alrajhi bank exchange rate, alrajhi bank currency tools, alrajhi currency exchange rates, al rajhi bank saudi arabia, currency bank saudi arabia alrajhi, saudi al rajji exchange rate, al rajhi bank currency exchange rate, bank alrajhi currency converter, al rajie bank exchange rates ksa, alrajhi currency converter today, al rajhi bank saudi arabia exchange rate to india, alrajhi bank excahnge rate in india, Al Rajhi currency rate, Al raji bank exchange rate,al rajhi currency converter, saudi riyals to peso exchange rate al rahji bank, current rate of saudisr in indian rs in alraji bank, al rajhi bank indian rate exchange, al rajji bank dollar exchange rate today
Established in 1957, Al Rajhi is the leading International sharia compliant banking group based in the Middle East with total assets of around USD 46 Billion and a paid up Capital of USD 4 Billion. With over 50 years of experience in banking and trading activities, Al Rajhi has continually developed products and services that meet the various needs of its clients.
In addition to its revolutionary personal financing package, the bank is also offering a variety of essential banking products, including current, savings and investment accounts, car and home financing solutions, card solutions, e-banking services, and others. Today, the bank’s Saudi network alone boasts 500 branches, more than 2,500 ATM's, 18,000 POS terminals installed with merchants, not to mention the largest customer base in the country. In addition to Jordan, the bank is currently present in Kuwait and Malaysia.
Over the years, Al Rajhi has garnered numerous awards from various independent institutions around the world, including Euromoney, Arabian Business, Global Finance and The Asian Banker. Visit al rajhi bank...
al rajhi exchange rate, al rajhi bank saudi arabia exchange rate, al rajhi bank exchange rate indian rupees, al rajhi exchange rate india, alrajhi currency converter, al rajhi bank currency converter, alrajhi bank exchange rate, alrajhi bank currency tools, alrajhi currency exchange rates, al rajhi bank saudi arabia, currency bank saudi arabia alrajhi, saudi al rajji exchange rate, al rajhi bank currency exchange rate, bank alrajhi currency converter, al rajie bank exchange rates ksa, alrajhi currency converter today, al rajhi bank saudi arabia exchange rate to india, alrajhi bank excahnge rate in india, Al Rajhi currency rate, Al raji bank exchange rate,al rajhi currency converter, saudi riyals to peso exchange rate al rahji bank, current rate of saudisr in indian rs in alraji bank, al rajhi bank indian rate exchange, al rajji bank dollar exchange rate today
Friday, July 15, 2011
Citigroup net profits 2Q june 2011
Citigroup net profits 2Q june 2011 : Citigroup Inc.'s (C) second-quarter profit jumped 24%, thanks to a $2 billion reserve release and improved credit. But the bank struggled to grow earnings in many businesses around the world.
Overall, Citi reported a better-than-expected profit $3.34 billion. At Citicorp, the core division that the bank wants to grow, revenue and profit fell--and expenses rose. Revenue rose in consumer lending and in investment banking in Latin America and Asia, and loans grew broadly. But even outside the U.S., profits fell.
That decline is because Citi is "in investment mode," Chief Financial Officer John Gerspach said during a conference call with reporters. Those investments--in new products, branches, technology and marketing--are starting to pay off, and profits, particularly in Asia and Latin America, should improve in the second half, he said.
In North America, however, revenue growth won't catch up with rising expenses until the middle of next year, Gerspach said.
The CFO said Citi had a "solid quarter," and Citi's financial condition continues to improve. Capital ratios improved and loan losses fell.
Citi's shares fell 0.3% in recent trading to $38.90.
Citi "digested elevated legal expenses, a weak trading environment and higher expenses and still posted solid growth in earnings per share," Sanford C. Bernstein & Co analyst John McDonald said in a research report. He said he hoped "management will be able to increase its dividend and start share buybacks in 2012."
