10/11/2008

Santander to launch €7.2bn rights issue

Santander of Spain, regarded as one of the strongest banks in Europe, unsettled the markets with the surprise announcement of a deeply discounted €7.2bn rights issue to bolster its capital ratios

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10/11/2008

DHL to cut 9,500 US jobs

DHL is closing its domestic US express delivery service with the loss of 9,500 jobs as Deutsche Post, its parent company, abandons its attempt to compete with FedEx and UPS on their home turf

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10/11/2008

Circuit City files for bankruptcy

Circuit City, the second largest US consumer electronics retailer, filed for bankruptcy protection as the holiday shopping season is getting underway.

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10/11/2008

HSBC chief hits at state bank bail-outs

State-sponsored bail-outs of western banks risk rewarding management teams for failure, according to Michael Geoghegan, HSBC chief executive. His comments came as the bank indicated that recovery in its US consumer finance division might take longer than it had expected

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10/11/2008

Commodities rally on Chinese growth hopes

Commodity markets rallied after the Chinese government announced an economic stimulus package, aimed at a wide range of infrastructure projects including increased spending on roads, railways and airports

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10/11/2008

AIG chief tries to soothe US taxpayers

Edward Liddy, chief executive of AIG, moved to defuse political opposition to the government's revised $150bn rescue plan as the group revealed a $24.5bn net loss in the third quarter

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10/11/2008

UK producer price rises slow sharply

Output prices for British producers registered a record one-month fall in October, rising at an annualised rate of 6.8% from 8.5% in September, with the output price index falling 1% in the month while input price inflation was halved to 13.8%

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10/11/2008

Cable and Wireless delays demerger

The UK's second-largest telecoms group said plans to list its divisions separately were still being considered but had been postponed because of current market conditions. The group raised its guidance for the full year

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