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Banking

WireTap 1400 13/02/12

A round-up of the key stories across the specialist financial media, including news that Papademos is expected to reshuffle his caretaker cabinet after winning parliamentary approval for a new austerity package.


Greek PM prepares cabinet reshuffle

Greek premier Lucas Papademos is expected to reshuffle his caretaker cabinet on Monday after winning parliamentary approval for a new austerity package, against a backdrop of violent anti-reform street protests in Athens.

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Futures climb as Greece deal approved 

Stock index futures rose on Monday, indicating the S&P 500 would rebound from its biggest loss of the year, as Greece's parliament approved strict financial reforms needed to obtain its latest international bailout package.

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Banks miss Merlin target for SME lending 

Net lending by Britain’s five main banks to businesses shrank every quarter last year, despite the Project Merlin agreement, prompting fresh warnings from business leaders that the cost of loans was discouraging companies from borrowing.

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Draghi $158B free lunch boosts bank profits

Banks are benefiting from a European Central Bank subsidy that could reach 120 billion euros ($158 billion), enough to pay every bonus at financial firms in London for the next 24 years at today’s levels.

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Crisis in Japan transforms global natural-gas market

Just as the U.S. is preparing to crank up sales of its vast natural-gas supplies abroad, the global market is being reshaped by Japan—which is suddenly retreating from nuclear power after last year's earthquake. 

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Olympus expects Y32bn full-year loss 

Olympus, the scandal-hit Japanese optical equipment maker, said it expected to suffer a Y32bn net loss this year owing to asset writedowns at its struggling camera division and a one-time tax adjustment.

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