Telecom has boosted its standby debt facility to NZ$800 million, providing more flexibility should it be necessary.
The new facility, with Telecom’s existing bankers, replaces the previous standby credit facility which had a limit of US$500 million (NZ$654 million), the company said today.
The increased limit would give the company greater financial flexibility, said new chief financial [...]
By Daniel Bases WASHINGTON, USA (Reuters): The US economic downturn is likely to slow economic growth in other Western Hemisphere countries while high-priced commodities and domestic demand is seen exacerbating inflation pressures, the IMF said on Friday. US economic growth is expected to be an anemic 0.5 percent in 2008, rising to just 0.6 percent [...]
WASHINGTON —
If big Wall Street investment houses are allowed to run to the Federal Reserve for emergency lending, they must face stepped-up regulation, Treasury Secretary Henry Paulson declared Wednesday.The demise of once-mighty Bear Stearns proves “the world has changed,” underscoring a need for the government to adapt, too, he said.
The Bush administration will soon [...]
RBC Dominion Securities has quietly snagged a London-based team from CIBC to focus on finding money for highly indebted companies, another illustration of how the country’s two biggest investment banks are moving in different directions.
The leveraged finance business has been hammered by the credit crunch — investors are leery of lending even to top-notch companies [...]
%26quot;The basis for optimism is sheer terror.%26quot; – Oscar WildeThis week began in trauma.It was announced Monday that one of the world’s largest securities firms, Bear Stearns %26amp; Co. Inc., had effectively gone bankrupt. And that, in a most unusual step, the U.S. Federal Reserve had hastily arranged a forced marriage between Bear Stearns and [...]
Yesterday’s gone. Deal with it.
In an increasingly volatile financial world that detests surprises, shareholders want company annual reports to tell them what’s coming next, rather than try to sugarcoat what they already know.
Companies have unpleasantly surprised investors too many times, most recently [...]
NEW YORK Stocks fell sharply Friday after a series of depressing economic and corporate reports and high oil prices stoked concerns about the health of the economy. The major stock indexes fell more than 2.5 percent and the Dow Jones industrials lost 315 points.
Investors [...]
MIAMI, USA: Wealth manager London %26amp; Capital, which manages assets on behalf of a growing client-base of offshore captive insurance companies, focusing on capital preservation and absolute returns, has been appointed to manage the reserves of the Caribbean Catastrophe Risk Insurance Facility (CCRIF). The Caribbean-owned, regional institution is the world%26rsquo;s first regional disaster insurance facility. [...]
An economy already reeling from the sub-prime mortgage mess could be in for a big hit from another type of financial instrument, experts warn.
They say possible problems in the gargantuan “credit default swap” market could cause credit-tightening and interest rate-hiking ripple effects, making it harder for consumers and companies alike to obtain credit.
CBS News correspondent [...]
Credit Suisse says it has suspended some of its traders in connection with the overvaluation of assets by $2.85 billion.
A spokesman for Switzerland’s second largest bank said Tuesday that a small number of traders were being investigated for overvaluing asset-backed securities on its balance sheet.
“I can’t tell you exactly how many, but a small number, [...]
