Word: abn
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...course, the "core problem" is the U.S. property market, says Han de Jong, chief economist for ABN Amro in Amsterdam. "In hindsight, the housing market in the U.S. was a bubble." The cause? Superlow interest rates that encouraged lenders to offer loans to virtually anyone, even those with bad credit. Those loans were then bundled together into exotic derivatives and sold off to financial institutions worldwide; when borrowers began to default on their mortgages, money managers from São Paulo to Seoul suffered huge losses...
...products are made cheaper on the global market by a dwindling dollar. But for these U.S. manufacturers, the weak dollar is a spark of good news in an otherwise gloomy outlook. "If I were a policymaker in the U.S., I'd be happy to see the dollar slide," says ABN Amro's de Jong...
...with Singapore's state-owned investment vehicle, Temasek--which will put up an initial $1.9 billion--CDB will fork over $3 billion for a stake in Barclays, the British bank locked in a struggle with a consortium led by Royal Bank of Scotland (RBS) to acquire Amsterdam-based ABN Amro. If Barclays increases its $94 billion cash-and-stock bid--unlikely unless Barclays' stock price rises--to beat RBS's $98 billion offer, CDB will boost its stake in Barclays to $13.5 billion, making it by far the biggest Chinese offshore investment ever...
...with Singapore's state-owned investment vehicle, Temasek - which will invest an initial $1.9 billion - CDB will fork over $3 billion for a stake in Barclays, the British bank now locked in a struggle with a consortium led by Royal Bank of Scotland (RBS) to acquire Amsterdam-based ABN Amro. If Barclays' $94 billion cash-and-stock bid prevails against RBS's $98 billion offer, CDB will boost its stake in Barclays to $13.5 billion, making it by far the biggest Chinese offshore investment ever...
...potential access to China's banking market offered by partnering with CDB makes the decision "a bit more complicated for ABN shareholders," says Richard Hunter, head of U.K. equities at stockbrokers Hargreaves Lansdown in London. He is not ruling out the new Barclays bid as being more attractive to ABN for long-term strategic reasons...