| (AFX UK Focus) 2007-11-20 11:53 GMT: Natixis may need to inject 1.5 bln eur in credit unit CIFG - report UPDATE
(Adds Natixis 'no comment' on report, no communication to date on CIFG sub-prime impact) PARIS (Thomson Financial) - French investment bank Natixis may have to inject 1.5 bln eur to recapitalise its credit enhancement business CIFG following the sub-prime crisis, Les Echos reported, citing unnamed sources. According to the newspaper, the accounting loss incurred by CIFG due to the credit crisis, as well as the adoption of International Financial Reporting Standards (IFRS), is thought to be around 200 mln eur. An audit is currently underway to evaluate the precise impact and examine different scenarios for the unit, Les Echos said. These options include a recapitalisation or not of CIFG, as well as the sale of the business. According to the newspaper, a recapitalisation would require controlling shareholders Banque Populaire and Caisse d'Epargne, which each own 34 pct of Natixis, to agree on how much of the costs to bear, while a decision not to recapitalise could lead to CIFG losing its 'AAA' credit rating.
(AFX UK Focus) 2007-10-23 09:30 GMT: TFN NEWS BRIEFING: Banking and insurance highlights to 09:15 BST
2007-10-23 09:08:24 Eurazeo's ANF raises 335.1 mln eur from capital increase at 47 eur/share PARIS (Thomson Financial) - ANF, the property subsidiary of French investment group Eurazeo, said it raised 335.1 mln eur through a capital increase at 47 eur per share following the exercise of a 43.7 mln eur extension option on top of the initial amount of 291.4 mln eur. 2007-10-23 08:58:31 French insurer AG2R Prevoyance rated 'A-'; outlook stable - S&P MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has assigned its 'A-' long-term counterparty credit and insurer financial strength ratings to France-based insurer AG2R Prevoyance and its core subsidiary PRIMA, with a stable outlook. 2007-10-23 08:55:54 Allianz's Dresdner Bank considers contributing to 'super' conduit fund FRANKFURT (Thomson Financial) - Allianz SE's Dresdner Bank is considering contributing to the recently announced 'super' conduit fund devised by Citigroup Inc, JP Morgan Chase & Co and Bank of America Corp, a spokesman told daily Handlesblatt at the sideline of the IMF meeting in Washington.
In the papers 22 October
Vonage faces another patent lawsuit | Eircom to offer customers free access to hotspots The Irish Independent says that the website of Kendar Holdings, the investment company owned by beleaguered solicitor Michael Lynn, has been suspended. Late last week anxious investors were reassured through the site, www.kendarholdings.com, that the company was "working closely" with overseas companies to provide assurances to all clients that their investments were secure. But the site was suspended on Sunday following a dramatic week when several banks moved to protect their loans and recover some EUR26.3 million owed to them by the Mayo-born property developer. The Financial Times says that France Telecom is shaking up management at its Orange mobile phone business in the UK after seeing its profitability decline.
PM promises to repatriate Balibo Five
PRIME Minister John Howard says a re-elected coalition government would seek the repatriation of the remains of five Australian-based journalists killed in East Timor in 1975. A long-awaited report by Deputy NSW Coroner Dorelle Pinch into the death of the newsmen, known as the Balibo Five, this week found they were deliberately killed by invading Indonesian troops. Indonesia has always insisted the Balibo Five were killed in crossfire in the border town of Balibo during its invasion of East Timor. Foreign Minister Alexander Downer yesterday indicated the government was willing to help with the repatriation of the remains of the men, which was recommended by the coroner. Speaking from a car dealership in the safe Liberal seat of Greenway in western-Sydney, Mr Howard promised a re-elected coalition government would seek to have the remains of the men repatriated.
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