Paul Watters News
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Davide Campari-Milano SpA, the Milan-based distiller, sold its first bonds in three years amid renewed investor demand for debt from Europe’s most indebted countries.
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Corporate defaults have risen in Europe and may climb further because of economic and political uncertainty, deteriorating growth and looming debt maturities, Standard & Poor’s said in a report.
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Corporate defaults may almost double in Europe as companies struggle to refinance debt and banks hoard cash borrowed from the European Central Bank or use it to buy government bonds.
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Sales of U.K. corporate bonds will increase as companies seek alternatives to financing from banks facing new rules on lending limits, according to Standard & Poor’s.
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Snowstorms and freezing temperatures disrupted travel across Europe as airports from London to Amsterdam halted flights and Eurostar Group Ltd. said train cancelations are likely to continue over the weekend.
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Snowstorms and freezing temperatures are disrupting travel across Europe for a fifth day as airports cancel flights and train operators limit services.
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Higher interest rates and refinancing risks will likely prompt a “second wave of defaults” in Europe in 2012 and 2013, particularly among leveraged buyouts, according to Standard & Poor’s.
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U.K. motor fuel prices advanced to a record this week after the government raised duties and domestic output fell, adding pressure to the nation’s inflation target.
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