Ackermann claims Europe needs firewall

Note: This section contains information in English only.
Source: Bloomberg
© Scanpix/AFP

Josef Ackermann, CEO of Deutsche Bank AG suggests Europe should have firewall to avoid spillover from its debt turmoil. Ackermann recommends increasing the size of European Financial Stability Facility to prevent spillover if it takes place. According to Ackermann, the EFSF should be enlarged to €2 trillion; however, Ackermann did not explain the exact meaning of firewall.

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Mon, 21 Nov 2011 10:20:13 GMT

Asian stocks decline on European and US concerns

Asian equities extended slump on Monday on investors' anxiety about US and European debt trouble. Shanghai Composite index dropped 0.4%, while Hong Kong's Hang Seng Index traded down 0.4%.  Korea's Kospi gave up 1.3% whereas Japan's Nikkei Stock Average and Australia's S&P/ASX 200 index declined 0.2% and 0.4% respectively. According to analysts, enduring uncertainty in Europe is boosting investors' speculations on worst-outcome scenarios. 

Mon, 21 Nov 2011 09:15:02 GMT

Northern Rock had to be sold by 2013

UK's bank Northern Rock was forced to be prioritized by 2013 under the agreement of Chancellor George Osborne. The reason is that the European Commission under the government's aid to banks demanded the government to sell the largest part of its stake by 2013. The bank was sold on Thursday to Virgin Money for ВЈ747m. George Osborne claimed that it was the best possible

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