Loss At Tyson Means No Bonus For Officials Tyson Foods has cut the pay of its chairman and chief executive by withholding bonuses after the company suffered its first yearly loss since 1994.... Read Full Article Chirac Steps Out As Sarkozy Enters Elysee Palace Nicolas Sarkozy succeeds Jacques Chirac as French President in a simple ceremony where he promised to unite France and restore national pride.... Read Full Article F.D.A. Approves Test For Fatal Parasitic Infection Chagas disease is common in Latin America and increasingly prevalent in the U.S. blood supply.... Read Full Article Alcan Seeks Alternatives To Alcoa Bid The Canadian aluminum maker said the $28.6-billion bid was inadequate. Alcoa said U.S. antitrust investigators had asked for more information on the offer.... Read Full Article 5 Dead In Attack On Mine Clearing Team In Afghanistan In one of the bloodiest attacks in months on a nongovernmental organization, gunmen killed five members of a mine-clearing team and wounded seven more in northern Afghanistan.... Read Full Article |
Deutsche NewsDeutsche loses as Dresdner imperils AllianzDeutsche Bank, Germany’s biggest bank, today disclosed its first quarterly loss in five years as Allianz said that the problems at its Dresdner Bank operation could threaten medium-term profits goals.Read Full Article Deutsche Bank to raise €9bn for acquisitionsDeutsche Bank is set to raise €9 billion (£7 billion) by issuing bonds to finance an expected acquisition spree after Josef Ackermann, the chairman at Germany’s largest lender, reiterated his interest in buying Postbank, majority owned by Deutsche Post.Read Full Article Crisis Catches Up to Deutsche BankThe bank reported a pretax loss of 254 million euros ($396 million) for the first quarter, its first loss in five years, after writing down $4.2 billion in tainted loans and mortgage-backed securities.Read Full Article Reality of loans climate leaves no room for pretenceThe markets were yesterday looking to Ben Bernanke, chairman of the Federal Reserve, to confirm the growing hope that the worst of the credit crunch may be over. He did not oblige.<br/> <br/> The best he could come up with was that measures taken by central banks in recent weeks had stabilised the situation “somewhat”. He even came close to admitting that the US may already be in recession as problems in the financial markets “weighed on real economic activity”.<br/> <br/> In the UK, that weight is becoming more apparent. Every day more than 3,800 people are coming off cheap fixed-rate mortgage deals and discovering the hard way that the credit crunch is not just an abstract phrase in the financial pages. From paying an easy 4 or 5 per cent, they face being stranded and paying the lender’s standard variable rate of 6 or 7 per cent unless they can find a new source of cheap debt.<br/> <br/> The banks are having to navigate in a strange new world - a world where wholesale funding is neither plentiful nor cheap, a world where brownie points are earned not for winning mortgage customers but for turning them away, a world where savers have to be wooed and generously rewarded.<br/> <br/> Some lenders are dealing with these conditions better than others. Pulling mortgage products abruptly or tightening lending criteria does not go down well with customers trying to negotiate house purchases. Mortgage brokers, which still dominate the industry, particularly hate the chopping and changing.<br/> <br/> The withdrawal has become an unseemly scramble with banks leapfrogging each other to worsen terms so as to avoid being anywhere near the most competitive.<br/> <br/> The banks risk being accused of profiteering by racking up their interest rates and of gouging vulnerable borrowers with nowhere else to turn. But interest rates have until recently been raised only for new customers. The cost of funding these new mortgages has rocketed, whether the bank relies on depositors, who can now command 6 per cent or more, or the wholesale markets, where Libor is still three-quarters of a percentage point above base rate.<br/> <br/> The alternative approach to mortgage rationing is just to say “No”. <a href="http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article3663213.ece">HSBC’s direct banking offshoot, First Direct</a>, has adopted this line, simply rejecting any applicant who is not already a customer. The decision was forced on it by a wave of outside loan applications which was running at five times normal levels. First Direct’s systems couldn’t cope and it was taking as long as ten weeks to get a quotation letter.