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Banking

WireTap 0900 07/02/12

A round-up of the key stories across the specialist financial media, including news that Glencore has purchased Xstrata in a $90 billion deal


Glencore to buy Xstrata in $90 billion deal

Commodities trader Glencore has agreed an all-share takeover of mining group Xstrata worth $90 billion: the industry's largest ever deal.

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MF's $310 million margin call exceeded market value

MF Global, the futures broker that filed for bankruptcy in October, faced a $310 million margin call on its final day that exceeded its market value.

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UBS profit drops 76% on investment bank loss

UBS, Switzerland’s biggest bank, has announced that fourth-quarter profit dropped 76% after its investment bank reported a second consecutive quarterly loss.

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Corporate defaults set to jump in Europe

European corporate defaults are expected to climb sharply this year as banks cut lending and a deteriorating economic climate puts many smaller or indebted companies under pressure.

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Some Europe banks shun ECB loans

A group of top European banks – including Deutsche Bank and Barclays – is disclosing that they didn't borrow money under the European Central Bank's bank-lending programme, fearful of being perceived as bailout recipients.

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