Data designed to anticipate turning points in economic activity suggested that signs of a faltering recovery were increasing across the board, the OECD warned. The OECD's monthly composite leading indicators (CLIs) index fell to 100.4 within the OECD area, from 100.9 in August, where 100 represents the long-term trend of economic activity. Among G7 countries the index fell to 100.6 from 101.1. "Compared to last month's assessment, the CLIs point more strongly to slowdowns in all major economies," the OECD said. Italy had the lowest reading among the G7 at 97.5, compared with 98.5 in August. Germany suffered the biggest drop over the month to 99.1 from 100.4 Merkel has warned that Europe faces perhaps its toughest time since the second world war. In a speech to her Christian Democratic Union party, the German chancellor said that closer political union was needed to save Europe. "If the euro fails then Europe will fail," she cautioned.
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Monday, November 14, 2011
Data designed to anticipate turning points in economic activity suggested that signs of a faltering recovery were increasing across the board, the OECD warned. The OECD's monthly composite leading indicators (CLIs) index fell to 100.4 within the OECD area, from 100.9 in August, where 100 represents the long-term trend of economic activity. Among G7 countries the index fell to 100.6 from 101.1. "Compared to last month's assessment, the CLIs point more strongly to slowdowns in all major economies," the OECD said. Italy had the lowest reading among the G7 at 97.5, compared with 98.5 in August. Germany suffered the biggest drop over the month to 99.1 from 100.4 Merkel has warned that Europe faces perhaps its toughest time since the second world war. In a speech to her Christian Democratic Union party, the German chancellor said that closer political union was needed to save Europe. "If the euro fails then Europe will fail," she cautioned.
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Warren Buffett’s Berkshire Hathaway Inc., which accelerated stock purchases this year, acquired a 5.5 percent stake in International Business Machines Corp., the world’s biggest producer of computer services, the billionaire chairman told CNBC.
The holding was acquired mostly in the third quarter and cost about $10.7 billion, Buffett told the business news channel in an interview today. IBM advanced 0.8 percent at 7:35 a.m. New York time in early trading.
“They have laid out a road map and followed it extremely well,” Buffett said in the interview of Armonk, New York-based IBM. “I probably read the annual report of IBM every year for 50 years.”
The bank was hit by new losses on its holdings of sovereign debt and a massive writedown against the value of acquisitions made during the boom years.
Unicredit said it would raise half its market capitalisation of €15bn in new shares to help it rebuild its capital base and meet new international requirements for loss-bearing capital.
More than 80pc of the loss resulted from an €8.7bn goodwill writedown taken by UniCredit against "acquisitions made over the past few years". The bank said it had entirely written off goodwill held on its books from purchases made in the Ukraine and Kazakhstan.
The bank also recognised an €662m writedown against the value of some of its biggest brands, including Germany's HVB and Bank Austria.
European Banking Authority-led stress tests last month identified an €7.4bn capital shortfall at UniCredit and the bank said it would launch an €7.5bn rights issue to rebuild its core capital ratios. The rights issue will be subject to the approval of a shareholder vote at an extraordinary general meeting on December 15.
MILAN—UniCredit SpA on Monday outlined a long-awaited strategic plan, saying it would shake up of its investment bank, reorganize its Central and East European businesses and launch a €7.5 billion capital increase.
The plan was announced alongside a surprise €10.64 billion third-quarter net loss, down from €334 million net profit a year earlier, and caused largely by an €8.67 billion goodwill write-down intended to clean up its balance sheet following an earlier acquisitions spree.
UniCredit, which is one of Europe's largest banks with over €918.77 billion worth of assets, bought German lender HVB in 2005, expanding its operations in Germany, ...
"Merkel recognized that Europe is in a difficult situation, but at the same time clearly and competently laid out the CDU's role in leading Germany through the European crisis," said Erika Stahl, a long-time CDU member from Bochum in the Germany's Ruhr Valley.
Beyond Germany's borders, said Wilfried Martens, chairman of the conservative European People's Party in the European parliament, all eyes are on Berlin.
"Europe is looking to Germany," Mr. Martens said. "The world is looking to Germany. The key to solving the euro crisis lies in Germany."
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