<br/> <br/> Of course, this sends potential customers elsewhere, driving up rates and fuelling the threatened cycle of lower consumer spending and lower house prices.<br/> <br/> Nor is there any sign of easing of the pressure on the corporate sector, where the credit crunch is starting to bite some companies hard. Yesterday Imperial Energy, a UK oil company focused on Russia, said it had been forced to scrap plans for a debt financing because the rates being demanded were no longer attractive. Instead it announced a $600 million rights issue, driving its shares down by 25 per cent at one stage.<br/> <br/> In the City, hopes that conditions will ease soon are fading fast and banks are wielding the knife. Citigroup yesterday cut more than half the 25 staff in its leveraged finance business, which handles lending to companies with high debt. Deutsche Bank and JPMorgan have axed about 40 per cent of their teams.<br/> <br/> Despite all this, the stock market has been saying that the worst may indeed be over. It certainly doesn$’t feel right to call the bottom yet. But then again it never does.Read Full Article Stocks Surge on Hopes Financial Woes Are EasingInvestors hoped that mortgage-related write-offs at UBS and Deutsche Bank could signal the last of Wall Street’s subprime woes.Read Full Article External News for: deutschePlay resumes at Deutsche Bank - Boston Globe (blog)Times LIVEPlay resumes at Deutsche BankBoston Globe (blog)First-round play at the Deutsche Bank Championship has resumed after a suspension of play that lasted a little more than an hour. ...Deutsche Bank Champ. fan's guideESPNDeutsche Bank opener to resume @ 1:50 pm ETmsnbc.comTiger Woods Is 10 Shots Off Lead of Day, Johnson at Deutsche Bank GolfBloombergAssociated Content -Examiner.com -Boston Heraldall 712 news articles »Play resumes at Deutsche Bank - Boston Globe (blog)Times LIVEPlay resumes at Deutsche BankBoston Globe (blog)First-round play at the Deutsche Bank Championship has resumed after a suspension of play that lasted a little more than an hour. ...Deutsche Bank Champ. fan's guideESPNDeutsche Bank opener to resume @ 1:50 pm ETmsnbc.comTiger Woods Is 10 Shots Off Lead of Day, Johnson at Deutsche Bank GolfBloombergAssociated Content -Examiner.com -Boston Heraldall 712 news articles »Day, Johnson share clubhouse lead at Deutsche Bank - AFPmsnbc.comDay, Johnson share clubhouse lead at Deutsche BankAFPBOSTON, Massachusetts — Zach Johnson and Jason Day beat the rain Friday to share the clubhouse lead in the first round of the Deutsche Bank Championship. ...One group at DBC came away 23 underESPN (blog)Johnson, Day atop leaderboard in BostonThe Associated PressRyder Cup Implications at Deutsche Bank ChampionshipCybergolf NationalFanHouse -Boston Globe -Worcester Telegramall 341 news articles »Play resumes at Deutsche Bank - Boston Globe (blog)Times LIVEPlay resumes at Deutsche BankBoston Globe (blog)First-round play at the Deutsche Bank Championship has resumed after a suspension of play that lasted a little more than an hour. ...Deutsche Bank Champ. fan's guideESPNDeutsche Bank opener to resume @ 1:50 pm ETmsnbc.comTiger Woods Is 10 Shots Off Lead of Day, Johnson at Deutsche Bank GolfBloombergAssociated Content -Examiner.com -Boston Heraldall 712 news articles »Day, Johnson share clubhouse lead at Deutsche Bank - AFPmsnbc.comDay, Johnson share clubhouse lead at Deutsche BankAFPBOSTON, Massachusetts — Zach Johnson and Jason Day beat the rain Friday to share the clubhouse lead in the first round of the Deutsche Bank Championship. ...One group at DBC came away 23 underESPN (blog)Johnson, Day atop leaderboard in BostonThe Associated PressRyder Cup Implications at Deutsche Bank ChampionshipCybergolf NationalFanHouse -Boston Globe -Worcester Telegramall 341 news articles »Two Groups to Watch at The Deutsche Bank Championships - Technorati (blog)Washington PostTwo Groups to Watch at The Deutsche Bank ChampionshipsTechnorati (blog)As the FedEx Cup fields get smaller, so do groups to watch. In true playoff fashion I've shortened the groups to watch from 3 to 2. ...FedEx Cup pick-4: Deutsche Bank ChampionshipOrlando Sentinel (blog)Dinner offers Stricker, Kuchar time to unwind, relax with teammatesPGA TourKuchar on center stageBoston HeraldThe Associated Press -Providence Journal -Boston Globeall 160 news articles » |
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