Weather is just the final straw

first_img Weather is just the final straw Show Comments ▼ whatsapp Tags: NULL Share KCS-content IT isn’t just the snow that has stymied Alexon. True, the combination of closed stores and customers staying at home has been an immediate issue. But for too long Alexon’s clothes haven’t been the indispensable buy needed to haul shoppers in during the recession.It has also been crippled by millions of pounds of lease commitments on shops that have closed or have been losing money. The past two years are a litany of falling sales and margins that only stabilised in the four months to November. This underlying weakness is what extra pressures such as the current snow exposes. Though its interim sales tiptoed into the black at 0.4 per cent growth, it will lose far more than that – after all, the big freeze at the start of the year saw Alexon’s interim sales fall 14.3 per cent year-on-year. It is still to feel the benefits of a turnaround strategy that has seen new design teams hired, new clothing collections launched and £20m capital raised to pay off the leases. But these lost sales alone have the potential to strip £1.5m from its full-year profit forecast – half the £3m hoped for. That’s a massive impact from a short period of time and a sign that until Alexon can show sustained strong sales, it is out in the Arctic in investors’ terms. whatsapp Tuesday 21 December 2010 8:28 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Prooflast_img read more

Catlin shakes off cat loss

first_img Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Tags: NULL KCS-content Thursday 10 February 2011 8:41 pm whatsapp LLOYD’S insurer Catlin returned solid full-year results yesterday despite taking a $218m (£136m) hit from catastrophe-related losses.Catlin saw pre-tax profit fall by a third to $406m from $603m last year, but beat analysts’ forecasts of $382m. Underwriting profits grew five per cent to $683m, as it added ten per cent to the net premiums it wrote, to a total $3.2bn. It wrote $4.07bn gross premiums, up from $3.71bn in 2009.Chief executive Stephen Catlin said the results were achieved “despite the catastrophe losses and the low interest rate environment” that continued to make the market challenging.Chief operating officer Paul Jardine said 2010’s losses were normal. “Our risk appetite has remained pretty constant,” he said. “It is within what we would expect in any year.”Jardine added that Catlin, Lloyd’s’ largest syndicate with an 8.5 per cent market share, was not involved in UK M&A activity. “From a London perspective I don’t see what a further acquisition would do for us,” he said. Catlin expects to make a $50m loss from Australian floods in January. center_img Share Catlin shakes off cat loss Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut whatsapp last_img read more

Agilent beats Wall Street view

first_img whatsapp Agilent beats Wall Street view Agilent Technologies first-quarter profit beat analysts’ estimates, helped by growth across all its segments, and the electronics testing equipment maker forecast second-quarter earnings above analysts’ view. The Santa Clara, California-based company posted a net income of $193m, up from $79m, last year. Revenue rose 25 per cent to $1.52bn. Show Comments ▼ whatsapp Tags: NULL KCS-content Monday 14 February 2011 9:44 pm Share More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKansas coach fired for using N-word toward Black playerthegrio.comMark Eaton, former NBA All-Star, dead at 64nypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com last_img read more

Saudi says world has enough oil despite Libya turmoil

first_img Share Saudi says world has enough oil despite Libya turmoil whatsapp whatsapp World markets have plenty of oil, top exporter Saudi Arabia has said, as a wave of revolution has tightened its grip on OPEC member Libya, driving prices to a two-and-a-half-year high.Energy ministers have arrived in the Saudi capital Riyadh on the eve of talks designed to narrow the gap between producer and consumer nations.The formal agenda could be overwhelmed by concern anti-government protests will drive oil prices still higher.Oil has climbed above $106 (£65.20) as energy firms recalled international staff from Libya and spreading unrest shut down some 100,000 barrels per day of production there.It was the first output disruption since popular unrest erupted in Tunisia, ousting its president, before spreading to Egypt, where it unseated Hosni Mubarak after 30 years of rule.Libyan leader Muammar Gaddafi’s four-decade-rule also appeared in jeopardy as protests reached the capital Tripoli for the first time.Saudi Oil Minister Ali al-Naimi will open proceedings at the International Energy Forum with a speech on Tuesday, but has declined to comment to reporters.His deputy Prince Abdulaziz bin Salman Al-Saud told a news conference the market had plenty of oil.“We’re much more focused on how the market balance is, is it sufficiently supplied? And the answer is ‘yes, abundantly,’ therefore does the situation warrant any kind of intervention? I don’t think so,” he said.He also reiterated the long-held Saudi view $70-$80 was the fair price for oil.“It is justified because it enables producers to invest, it is justified because it does not harm consumers.”Even though oil prices are well above those levels, OPEC ministers have repeatedly said the market has enough supply and the Organization of the Petroleum Exporting Countries has no plans to meet formally to reassess output until June.Iran, OPEC’s second largest oil producer after Saudi Arabia and holder of the rotating OPEC presidency, was among several oil ministers who will stay away from Tuesday’s talks, delegates said.Its anticipated absence was interpreted as another clue OPEC was not ready to react to rising oil prices with a formal output decision. alison.lock center_img Tags: NULL Show Comments ▼ Monday 21 February 2011 2:54 pmlast_img read more

