| BMO also hit by credit crunch-related charges of $320M
Bank of Montreal has joined several other Canadian banks in announcing that it will take a fourth-quarter charge as a result of the credit crunch in the U.S. The bank expects pre-tax writedowns for the period of about $320 million in total, which will cut Q4 earnings by about 50 cents a share, BMO said in a release. BMO Financial Group said it would be hit by a $170-million pre-tax charge related to trading and structured credit-related positions and preferred shares and a $135-million pre-tax cost from its exposure to Canadian asset-backed commercial paper. The remaining $15-million writedown is related to losses from a $70-million investment in structured investment vehicles (SIVs), which borrow in the short-term commercial paper market to invest in longer-term vehicles.
Trading scandal diverts attention from Société Générale's subprime ...
Although Socgen is a private company, its top-managers like Mr Bouton are former top French civil servants graduated from the prestigious school called "ENA - Ecole Nationale d'Administration". The Governor and directors of the Banque de France and the French Banking Commission also come from ENA. In France, "énarques" are like a cast, helping each other at the top of the Administration and the big French companies. Remember the scandal of Crédit Lyonnais with Mr Haberer. Therefore it is easy to find out the reasons why the control system failed. .
Daily Blabber Celebrity Gossip Blog from iVillage Entertainment
That was the question surrounding this twosome all year. In January at the Golden Globes, the Lost costars dismissed talk of a relationship. By September, they were openly canoodling. Hawaii seems like the perfect backdrop for young love -- and they're certainly taking advantage of it. Eva Longoria &...: Desperate Housewives star Eva Longoria found her celeb dating groove this year. The divorcee was linked to JC Chasez, Sean Faris and Tony Parker. The thing with Tony Parker stuck and she got serious with him by summer. They just spent Christmas together in Texas, where they cussed out a cop and Eva, who is Mexican, reportedly made a derogatory comment about the cop being Mexican. Oh, those crazy kids. Nicole Kidman & Keith Urban: Tom Cruise, Q-Tip, Lenny Kravitz...
RP rates seen on hold as inflation jumps
Inflation accelerated to 4.9 percent in January, its highest level in over a year, which is likely to spell the end of the central bank's accommodative monetary policy stance, analysts said on Tuesday. Last month's annual consumer price inflation was well above the central bank's forecast range of 3.7-4.4 percent and a big jump from 3.9 percent in December due to an overall uptick in prices of commodity groups. Core inflation, which excludes food and energy items, was 3.4 percent in January compared with 2.6 percent in December. Bangko Sentral ng Pilipinas Governor Amando Tetangco said that monetary policy would take into account the latest price developments. "That rules out interest rate cuts then," said Song Seng Wun, an economist with CIMB-GK Research.
Pakistan, Iran to sign GSP pact in Tehran next week
ISLAMABAD: Pakistan and Iran may sign the Gas Sales Purchase Agreement (GSPA) in Tehran in last week of the current month on Iran-Pakistan-India (IPI) gas pipeline project, sources told Daily Times here on Thursday.
Sources said that Iran has proposed February 24 to sign GSPA on IPI gas pipeline project in Tehran after the general elections in Pakistan. Earlier, Pakistan had proposed January 25 to sign GSPA on IPI in Abu Dhabi but Tehran declined to sign it in Abu Dhabi. Tehran told Pakistan that it wanted to sign agreement in Tehran with the new Pakistani elected government.
Sources said that draft of GSPA on IPI is ready to be signed by both Pakistan and Iran as Pakistani law ministry has vetted the draft of the agreement. Sources added that India was playing tactics with Pakistan to delay the signing of GSPA on IPI between Pakistan and Iran.
|
