Posted by
admin on January 27, 2012 |
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Societe Generale SA (GLE) and Credit Agricola SA (ACA) were surrounded by the French banks to have their credit grades cut by Standard & Poor’s after France was stripped of its top rating earlier this month. Societe Generale, France’s second-largest bank by market value, and Credit Agricole, the third-biggest, had their liability downgraded to A from A+ with a even attitude, S&P said yesterday in declaration. Caisse des Depots et Consignations was also slashed, to AA+ from AAA.
European nations are grappling with a debt crisis now in its third year as they seek to restore budget order. France’s credit was lowered to AAA from AA+ on 13 January in the middle of downgrades that left Germany the single nation in the euro area with a stable top rating. The assessments for Societe General and Credit Agricola incorporate one level of government support rather than two levels that an AAA rated sovereign would offer, S&P said.
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Posted by
admin on January 25, 2012 |
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Volkswagen gave away a lavish party for the 120 guests in The New York’s Museum of the Modern Arts in the month of January for making their presence felt in the breakthrough year in the United States from the German carmaker. This celebration proved to be very early. After two days in Detroit, Hyundai Motors CO has beaten the Volkswagen Passat in winning the North American Car of the year award therefore underscoring the high status of the company as the Volkswagen spoilsport.
Hyundai which is the Seoul based manufacturer and one of its affiliate KIA Motors Corp wants to repeat their overwhelming success where they outperform their German compatriot more than three to one. The Hyundai Company needs to be successful in the European markets according to Allan Rushforth who is Hyundai’s Chief operational officer of the Region. Hyundai is considered as the most serious challengers to the Volkswagen.
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Posted by
admin on January 24, 2012 |
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All the European Union governments came back to German chancellor Angela Merkel’s agenda for fighting out the European debt crisis as all of them made some stricter draft rules on the economic budget shortfall by paying attention to the European bank warnings against all the backsliding. The most up-to-date draft of the economic part, which is to be discussed in the January 23 by the European finance ministers stands on the decision of European central Bank president Mario Draghi’s plea to the Governments for valuing their dedication.
The Central Bank would certainly like to continue with the current economic policy of giving the banks with vast amount of liquidity in hope that they will survive and also buy some of the government bonds according to Carsten Brzeski. To cool down the ECB official will be critical for the policy maker’s efforts in fighting against the debt crisis.
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