Citi returned to profitability last year after surviving the financial crisis due to $45 billion in government bailout funds; it has since struggled to convince investors that it can grow revenue.
Now revenue grew in many business lines--consumer banking in Latin America was up 15%, and in Asia 10%. But profits rose only in the relatively small Latin American capital markets and in transaction processing.
Overall costs increased 9% at Citigroup, to $13 billion, and expenses at the Citicorp unit rose 10%, to $10 billion. Revenue for Citigroup overall fell 7%, to $21 billion, and revenue at Citicorp fell 1%, to $16.3 billion. An "extensive reengineering program [is] under way," the CFO said.
Credit-loss provisions in the second quarter were $3.39 billion, down sharply from $6.67 billion a year earlier.
The U.S. consumer business got the biggest boost as Citi didn't need to set aside as much reserves for bad loans. Citi plans to add 200 branches in the next three years.
Improving credit drove Citi's 41% increase in net income from consumer banking overall, to $1.6 billion. Overall consumer-banking revenue rose 2%, to $8.2 billion. In a memorandum to staff Friday, Chief Executive Vikram Pandit said, "We increased our loans throughout our core businesses as credit quality improved."
Citi's profit from capital markets fell 8% from a year earlier and 10% from the first quarter, to $5.5 billion, as bond underwriting and trading revenue declined. Profit fell 29% from a year earlier, to $1.2 billion. On Thursday, J.P. Morgan Chase & Co. (JPM) reported higher profit and revenue from capital markets.
Gerspach said Citi's investment-banking advisory business was "pretty solid" following hires made to recapture lost ground. "It's nice to crack $1 billion again," he said, referring to the investment banking's second-quarter revenue--a 69% rise from a year earlier.
The loss at Citi Holdings, which includes assets the company is seeking to unload, narrowed.
All said, the bank reported a profit of $1.09 a share, from 9 cents a share a year earlier. Analysts polled by Thomson Reuters recently estimated a per-share profit of 96 cents on $19.89 billion in revenue.
• Revenues from investment banking operation up 61%
• Turnover fell 7% to $20.6bn from decline in investment yields
• Citigroup cut its net losses on loans by 35% to $5.1bn.
citigroup financial revenue, citigroup, citigroup stock, citigroup careers, citigroup jobs, citigroup.com, primerica, primerica online, primerica financial services, primerica life, primerica life insurance, citigroup financial, citigroup financial statements, citigroup financial products, citigroup financial crisis, citigroup financial products inc.
Overall, Citi reported a better-than-expected profit $3.34 billion. At Citicorp, the core division that the bank wants to grow, revenue and profit fell--and expenses rose. Revenue rose in consumer lending and in investment banking in Latin America and Asia, and loans grew broadly. But even outside the U.S., profits fell.
That decline is because Citi is "in investment mode," Chief Financial Officer John Gerspach said during a conference call with reporters. Those investments--in new products, branches, technology and marketing--are starting to pay off, and profits, particularly in Asia and Latin America, should improve in the second half, he said.
In North America, however, revenue growth won't catch up with rising expenses until the middle of next year, Gerspach said.
The CFO said Citi had a "solid quarter," and Citi's financial condition continues to improve. Capital ratios improved and loan losses fell.
Citi's shares fell 0.3% in recent trading to $38.90.
Citi "digested elevated legal expenses, a weak trading environment and higher expenses and still posted solid growth in earnings per share," Sanford C. Bernstein & Co analyst John McDonald said in a research report. He said he hoped "management will be able to increase its dividend and start share buybacks in 2012."
Citi returned to profitability last year after surviving the financial crisis due to $45 billion in government bailout funds; it has since struggled to convince investors that it can grow revenue.
Now revenue grew in many business lines--consumer banking in Latin America was up 15%, and in Asia 10%. But profits rose only in the relatively small Latin American capital markets and in transaction processing.