Insurer QBE faces $175m NZ quake lossa

first_img Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com whatsapp Monday 28 February 2011 7:55 pm AUSTRALIA’S biggest insurer, QBE Insurance, said yesterday its profits slipped 17 per cent in 2010 after a spate of catastrophes hit the region.Net profit slipped to $1.28bn (£787m) from $1.53bn in 2009, despite premium income growth of 21 per cent to $13.6bn from $11.2bn in 2009, following floods that devastated Australia as well as Chilean and New Zealand earthquakes.QBE said its exposure to the earthquake that hit Christchurch last week could be as high as $175m including reinsurance costs – far higher than Australian insurers IAG and Suncorp, which have said losses should be capped at $40-45m due to reinsurance.However, its underwriting profit – profit after claims and expenses – rose 19 per cent to $1.17bn and all divisions delivered return on equity of higher than 15 per cent. And chief executive Frank O’Halloran said both profitability and premium income should improve in 2011, with net earned premiums expected to grow by 22-25 per cent.O’Halloran added that the disasters to hit Australia and New Zealand in recent months are likely to cause premium rises as local insurers find buying reinsurance for their coverage becomes more difficult. KCS-content Sharecenter_img Insurer QBE faces $175m NZ quake lossa Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap whatsapp Tags: NULLlast_img read more

Silver boom boosts Fresnillo

first_imgTuesday 1 March 2011 7:48 pm Tags: NULL Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap whatsapp MEXICAN silver miner Fresnillo was yesterday the latest firm to post bumper gains from the commodities boom, more than doubling its pre-tax profit to $1bn (£615m). The firm said the price charged for its gold and silver rose 27 and 40 per cent respectively during the year, on production up 33.4 and 1.7 per cent – all record highs for Fresnillo. The company had no debt and a cash position of $559.5m at the end of the year, more than enough to fund its planned capital expenditure as it looks to expand or start six mines in 2011. The London-listed miner said it expects silver production to rise five per cent this year to 44m ounces.Gold output is anticipated to increase five to six per cent to around 390,000 ounces, not as fast as the eight per cent rise the company had targeted in January.However, the firm said it was on track to produce 65m ounces of silver and over 400,000 ounces of gold annually by 2018.Fresnillo said its production costs were in the lowest quartile of the industry at $3.30 an ounce for silver and below $400 an ounce for gold.“For 2011, despite the uncertain outlook for economic and metal price performance, we expect that our high quality resource base and low-cost production profile will enable Fresnillo to deliver growth,” it said in a statement.Fresnillo shares gained slightly after the announcement, closing up 0.13 per cent at £15.96. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Show Comments ▼center_img Share whatsapp KCS-content Silver boom boosts Fresnillo last_img read more

We must act fast and decisively to save Libya’s rebels

first_img We must act fast and decisively to save Libya’s rebels whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Thursday 17 March 2011 9:38 pm Tags: NULL Share KCS-content YET again, we are at war. By the time this newspaper hits the streets this morning, airstrikes against Libya may already have started, led by the UK, France and perhaps others, including the US, members of the Arab League, and Canada. Just after 10:30pm last night, the United Nations Security Council voted 10-0, with five abstentions, for Resolution 1973. It goes substantially further than merely imposing a no-fly zone and calls for “all necessary measures” to protect civilians. What it doesn’t allow is occupation – but this is a hugely significant moment for the world, for global markets and of course for the population in the rebel town of Benghazi. We can only hope that their moving celebrations last night were not horribly premature. While the world media was obsessed with Japan in recent days, for good reason, the situation in Libya had started to look desperate for the rebels, who were being massacred by their genocidal and blood-thirsty dictator Muammar Gaddafi and their strongholds retaken one by one. Earlier Western assessments that Gaddafi would crumble quickly – including a preposterously ill-informed comment by William Hague, the foreign secretary, that he was on a flight to Venezuela – were entirely off the mark. Almost as unedifying was the inability of the main military powers, in the absence of American leadership, to come to a consensus on what to do. After days of dithering, Barack Obama finally decided to intervene, supporting David Cameron and Nicolas Sarkozy’s UN Resolution. What will happen next is hard to predict; the vote last night could easily be a case of too little, too late. We don’t really know how the mission to protect civilians will be interpreted; but heavy military action from the air is inevitable. Whether that will be enough to destroy Gaddafi is unclear; and while the resolution had the strong backing of Lebanon and some other Arab nations, support could easily ebb away if there is too much collateral damage or if the operations trigger more unrest in Arab League countries. There is a real possibility that the refugee crisis and exodus from Libya could intensify; the rest of the world must ready itself, especially Southern European nations. Perhaps most intriguing is how the UK armed forces will cope: they have been decimated and are already terribly over-stretched.It is astonishing how fast the global geopolitical situation has deteriorated in recent months. First, it was the European sovereign debt crisis, which has only been temporarily contained with a combination of bailouts and obfuscation. Then came what was optimistically dubbed the Arab spring: an almost completely unpredicted popular uprising in Tunisia, Egypt, Libya and elsewhere. Then came the earthquake in New Zealand – merely a dry run for the far worse catastrophe which has befallen Japan, and which has mutated from humanitarian nightmare into a nuclear disaster with far-reaching consequences on markets, the international supply-chain and the future of the nuclear energy. The chaos triggered massive, coordinated intervention in the global forex markets late last night, with the Bank of England, the Bank of Japan and others all acting in concert. The Arab uprisings have now turned into international conflicts. First it was the UAE and the Saudis who sent troops into Bahrain, turning up the pressure on Iran, an ally of the rebels – then it emerged that Egypt has started supplying Libya’s rebels with weapons. Last night’s move was the real game-changer, however. It is increasingly likely that the world could face a massive, double-edged energy shock. Crucially, it is not just the price of oil that is shooting up: the catastrophe in Japan has been a bitter blow for the global nuclear energy industry. Even China has halted its massive investment, while Germany and others have halted plants. More coal and gas will have to be used instead. Their prices will go up, as will the cost of carbon credits as a result of stringent green rules. Now that the UN has agreed to act in Libya, there is no time to be wasted. Strikes must be swift, powerful and well-targeted, and inflict as much damage as possible on Gaddafi and his henchmen. The mass murder of his opponents must be stopped. The world’s credibility is on the line; we cannot afford to [email protected] me on Twitter: @allisterheath whatsapplast_img read more

