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Archive for July 4th, 2008French regulator fines Societe Generale for rogue tradePosted by UK Economy News
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4Jul 08 France's banking regulator Friday fined Societe Generale four million euros (6.3 million dollars) over "grave deficiencies" in its internal controls that enabled a massive rogue trade scandal at the bank.
Read full story Goldman Sachs lowers estimates on 40 European banksPosted by UK Economy News
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4Jul 08 The US investment bank Goldman Sachs has lowered its 2008-2010 forecasts for more than 40 European banks, warning Friday that some of them may have to raise between 60 and 90 billion euros to shore up finances in the face of a nearly year-long credit crisis.
Read full story Comments Off EU steps up scrutiny of BHP takeover of Rio TintoPosted by UK Economy News
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4Jul 08 The European Commission on Friday opened an in-depth antitrust probe into mining giant BHP's hostile takeover of rival Rio Tinto over "serious doubts" the deal could stifle competition amid soaring commodities prices.
Read full story Comments Off Euro-dollar rate is stable in thin tradingPosted by UK Economy News
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4Jul 08 The dollar was stable against the euro here Friday, with the single currency hurt by a weak reading on German industrial orders.
Read full story Comments Off French bank body fines SocGen over KervielPosted by UK Economy News
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4Jul 08 France's Banking Commission on Friday fined Societe Generale 4 million euros (3.2 million pounds) for serious breaches in internal controls revealed by the French bank's 4.9 billion euro rogue trading loss.
Read full story Comments Off EU opens investigation of Rio-BHP dealPosted by UK Economy News
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4Jul 08 The European Commission opened an in-depth investigation on Friday into BHP Billiton's $170 billion (85.7 billion pound) unsolicited bid for rival miner Rio Tinto , with prices of iron ore already soaring.
Read full story Comments Off M&S’s Rose set for showdownPosted by UK Economy News
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4Jul 08 Marks and Spencer boss Stuart Rose, lauded for reviving the landmark retailer just a year ago, is battling to save his job after a big profit warning and bungled management changes.
Read full story Comments Off Credit Mutuel makes firm offer for Citibank in Germany: sourcesPosted by UK Economy News
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4Jul 08 Credit Mutuel of France has made a firm bid for the German retail banking activities of US giant Citigroup, which operates in Germany under the name Citibank, sources close to the matter said Friday.
Read full story Comments Off Subprime-hit UBS says could break even second quarterPosted by UK Economy News
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4Jul 08 Swiss banking giant UBS, hit hard by the subprime crisis, on Friday said it would break even or report a slight loss for its second quarter thanks to a substantial tax credit.
Read full story Comments Off EU airline pollution plan could spark trade wars: industry officialsPosted by UK Economy News
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4Jul 08 A plan by the European Union to impose a carbon dioxide emissions quota for all airlines flying into and out of the bloc could spark trade wars, aviation industry officials warned.
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