Overall costs increased 9% at Citigroup, to $13 billion, and expenses at the Citicorp unit rose 10%, to $10 billion. Revenue for Citigroup overall fell 7%, to $21 billion, and revenue at Citicorp fell 1%, to $16.3 billion. An "extensive reengineering program [is] under way," the CFO said.
Credit-loss provisions in the second quarter were $3.39 billion, down sharply from $6.67 billion a year earlier.
The U.S. consumer business got the biggest boost as Citi didn't need to set aside as much reserves for bad loans. Citi plans to add 200 branches in the next three years.
Improving credit drove Citi's 41% increase in net income from consumer banking overall, to $1.6 billion. Overall consumer-banking revenue rose 2%, to $8.2 billion. In a memorandum to staff Friday, Chief Executive Vikram Pandit said, "We increased our loans throughout our core businesses as credit quality improved."
Citi's profit from capital markets fell 8% from a year earlier and 10% from the first quarter, to $5.5 billion, as bond underwriting and trading revenue declined. Profit fell 29% from a year earlier, to $1.2 billion. On Thursday, J.P. Morgan Chase & Co. (JPM) reported higher profit and revenue from capital markets.
Gerspach said Citi's investment-banking advisory business was "pretty solid" following hires made to recapture lost ground. "It's nice to crack $1 billion again," he said, referring to the investment banking's second-quarter revenue--a 69% rise from a year earlier.
The loss at Citi Holdings, which includes assets the company is seeking to unload, narrowed.
All said, the bank reported a profit of $1.09 a share, from 9 cents a share a year earlier. Analysts polled by Thomson Reuters recently estimated a per-share profit of 96 cents on $19.89 billion in revenue.
• Revenues from investment banking operation up 61%
• Turnover fell 7% to $20.6bn from decline in investment yields
• Citigroup cut its net losses on loans by 35% to $5.1bn.
citigroup financial revenue, citigroup, citigroup stock, citigroup careers, citigroup jobs, citigroup.com, primerica, primerica online, primerica financial services, primerica life, primerica life insurance, citigroup financial, citigroup financial statements, citigroup financial products, citigroup financial crisis, citigroup financial products inc.
Thursday, July 14, 2011
European Banking Authority EBA publish the results of stress tests
European Banking Authority EBA publish the results of stress tests : The European Banking Authority (EBA) is to publish the results of stress tests carried out on 90 banks across Europe.
The tests act as a financial healthcheck to ensure banks have sufficient capital to deal with difficult economic developments and publicly identify weak banks so national regulators can push them to strengthen their finances.
Regulators also hope the tests will persuade investors that the EU is coming clean about the extent of its banks' problems. Experts believe between five and 15 banks could fall short in today's results, but no large banks are expected to fail.
The EBA has said that the latest tests would be tougher than last year's when only seven out of 91 banks failed. The regulator has analysed some 3,000 pieces of information - as opposed to 149 in 2010 - including how many bonds each bank holds from the financially troubled governments of Greece, Portugal and Ireland.
Banks that fail and those who scrape through will be expected to act on the results and plug capital shortfalls. Some who fail to raise enough capital may have to turn to their own governments.
On Wednesday, German bank Helaba said it expected to pull out of the tests, complaining that the EBA's decision not to accept some of its hybrid capital made the difference between passing and failing.
The Liberal Democrat Sharon Bowles, chairman of the European Parliament's influential Economic and Monetary Policy Committee, accused German banks of covering up results which show they are in urgent need of recapitalisation.
The senior MEP said the results were being manipulated by financial institutions who think "they can fool the market". Germany's "crisis-denial" and its failure to own up to its own difficulties was preventing it from rescuing the European project, she added.
"The banking stress tests will be cathartic for the eurozone sovereign crisis, but not if those seeking secrecy think they can fool the market," Mrs Bowles said. "In their latest round of crisis-denial, German banks are lining up to try and hide what any decent analyst already knows, that there are significant cases of undercapitalisation. Publication of the stress tests will not bring Germany and its banks down, but denial of telling things as they really are lies at the heart of Germany's failure to rescue the euro project."
