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Police arrested another employee of Societe Generale on Wednesday as part of its inquiry into an alleged rogue trading scandal at France's second-biggest listed bank, the Paris prosecutor's office said.
The latest sovereign wealth fund move underlines hemes at this year's MIPIM: where do the value opportunities lie a year after the credit crunch started to take hold, and who will emerge as the new dominant players?
French bank Societe Generale said on Tuesday its 5.5 billion euro ($8.45 billion) rights issue was oversubscribed, providing a base for its battle to recover from a trading scandal.
The 28,000 delegates can now start to discuss the real issue of the day. Who will throw the most fabulous party? And more importantly: how the devil are they making enough money to pay for it?
European Central Bank President Jean-Claude Trichet said on Monday that the bank is currently concerned about excessive movements in currency exchange rates which are undesirable for economic growth.
We all expected the credit crunch to cast a shadow across the start of this year's MIPIM real-estate conference starting in Cannes tomorrow. But a literal storm was the immediate problem.
Veolia Environnement, the world's biggest listed water supplier, missed analysts forecasts with a 11.1 percent rise in 2007 recurring operating profit on Friday, sending its shares more than 6 percent lower.
The European Commission warned France and Germany not to introduce "golden shares" at aerospace group EADS, highlighting concerns about how much control state-backed investors should have over companies whose products are crucial for national security.
Central bankers from the world's industrialised and developing regions voiced concern on Friday over surging food and energy prices, their latest big challenge as globalisation unsettles the balance of supply and demand.
The European Central Bank's surplus fell to 286 million euros ($439 million) last year from 1.37 billion euros in 2006, because of the euro's strength, the bank said on Thursday.
The European Central Bank and the Bank of England are likely to keep interest rates unchanged at their meetings on Thursday but monetary policy easing is on the cards for later, analysts and dealers expect.
Worse results than expected Wednesday morning from Credit Agricole, but that didn't deter buyers. Within hours of getting the news investors were happy to bid the stock up.
Credit Agricole, France's biggest retail bank, posted a fourth-quarter loss on Wednesday as it booked large writedowns due to the global credit crunch and said it was not planning any major acquisitions.
Quarterly euro zone economic growth almost halved in the last three months of 2007 and prices at factory gates jumped in January, data showed, highlighting the diverging growth and inflation trends faced by the ECB.
Euro zone inflation remained at a record high in February, the European Union's statistics office estimated on Monday, ahead of the European Central Bank's rate meeting and new growth and inflation forecasts on Thursday.
French consumer confidence fell to its lowest in more than two decades in February as accelerating inflation made households less inclined to make big-ticket purchases, national statistics office INSEE said on Thursday.
Market expectations that the European Central Bank will cut interest rates fail to consider the dangers of higher inflation, ECB Governing Council member Axel Weber said on Wednesday.
The euro's exchange rate is shaped by the market but excessive volatility is unwelcome, EU Economic and Monetary Affairs Commissioner Joaquin Almunia said on Wednesday as the euro hit record highs against the dollar.
The week started and finished with news of the nationalization of British troubled bank Northern Rock, ending a five-month period of uncertainty about the bank’s future. In between, results from banks caused investors ecstasy or agony.
Volatility will continue to be the name of the game in European stock markets next week, as jittery investors fear more surprises from the banking sector, analysts said on Friday.