banking
Friday 09 January 2009
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Lehman to sell its private equity funds
Lehman Brothers is reportedly to sell its merchant banking business, consisting of two private equity firms, to management of the funds. The proposed deal, which could total around $4.5 billion, is subject to consent from the investors in the funds.
Thursday 08 January 2009
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German state to buy major stake in Commerzbank
The German state has agreed to buy a 25% stake in Commerzbank, the country's second largest bank. The partial nationalisation will involve a 10-billion-euro capital injection by the German banking sector stabilisation fund (SoFFin).
Thursday 08 January 2009
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Bank of England cuts rate to all-time low
The Bank of England lowered its key interest rate to 1.5%, the lowest level since the institution was created in 1694. It is the fourth consecutive cut since last October, as economists warn the economic downturn could entail a period of deflation.
Thursday 01 January 2009
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No bonus for top Citigroup executives
US bank Citigroup announced that the company's top managers would receive little or no bonuses for 2008. The troubled group benefited from the US government's rescue package, which imposes limits on executive remuneration.
Wednesday 24 December 2008
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Riad Salamé, governor of the Central Bank of Lebanon
The governor of the Central Bank of Lebanon, Riad Salamé, explains why his country hasn't been hit hard by the international financial crisis - or Lebanon's own political uncertainty.