The latest stress tests come as sources said an emergency meeting of eurozone finance ministers scheduled for today in Brussels to discuss the crisis was abandoned at the last minute after the Germans and the Dutch raised objections.
The tests act as a financial healthcheck to ensure banks have sufficient capital to deal with difficult economic developments and publicly identify weak banks so national regulators can push them to strengthen their finances.
Regulators also hope the tests will persuade investors that the EU is coming clean about the extent of its banks' problems. Experts believe between five and 15 banks could fall short in today's results, but no large banks are expected to fail.
The EBA has said that the latest tests would be tougher than last year's when only seven out of 91 banks failed. The regulator has analysed some 3,000 pieces of information - as opposed to 149 in 2010 - including how many bonds each bank holds from the financially troubled governments of Greece, Portugal and Ireland.
Banks that fail and those who scrape through will be expected to act on the results and plug capital shortfalls. Some who fail to raise enough capital may have to turn to their own governments.
On Wednesday, German bank Helaba said it expected to pull out of the tests, complaining that the EBA's decision not to accept some of its hybrid capital made the difference between passing and failing.
The Liberal Democrat Sharon Bowles, chairman of the European Parliament's influential Economic and Monetary Policy Committee, accused German banks of covering up results which show they are in urgent need of recapitalisation.
The senior MEP said the results were being manipulated by financial institutions who think "they can fool the market". Germany's "crisis-denial" and its failure to own up to its own difficulties was preventing it from rescuing the European project, she added.
"The banking stress tests will be cathartic for the eurozone sovereign crisis, but not if those seeking secrecy think they can fool the market," Mrs Bowles said. "In their latest round of crisis-denial, German banks are lining up to try and hide what any decent analyst already knows, that there are significant cases of undercapitalisation. Publication of the stress tests will not bring Germany and its banks down, but denial of telling things as they really are lies at the heart of Germany's failure to rescue the euro project."
The latest stress tests come as sources said an emergency meeting of eurozone finance ministers scheduled for today in Brussels to discuss the crisis was abandoned at the last minute after the Germans and the Dutch raised objections.
Wednesday, July 13, 2011
deutsche bank chemical sector 2011
deutsche bank chemical sector 2011 : JPMorgan Chase & Co. (JPM) took the lead in advising on chemical mergers and acquisitions in the first half as 2011 shapes up to be a potential record beater for deals in the $2.5 trillion industry.
The U.S. bank, which replaced last year’s winner Deutsche Bank AG (DBK), advised on five transactions valued at a combined $19.14 billion, according to data compiled by Bloomberg, based on announced takeovers. Credit Suisse Group and UBS AG (UBSN) took the No. 2 and No. 3 slots respectively, followed by Morgan Stanley. Read More...
global chemical industry 2011, deutsche bank chemical sector 2012, deutsche bank chemical sector 2011 boosts.
The U.S. bank, which replaced last year’s winner Deutsche Bank AG (DBK), advised on five transactions valued at a combined $19.14 billion, according to data compiled by Bloomberg, based on announced takeovers. Credit Suisse Group and UBS AG (UBSN) took the No. 2 and No. 3 slots respectively, followed by Morgan Stanley. Read More...
global chemical industry 2011, deutsche bank chemical sector 2012, deutsche bank chemical sector 2011 boosts.
philippine inflation forecast 2011
philippine inflation forecast 2011 - philippine inflation prediction 2011 ; British banking giant Hong Kong and Shanghai Banking Corp. (HSBC) lowered its inflation forecast for the Philipines to five percent from 5.4 percent this year.
Inflation kicked up to a 13-month high of 4.5 percent in May from the revised 4.3 percent in April as core inflation — which excludes the volatile food and fuel items — rose to 3.7 percent from the revised 3.3 percent. This brought the average inflation in the first five months of the year to 4.2 percent from a year ago level of 4.3 percent.
