JPMorgan to buy MF Global

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Source: Bloomberg
© Scanpix/Reuters
JPMorgan Chase & Co has confirmed it will buy shares of bankrupted MF Global at London Metal Exchange. JPMorgan is expected to pay for MF's stake about 25 million pounds ($38.8 m). Last month MF Global declared bankruptcy after making bets that failed on European debt. JPMorgan agreed to buy all of MF Global shares, said Richard Heis, special administrator of MF Global.

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Thu, 24 Nov 2011 13:42:33 GMT

Raiffeisen reduces medium term profit expectations

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.

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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