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admin on February 13, 2012 |
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Credit Suisse Group AG (CSGN), the second- biggest Swiss bank, said it had a loss in the fourth quarter for the opening time since 2008, hurt by “unfavorable” markets and costs to rearrange the investment bank. Credit Suisse came down the most in five weeks in Zurich trading after posting a net loss of 637 million Swiss francs ($698 million), compared with an 841 million-franc profit in the year- earlier period. That missed the 446 million-franc average profit estimate of nine analysts surveyed by Bloomberg.
Credit Suisse Chief Executive Officer Brady Dougan said actions taken to speed up a revamp of the investment bank hurt earnings in the quarter. Dougan, who lowered the company’s profit target and announced two rounds of job cuts last year, is scaling down the securities division as the European sovereign debt emergency and stricter capital necessities crimp earnings. Pretax profit at the private bank dropped 43 percent with “passive” client activity in the fourth quarter.
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Posted by
admin on February 10, 2012 |
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Germany’s push to treat Europe’s financial crisis with austerity may fail by stifling its exports to the euro area, says Jerome Cahuzac, economic adviser to France’s Socialist presidential candidate. No state in Europe will acquire balanced budgets without development, Cahuzac, a lawmaker who also heads the Finance Committee at the lower chamber of Parliament, said in an interview in Paris Feb. 1. “It is also in the interest of Germany that growth stays everywhere and not just in Germany.”
His comments underscore the schism between Francois Hollande, the Socialist candidate who leads President Nicolas Sarkozy in polls, and policy makers in Berlin. Hollande has vowed to renegotiate the German-inspired treaty tightening budget rules endorsed by 25 European Union leaders last month, saying it is prejudiced against financial growth.
“A Hollande government might be on a collision course with Germany,” George Magnus, senior economic adviser at UBS AG, said in an e-mailed note Feb. 6 that pointed to the rising chance of a Hollande victory in the voting that concludes with a excess on May 6.
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Posted by
admin on February 9, 2012 |
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The American stock-index futures declined as China said industrial output growth will probably slow and investors waited for Greece’s politicians to accept spending cuts needed to secure financial aid. Anadarko Petroleum Corp. (APC), the major independent U.S. oil and natural-gas producer, grew 1 percent in German trading after reporting fourth-quarter earnings that beat estimates. Yum! Brands Inc. (YUM), the owner of the KFC and Taco Bell fast-food chains, gained 1.8 percent in early New York trading after posting periodical gross income that gained 30 percent.
Futures on the Standard & Poor’s 500 Index expiring in March fell 0.3 percent to 1,335.7 at 6:47 a.m. in New York. Dow Jones Industrial Average futures expiring the same month slid 19 points, or 0.2 percent, to 12,757 today. A Greek default will cause a correction of 5 to 10 percent in equities in Europe and perhaps less than half of that in the U.S., but it won’t be more.
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