Chan said HSBC lowered its inflation forecast to 4.6 percent from 5.2 percent in the second quarter, to 5.6 percent from 6.2 percent in the third; and to 5.7 percent from 5.9 percent in the fourth quarter due to the lower-than-expected inflation last month. “The inflation picture in the Philippines has been less worrying than expected,” the economist added.
Tag : special deposit account philippines, special deposit accounts philippines, 2012 pHILIPPINE iNFLATION RATE, bloomberg inflation forecast for the philippines, bloomberg philippines forecast 2012, Philippine 2012 inflation target of Central bank, philippine government inflation forecast 2011
Inflation kicked up to a 13-month high of 4.5 percent in May from the revised 4.3 percent in April as core inflation — which excludes the volatile food and fuel items — rose to 3.7 percent from the revised 3.3 percent. This brought the average inflation in the first five months of the year to 4.2 percent from a year ago level of 4.3 percent.
Chan said HSBC lowered its inflation forecast to 4.6 percent from 5.2 percent in the second quarter, to 5.6 percent from 6.2 percent in the third; and to 5.7 percent from 5.9 percent in the fourth quarter due to the lower-than-expected inflation last month. “The inflation picture in the Philippines has been less worrying than expected,” the economist added.
Tag : special deposit account philippines, special deposit accounts philippines, 2012 pHILIPPINE iNFLATION RATE, bloomberg inflation forecast for the philippines, bloomberg philippines forecast 2012, Philippine 2012 inflation target of Central bank, philippine government inflation forecast 2011
Monday, July 11, 2011
Universal Health Services Earnings prediction Increased
Universal Health Services Earnings prediction Increased- Universal Health Services Earnings prediction 2011 : Equities research analysts at UBS AG (NYSE: UBS) raised their earnings per share estimates on shares of Universal Health Services (NYSE: UHS) in a research note to investors on Monday. The analysts currently have a "buy" rating and a $65.00 price target on the stock.
Separately, analysts at Zacks Investment Research downgraded shares of Universal Health Services from an "outperform" rating to a "neutral" rating in a research note to investors on Monday, June 27th. Also, analysts at Leerink upgraded shares of Universal Health Services from a "market perform" rating to an "outperform" rating in a research note to investors on Monday, June 13rd.
Shares of Universal Health Services traded down 2.07% during mid-day trading on Tuesday, hitting $52.89. Universal Health Services has a 52 week low of $30.51 and a 52 week high of $56.46. The stock's 50-day moving average is $51.82 and its 200-day moving average is $46.03. The company has a market cap of $5.166 billion and a price-to-earnings ratio of 19.54.
Universal Health Services last announced its quarterly results on Tuesday, April 26th. The company reported $1.15 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $0.94 EPS by $0.21. During the same quarter in the prior year, the company posted $0.73 earnings per share. The company’s quarterly revenue was up 41.80% on a year-over-year basis. On average, analysts predict that Universal Health Services will post $0.86 EPS next quarter.
About Universal Health Services, Inc
Universal Health Services, Inc., through its subsidiaries, owns and operates acute care hospitals, behavioral health centers, surgical hospitals, ambulatory surgery centers and radiation oncology centers. As of February 25, 2010, the Company owned and/or operated or had under construction, 25 acute care hospitals (excluding one new replacement facility being constructed) and 102 behavioral health centers located in 32 states, Washington, D.C. and Puerto Rico. As part of the ambulatory treatment centers division, the Company manages and/or owns outright or in partnerships with physicians, seven surgical hospitals and surgery and radiation oncology centers located in five states and Puerto Rico. During the year ended December 31, 2009, net revenues from the acute care hospitals, surgical hospitals, surgery centers and radiation oncology centers accounted for 74% of the consolidated net revenues of the Company.
