Germany's state-owned BayernLB faces billion-dollar loss
|
|
|
| Posted
:
Tue, 10 Nov 2009 11:58:24 GMT |
| By
:
dpa |
| Category
:
Business |
| News Alerts by
Email ( click
here ) |
|
Business News |
Home
|
|
|
|
Munich - Troubled German state bank BayernLB warned Tuesday that it will post a more than 1-billion-euro (1.5-billion dollar ) loss this year as it battles mounting risk provisions at its Austrian offshoot. Germany's second biggest state bank said the expected write downs and credit losses at Hypo Group Alpe Adria would "burden to a considerable extent" its fourth-quarter earnings. However, it is did provide any details. Hypo Group Alpe Adria, which Munich-based BayernLB bought in 2007 for 1.6 billion euros, has called an extraordinary shareholders' meeting for December 10 to consider a possible capital increase. BayernLB has emerged as one of the more prominent German banking victims of the global financial crisis having already received 10 billion euros from the Bavarian state government to help shore it up in the face of the upheaval that has gripped the world financial sector over the last 2 years.
Copyright DPA
|
|
|
|
|
|
Related News
Porsche board agrees to VW tie-up - Summary
Berlin - Luxury German sports carmaker Porsche said Friday its board had agreed to the group's planned integration into Volkswagen AG, Europe's biggest auto manufacturer. The decision by the Porsche supervisory board came after German-based VW's supe...
Frankfurt Stock Exchange quotations 20 November 2009
Frankfurt - Frankfurt Stock Exchange closing prices in euros. In brackets the point movement of index/price movement of stocks against previous quotation: ...
Arab stocks lacklustre ahead of Muslim festivities
Amman - Most of Arab stock markets extended losses this week ahead of Eid al-Adha festivities due to start on November 27, financial analysts said Friday. They also attributed the plunge to declines on global markets, the foggy picture surrounding th...
Iberia cabin crew cancel strikes in Spain
Madrid - Cabin crew of the Spanish airline Iberia have cancelled eight one-day work stoppages foreseen to start on November 30 and stretch into December, trade union sources said Friday. The unions said they had reached an agreement with Iberia on pa...
Asia's airlines see signs of recovery, expect heavy losses
Singapore - Asia's airlines saw some signs of recovery after passenger demand slumped during the global recession, the head of a regional industry body said Friday, but the business environment continued to be challenging. Hopefully, we are at least...
Japan falls back into deflation - Summary
Tokyo - Japan is back in a period of falling prices for the first time in three and a half years, the government said on Friday, while its central bank left a key interest rate unchanged and upgraded its economic outlook. Deputy Prime Minister Naoto ...
Thai exports fall 3 per cent in October, lowest this year
Bangkok - Thailand's exports hit 14.8 billion dollars in October, a decline of 3 per cent year-on-year, marking the lowest fall in 2009, the commerce ministry said Friday. Imports reached 13.1 billion dollars, down 17.5 per cent year-on-year. Thailan...
|
|
|
|
|
|
|
|
