Greek Exposure Hits Crédit Agricole
After taking another hit from its exposure to Greece through Emporiki, France’s third-biggest bank by market value–Crédit Agricole reported a fall of 75% in its net profits for the first three month of 2012.
Net profit at the bank fell to €252m in the first quarter of this year from €1bn in the same quarter in 2011, on revenues up by 2% at €5.4bn.
The result was lower than original expectation and dragged down by €940m of losses related to Emporiki.
Standard Chartered Wary of Eurozone Crisis
In the first quarter, Standard Chartered enjoyed a “high single-digit income growth”. However, according to the bank’s financial director, it was acknowledged that the prospects in the bank’s key Asian markets could be harmed by an escalation of the eurozone debt crisis.
According to finance director–Richard Meddings, it is revealed that it is obvious that the eurozone looks quite challenged and certainly fragile, giving a trading update for the first quarter to March. As a result, the pace of the deleveraging occurring is causing real concern in the field.
UK Incomes Fall by 3.5% in Real Terms
According to Annual Survey of Hours and Earnings from the Office for National Statistics, it is revealed that driven by a shift to part-time work as a result of high unemployment and low economic growth, households across the UK are facing pay cuts of more than 3.5% in real terms as salary increases fail to keep pace with inflation.
Official figures by ONS showed that the median salary for a full-time worker in the coutry rose by 1.4% in 2011 to £26,244, against a headline CPI inflation rate of 5% or higher. Overall earnings growth was even lower, with the average UK salary increasing by only 0.5% on 2010 levels with part-time workers included.
Eurozone Debt Crisis Live
British factory gate inflation has gradually slowed to the lowest annual rate ever since May. This become a rare piece of good news welcomed by the Bank of England, which is expecting consumer price inflation.
According to figures from the ONS, it is shown tha the producer output prices rose by 5.7% in October compared to the level in 2010. The figure is much less than originally expected. Meanwhile, the cost of raw materials climbed by an annual rate of 14.1%, which become the lowest rate in nearly a year. The slowdown should eventually feed through to consumer prices.
EU Reaches Deal on Greek Bonds
This morning, European leaders reached a deal with Greek debtholders at a summit of eurozone leaders that would see private investors take a 50% cut in the face value of their bonds. It is believed that this cut will reduce Greek debt levels to 120% of GDP by the end of the decade.
The agreement includes a new €130bn bail-out of Greece by the EU and the IMF.
Deutsche Bank Bolstered by ‘Classic Banking’
The quarterly profit of Germany’s biggest bank–Deutsche Bank just reported a €777m net income for the third quarter. This figure has beaten the market expectations after the bank offset a decline in trading revenues with a strong result in operation in its “classic banking” sector.
WTO Talks at the Crossroads
According to the Director-General of the WTO—Pascal Lamy, it is said that this year represent the “window of opportunity” for the Doha round of global trade talks. However, so far, it seems quite unlikely for the Doha round to reach a concrete resolution anytime soon.
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