Verdes hired by AssetCo investors

first_imgWednesday 30 March 2011 8:16 pm More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comConnecticut man dies after crashing Harley into live bearnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPuffer fish snaps a selfie with lucky divernypost.com whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeDrivepedia20 Of The Most Underrated Vintage CarsDrivepediamoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical Genius KCS-content Show Comments ▼center_img Tags: NULL Share Shares in troubled fire engine provider?AssetCo jumped 5.9 per cent yesterday after turnaround specialist Verdes Management said it had been appointed to help certain shareholders – although it insisted it was not planning a bid. “AssetCo is regarded by certain shareholders as a business of significant value which is in danger of not being realised by the recent actions taken by the board,” Verdes said in a statement. whatsapp Verdes hired by AssetCo investors last_img read more

CITY VIEWS: WILL BRITS EVER GIVE UP THEIR TWO WEEKS IN THE SUN?

first_img whatsapp Read This NextWATCH: Shohei Ohtani continues home run tear, Los Angeles Angels winSportsnautYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof KCS-content Thursday 31 March 2011 7:27 pm Show Comments ▼ whatsapp CITY VIEWS: WILL BRITS EVER GIVE UP THEIR TWO WEEKS IN THE SUN? Share Save or Borrow peer to peer at RateSetter.comNICHOLAS KOCIUBA | TOKIO MARINE“Brits might shorten their holiday from two weeks to only a week, but they won’t give it up completely. Brits enjoy travelling and flights are still fairly affordable.”JAMES JOHNSTONE | KIM ENG SECURITIES“It’s unlikely people will give up their holiday because they’re so used to going abroad. They could explore locations within the UK though because it’s cheaper.”CRAIG FOTHERGILL | RSA“The UK is such an uninspiring travel destination that people will certainly continue travelling. With flights so inexpensive, there isn’t any excuse not to go abroad.” Tags: NULLlast_img read more

Commerzbank to pay back €14bn bailout

first_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionWorld LifestyleCouple Has No Idea Why Photo Goes Viral, Then They Notice This In The CornerWorld Lifestyle GERMANY’S second-largest bank Commerzbank announced its plan for an ambitious capital raising to repay the majority of its government bailout yesterday.The bank said it would raise a total of €11bn (£9.6bn) through an €8.25bn rights issue between May and June, and by converting €2.75bn of the German government’s current non-voting stock into shares.It aims to repay 88 per cent, or €14.3bn, of the €16.2bn bailout it was granted in the financial crisis by June this year, to enable it to resume dividend payments and increase its bankers’ salaries. Another €3.3bn will be paid from its own saved capital, while the remaining €1.9bn would be paid down by 2014 at the latest.The German government owns a 25 per cent stake in Commerzbank following the 2009 bailout in the form of so-called silent participation, a form of non-voting share capital.“We are surprised at Commerzbank’s determination to pay out €3.27bn of excess capital just a few weeks before the European banks stress test,” said RBS analysts. “Management must be fully convinced that it will pass the stress tests even after the payout.”The long-awaited package is subject to shareholder approval at its annual meeting on 6 May. Commerzbank is among the first of the large European banks to tap capital markets for fresh funds before tough new Basel III regulations take effect in 2013. Show Comments ▼ Wednesday 6 April 2011 8:05 pm Commerzbank to pay back €14bn bailout center_img whatsapp KCS-content Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap Tags: NULLlast_img read more