Separately, analysts at Zacks Investment Research downgraded shares of Universal Health Services from an "outperform" rating to a "neutral" rating in a research note to investors on Monday, June 27th. Also, analysts at Leerink upgraded shares of Universal Health Services from a "market perform" rating to an "outperform" rating in a research note to investors on Monday, June 13rd.
Shares of Universal Health Services traded down 2.07% during mid-day trading on Tuesday, hitting $52.89. Universal Health Services has a 52 week low of $30.51 and a 52 week high of $56.46. The stock's 50-day moving average is $51.82 and its 200-day moving average is $46.03. The company has a market cap of $5.166 billion and a price-to-earnings ratio of 19.54.
Universal Health Services last announced its quarterly results on Tuesday, April 26th. The company reported $1.15 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $0.94 EPS by $0.21. During the same quarter in the prior year, the company posted $0.73 earnings per share. The company’s quarterly revenue was up 41.80% on a year-over-year basis. On average, analysts predict that Universal Health Services will post $0.86 EPS next quarter.
About Universal Health Services, Inc
Universal Health Services, Inc., through its subsidiaries, owns and operates acute care hospitals, behavioral health centers, surgical hospitals, ambulatory surgery centers and radiation oncology centers. As of February 25, 2010, the Company owned and/or operated or had under construction, 25 acute care hospitals (excluding one new replacement facility being constructed) and 102 behavioral health centers located in 32 states, Washington, D.C. and Puerto Rico. As part of the ambulatory treatment centers division, the Company manages and/or owns outright or in partnerships with physicians, seven surgical hospitals and surgery and radiation oncology centers located in five states and Puerto Rico. During the year ended December 31, 2009, net revenues from the acute care hospitals, surgical hospitals, surgery centers and radiation oncology centers accounted for 74% of the consolidated net revenues of the Company.
Bank of America Corp.Earnings report Financial results on July 19 2011
Bank of America Corp.Earnings report Financial results on July 19 2011 : On of the world's largest financial institutions, Bank of America Corp. (NYSE: BAC) is scheduled to report its second quarter FY 2011 Financial results on July 19 2011. In the last four quarters, the company's reported EPS exceeded Wall Street's consensus estimates for quarters ended June 2010 and September 2010 by margins of 22.70 percent and 68.80 percent, respectively. However, for quarters ended December 2010 and March 2011, the reported EPS missed Wall Street's consensus estimates by margins of 71.40 percent and 37 percent, respectively.
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses, large corporations and governments with a full range of banking, investing, asset management and other financial and risk management products and services. Through its banking subsidiaries and various nonbanking subsidiaries throughout the United States and in certain international markets, it provide a diversified range of banking and nonbanking financial services and products through six business segments: deposits, global card services, home loans and insurance, global commercial banking, global banking and markets and global wealth and investment management, with the remaining operations recorded in all other.
For Q1 FY 2011
* Bank of America reported total revenue of $27 billion, down 16 percent, compared with total revenue of $32.2 billion in the first quarter FY 2010. However, sequentially the revenues rose 19 percent from $22.6 billion in the previous quarter.
* Net income was $2 billion, down 37.5 percent, compared with net income of $3.2 billion in the comparable quarter last fiscal. Sequentially, net income increased from a loss of $1.2 billion in the fourth quarter FY 2010.
* Earnings were $0.17 per diluted share, compared with earnings of $0.28 per diluted share in the first quarter FY 2010.
* BofA strengthened its balance sheet with risk-weighted assets declining $23 billion and global excess liquidity increasing $50 billion from the end of 2010 to $386 billion at March 31, 2011.
* Average deposit balances were above $1 trillion, gaining 4 percent from the year-ago period and 2 percent from the fourth quarter of 2010.
For FY 2010
For FY 2010, BofA reported total revenue of $111.4 billion, down 8 percent from total revenue of $120.9 billion in FY 2009. For the year, the company reported a loss of $2.23 billion, or $0.37 per share, compared to net income of $6.2 billion, or $0.29 per share, during last fiscal year. At the end of FY 2010, the corporation had $2.3 trillion in assets and approximately 288,000 full-time equivalent employees.
