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S&P cuts, affirms 15 Italian banks as recession looms
Aug 3rd, 2012
NEW YORK (Reuters) - Ratings agency Standard & Poor's on Friday downgraded a broad swath of Italian banks, citing worries that the recession in the euro zone's third-largest economy could mean mounting losses for the country's lenders. Among the banks cut were giant Monte dei Paschi di Siena SpA . That bank stayed within the investment grade category - but only barely, slipping to BBB-minus from BBB. Monte Paschi, which has laid out a tough restructuring plan, is regarded as the weakest among Italy's top banks and was forced to ask state aid in June to boost its weak capital base. ... (Source: Reuters) -
(Reuters) - Credit rating agency Standard & Poor's on Thursday cut its rating on Berkshire Hathaway Inc , the insurance and industrial conglomerate controlled by billionaire investor Warren Buffett, by one notch, citing the company's reliance on its insurance operations for dividend income. S&P cut the counterparty rating on Berks... [Full Article]
MUMBAI (Reuters) - Ratings agency Standard & Poor's affirmed India's sovereign rating at "BBB-minus" with a "negative" outlook, reiterating there was a one-in-three chances of a ratings downgrade over the next 12 months, a statement said on Friday. S&P said the government's ability to prop up investment gr... [Full Article]
By Alexandria Sage CANNES (Reuters) - Paolo Sorrentino's "The Great Beauty," a nostalgic, melancholic ode to the eternal city Rome, is one of several films that touch on the unraveling of contemporary Italy in official selection at the Cannes film festival this year. Also competing for the prestigious Palme d'Or award to be hand... [Full Article]
By Sudip Kar-Gupta LONDON (Reuters) - Britain's benchmark equity index rose on Monday to its best closing level since late 2000, helped by rising bank stocks, and analysts said there was little holding it back from its all-time highs. Interest rate cuts and injections of liquidity by central banks have hit returns on bonds, driving investors t... [Full Article]
The eurozone is stuck in recession - its longest since the euro was founded in 1999. The latest figures from the European Union's statistics office show that the economy of the 17 EU countries that use the euro shrank for a sixth straight quarter, slumping by 0.2 percent in the January-March period from the previous three months. (Source: Asso... [Full Article]
TUNIS, Tunisia (AP) - Tunisia is taking a harder line on preaching by ultraconservative Muslim groups, a crackdown that has sparked demonstrations by rock-throwing protesters and ominous warnings of terrorist attacks to come. (Source: Associated Press)... [Full Article]
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