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’Snap news
Breaking pre-market news on Wednesday,
- Schneider Electric to acquire Spain’s Telvent for $2bn or $40 per share — statement.
- Lenovo buys controlling stake in Germany’s Medion; to launch offer for rest of company — report and statement.
Snap news
Breaking pre-market news on Friday,
- WPP to increase dividend payout to 40 per cent of earnings; announces annual results- statement.
- KBC agrees to sell Centea to Credit Agricole for €527m – statement.
World’s best bank (2006 vintage)
It has long been known that consulting firm Oliver Wyman crowned Anglo Irish the world’s best bank in 2006 — just when Anglo was actually… well, you know the story.
Sadly, the report that bestowed this fateful distinction has (quite unaccountably!) vanished from the Oliver Wyman corporate site.
Belgian banks exposed to Belgium
Belgian bonds are blowing out.
Which means pain for any (unhedged) entity holding the stuff — for instance, Belgian banks. Citigroup attempts to quantify Belgian financials’ exposure to their host country in a Wednesday research piece — though it’s worth noting that they do reckon Belgium “is in a far stronger position than the [European] peripheral countries”
Does RBS need to take an Irish hit?
Will RBS be the next bank to increase bad loan provisions for Ireland?
That’s the question traders are asking on Thursday morning after KBC followed Lloyds Banking Group and warned of a deterioration in its Irish loan book (alongside irregularities in a British leasing subsidiary).
Worst banking conspiracy ever
Have you ever heard of Inter-Alpha? We hadn’t until this weekend, although we tend not to frequent the conspiracy sites that lump it in alongside the world’s Bilderbergs, Rothschilds, and the Stonecutters.
Snap news
Breaking pre-market news on Wednesday,
- Allianz Q1 net profit €1.6bn – statement.
- Maersk says raises 2010 profit outlook – statement.
- RWE says Q1 operating profit up 14 per cent – statement.
Snap news
Breaking pre-market news on Wednesday,
- KBC asks for its shares to be suspended, European Commission expected to decide on asset sale 12pm CET Wednesday – statement.
- ITV appoints Archie Norman as chief executive officer – statement.
Snap news
Breaking pre-market news on Friday,
- Graham Chipchase to succeed Leslie Van de Walle as Rexam chief executive – statement.
- Grupo Ferrovial says it will inject £500m equity injection into its London airports group – statement.
Equity markets, Japan and the Apocalypse of St John
The mood throughout equity markets around the world has taken a distinct turn for the worse and the “commentariat is divided” as to the reasons why, notes KBC Financial Products’ Japanese market strategist Jonathan Allum.
KBConfusion
What fresh hybrid debt hell is this?
KBC Bank has today launched tender offers in certain countries in Europe and, in respect of one security, in the United States of America to repurchase four series of outstanding hybrid Tier-1 securities with a total nominal value of approximately €1.6 billion.
The hybrid conundrum
RBS shares are up 2.7 per cent in London trading — on news that the bank will be alienating its bondholders by not calling four of its Tier 2 subordinated, or hybrid, bonds.
While not calling the bonds means RBS gets to keep a cheap source of capital for a while longer,
KBCoupons!
The adventures in banks’ hybrid Tier 1 debt continue apace this Wednesday morning, via Belgium’s KBC.
From a Tuesday press release issued by the partially state-owned bancassurer:
1 September, 2009 – 5.45 p.m.
KBC sets aside €300m for CDO claims
KBC, the Belgian bank that received three state bail-outs, has set aside €300m ($430m) to compensate private banking clients who lost out when their risky investments soured in the financial crisis. Claims for compensation from private investors,
KBC – not hollowing out, just quietly self-immolating
Things have lurched from bad to worse at the Japanese outpost of KBC. But with bosses in the Brussels HQ of Belgium’s third-largest bank fighting far bigger fires, the folks in Tokyo are floating rudderless as their chief executive jumps ship to a cushy job at Deutsche Securities and angry employees fight a potentially troublesome law suit.
More hollowing out in Tokyo
Landlords of large, swanky apartments so favoured by expat bankers are heavily discounting rents and enrolments at international schools are dwindling in Tokyo, as the slow-trickle exodus of Japan’s foreign financial community picks up ahead of the summer holiday season.
Belgium steps in to shore up KBC
The Belgian government on Thursday offered more state guarantees to troubled bank KBC. The bail-out, which follows earlier assistance for KBC as well as Fortis and Dexia, the rival Belgian lenders, comes after KBC reported a Q1 loss of €3.6bn ($4.9bn),
Belgium considers KBC bail-out
The Belgian cabinet on Wednesday met to consider extending further guarantees to KBC amid talk of more writedowns on the bank’s CDO portfolio. By contrast, the bail-out of Dexia, the Franco-Belgian bank,
KBC and wild rumours
Err, this doesn’t look good:
KBC Group NV has requested to have its share suspended for today, Wednesday, 13 May. Yesterday, several wild rumours circulated the market. Since it is currently in its pre-earnings black-out period (the period prior to its earnings release when the group does not disclose any information),
KBC receives €2bn cash injection
KBC Group, one of Belgium’s largest remaining banks, is to receive a €2bn cash boost from state coffers after it incurred a full-year loss of €2.5bn. The news comes amid speculation that a further round of Belgian state aid,
Apax makes its move on NLB
Apax Partners, the UK-based private equity group, is in exclusive talks to buy 30.6% of Nova Ljubljanska Banca, Slovenia’s biggest bank, from Belgium’s KBC after Blackstone pulled out of the €900m ($1.3bn) auction.
Hollowing out, KBC Japan-style (2)
Further to our earlier rundown on the rather bleak outlook for investment bankers and staff at other financial institutions in Tokyo comes the intriguing – and perhaps, for rival firms, cautionary – tale of KBC Securities Japan,
Hollowing out, Tokyo-style (1)
There is a creeping feeling of unease taking root in Tokyo’s investment banking and hedge fund circles, punctuated at increasingly regular intervals with the false bonhomie and back-slapping of farewell bashes for departing staff.