Raiffeisen reduces medium term profit expectations

Source: Bloomberg
Raiffeisen Bank International AG third biggest lender in Eastern Europe, reduced its medium term profit outlook after it experienced sharp losses in Hungary. Vienna-based financial intermediary predicted the ROE before taxes to reach 15% in contrast to previous forecast between 15% and 20%. Raiffeisen�s net income dropped by 58% within a June-September period.

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Thu, 24 Nov 2011 13:50:21 GMT

Hang Seng index closed higher

On Thursday trade Hang Seng index experienced first increase this week as People's Bank of China agreed to ease reserve obligations for more lenders encouraging investors to believe in additional relaxation. Hang Seng closed at 0.4% or 70.67 points higher climbing to 17,935.10. Main positive contribution to the index was provided by property developers. China Overseas Land and Investment Ltd.  jumped 5.6%, China Resources Land

Thu, 24 Nov 2011 13:47:11 GMT

Fitch Ratings decreased credit rating of Portugal

Fitch Ratings decreased Portugal's government credit rating to BB- from BBB- putting Portugal in junk status. The agency took into account bleak economic outlook, high debt level and mass protests against austerity measures that can decrease the level of debt. However, experts admit the government commitment to the austerity plan is strong. The Portugal 20 index increased by 0.2%.

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