Tuesday 28 March 2017

Germany, France split over debt crisis

ECONOMY: Germany and France were split ahead of crucial talks tomorrow over how to strengthen shaky European banks and fight financial market contagion to prepare for a possible Greek default.

Under strong US and market pressure -- and further downgrades to Italy and Spain -- Chancellor Angela Merkel and President Nicolas Sarkozy will try to bridge differences on how to use the eurozone's financial firepower to counter a sovereign debt crisis that threatens the global economic recovery.

Bank secures €43m developer judgment

COURTS

AIB has secured summary judgment orders for more than €43m against developer Dermot O'Rourke over unpaid loans and guarantees. The bank's application for summary judgment for about €517,000 against the developer's wife, Perle O'Rourke, over a loan to the couple to finance an investment in the European Hotel Group was yesterday refused by Ms Justice Mary Finlay Geoghegan.

Obama in talks over $447bn jobs boost

ECONOMY

President Barack Obama conferred yesterday with Senate Democratic leaders on strategy for holding a vote on a $447bn (€333bn) jobs plan to spark hiring. Labour Department figures released this week showed payrolls rose by 103,000 last month although the jobless rate held at 9.1pc.

Ruling in AIB client case due next week

COURTS

THE High Court will rule next week on an application by AIB for an injunction against a number of former executives and a rival company the bank claims conspired to take over the clients, business and staff of its International Financial Services business.

RBS and TSB hit by Moody's downgrade

BANKS

Credit rating agency Moody's downgraded Britain's part-nationalised banks Lloyds and Royal Bank of Scotland yesterday. Moody's cut RBS by two notches to A2 from Aa3, and downgraded Lloyds TSB by one notch to A1 from Aa3. It also cut its ratings on Santander UK, the Co-Operative Bank, Nationwide Building Society and seven other smaller British building societies.

Irish Independent

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