Analysts Forecast
For the second quarter, analysts' EPS estimates range from a low of $0.13 to a high of $0.39 per share, compared with a consensus estimate of $0.27 per share to $0.28 per share in the year ago quarter. For this quarter, analysts' revenue estimates range from a low of $25.53 billion to a high of $27.40 billion, compared with a consensus estimate of $26.23 billion to $29.15 billion in the same quarter a year ago. For the second quarter, the consensus EPS forecast has been increased from $0.27 per share estimated 30 days ago to the current estimate of $0.28 per share.
In the last 52 weeks, shares of Bank of America traded in the range of $10.40 to $15.72. The last trading price of the stock was $10.9. On May 4, 2011, UBS initiated the stock with a Neutral rating.
Tag ; bank of america corp, address bank of america corp, bank of america corp office, options bank of america corp graph, bank of america corp. careers, bank of america corp careers, bank of america company, deutsche bank trust company americas, bank of america mortgage company, bank of america company profile, bank of america appraisal management company.
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses, large corporations and governments with a full range of banking, investing, asset management and other financial and risk management products and services. Through its banking subsidiaries and various nonbanking subsidiaries throughout the United States and in certain international markets, it provide a diversified range of banking and nonbanking financial services and products through six business segments: deposits, global card services, home loans and insurance, global commercial banking, global banking and markets and global wealth and investment management, with the remaining operations recorded in all other.
For Q1 FY 2011
* Bank of America reported total revenue of $27 billion, down 16 percent, compared with total revenue of $32.2 billion in the first quarter FY 2010. However, sequentially the revenues rose 19 percent from $22.6 billion in the previous quarter.
* Net income was $2 billion, down 37.5 percent, compared with net income of $3.2 billion in the comparable quarter last fiscal. Sequentially, net income increased from a loss of $1.2 billion in the fourth quarter FY 2010.
* Earnings were $0.17 per diluted share, compared with earnings of $0.28 per diluted share in the first quarter FY 2010.
* BofA strengthened its balance sheet with risk-weighted assets declining $23 billion and global excess liquidity increasing $50 billion from the end of 2010 to $386 billion at March 31, 2011.
* Average deposit balances were above $1 trillion, gaining 4 percent from the year-ago period and 2 percent from the fourth quarter of 2010.
For FY 2010
For FY 2010, BofA reported total revenue of $111.4 billion, down 8 percent from total revenue of $120.9 billion in FY 2009. For the year, the company reported a loss of $2.23 billion, or $0.37 per share, compared to net income of $6.2 billion, or $0.29 per share, during last fiscal year. At the end of FY 2010, the corporation had $2.3 trillion in assets and approximately 288,000 full-time equivalent employees.
Analysts Forecast
For the second quarter, analysts' EPS estimates range from a low of $0.13 to a high of $0.39 per share, compared with a consensus estimate of $0.27 per share to $0.28 per share in the year ago quarter. For this quarter, analysts' revenue estimates range from a low of $25.53 billion to a high of $27.40 billion, compared with a consensus estimate of $26.23 billion to $29.15 billion in the same quarter a year ago. For the second quarter, the consensus EPS forecast has been increased from $0.27 per share estimated 30 days ago to the current estimate of $0.28 per share.
In the last 52 weeks, shares of Bank of America traded in the range of $10.40 to $15.72. The last trading price of the stock was $10.9. On May 4, 2011, UBS initiated the stock with a Neutral rating.
Tag ; bank of america corp, address bank of america corp, bank of america corp office, options bank of america corp graph, bank of america corp. careers, bank of america corp careers, bank of america company, deutsche bank trust company americas, bank of america mortgage company, bank of america company profile, bank of america appraisal management company.
Subscribe to:
Comments (Atom)