News July 30, according to media reports, Citigroup Inc. agreed Thursday to ¥ 75,600,000,000 (approximately 795 million U.S. dollars) the price of its sale of the Japanese asset management sector to Japan's fifth-largest bank Sumitomo Trust & Banking Co. Currently, Citigroup is selling its assets to repay the loan assistance from the U.S. federal government.
Sumitomo Trust & Banking Co said in a statement today, which will be in October, Citigroup's acquisition of Nikko Asset Management Co 64% stake. Citigroup said the deal based on prices, Nikko Asset Management Co., Ltd. The total value of approximately ¥ 120,000,000,000 (about 1.259 billion U.S. dollars).
Jul. 30, 2009
U.S. credit crisis spread to Europe
The United States has caused a loss of billions of dollars in the banking industry's credit card crisis is across the Atlantic to Europe, the United Kingdom and other parts of Europe, lending institutions are being ushered in a wave of growing consumer default climax. International Monetary Fund (IMF) estimates that total U.S. consumer debt 1914 billion U.S. dollars, about 14% will become bad debts. IMF expects Europe 2467 billion U.S. dollars in consumer debt, there will be 7% could not be recovered, most of which will take place in the UK - the European country with the largest credit card consumers.
British National Debtline said that in May this year, for loans, credit cards and mortgage loans in arrears consumers worried about the liabilities of the United Kingdom to call the 41,000 calls in May 2008 than the 20,000 doubled. It added that now the number of calls did not show signs of reduction. In the United States, the unemployment rate rising rapidly and the Great Depression (Great Depression) has been the most serious economic recession has hurt consumers borrowing too much, in these few months of credit card default rates have been climbing.
Citi group, Bank of America, JP Morgan Chase, Wells Fargo and other banks and card issuers such as American Express credit card portfolio has suffered losses of billions of dollars. They warned that a loss may be expanded in future.
In recent months the U.S. card loss rate has exceeded the unemployment rate, this most unusual phenomenon makes it more difficult for card issuers to predict the future situation of the loss.
Jul. 27, 2009
British National Debtline said that in May this year, for loans, credit cards and mortgage loans in arrears consumers worried about the liabilities of the United Kingdom to call the 41,000 calls in May 2008 than the 20,000 doubled. It added that now the number of calls did not show signs of reduction. In the United States, the unemployment rate rising rapidly and the Great Depression (Great Depression) has been the most serious economic recession has hurt consumers borrowing too much, in these few months of credit card default rates have been climbing.
Citi group, Bank of America, JP Morgan Chase, Wells Fargo and other banks and card issuers such as American Express credit card portfolio has suffered losses of billions of dollars. They warned that a loss may be expanded in future.
In recent months the U.S. card loss rate has exceeded the unemployment rate, this most unusual phenomenon makes it more difficult for card issuers to predict the future situation of the loss.
Jul. 27, 2009
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