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Banking

WireTap 0900 07/03/12

A round-up of the key stories across the specialist financial media, including news of Wall Street's worst day in three months


Wall Street marks first big loss of 2012

The Dow dropped more than 200 points on Tuesday, handing Wall Street its worst day in three months on renewed fears of a disorderly default in Greece and concerns that China's slowdown would hit global growth.

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SocGén, Generali take part in Greece debt swap

Société Générale, Assicurazioni Generali and UniCredit joined firms saying they would participate in Greece’s debt swap as the country threatened to compel holdouts to take part.

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HSBC to sell insurance units for $914 million 

HSBC Holdings, Europe’s largest bank by market value, agreed to sell some of its general insurance units in Asia and Latin America for around $914 million as it focuses on more profitable businesses.

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CME strengthens ties with Brazil platform

CME Group, the US’s biggest futures-trading venue, has deepened its five-year relationship with BM&FBovespa, Latin America’s largest financial exchange, by finalising a deal to cross-list and cross-license futures contracts on stock indices, agricultural products and energy.

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Transfers at Clear Channel in dispute

A hedge fund is accusing a subsidiary of Clear Channel Communications of improperly moving $656 million to its debt-laden parent, which is owned by private-equity giants Bain Capital Partners and Thomas H Lee Capital Partners.

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