Carlyle Capital Corp, an affiliate of private equity firm Carlyle Group, said on Monday it has asked lenders for a standstill agreement as it faces more than $400 million in margin calls.
Spain's governing Socialist Party won Sunday's election but fell short of the absolute majority that might have helped them act more quickly to cushion an economic slowdown.
Spain is investigating a number of people suspected of using accounts in Liechtenstein to dodge taxes, Spanish authorities said on Wednesday.
Spanish power company Iberdrola on Tuesday trumpeted its independence and ability to create value as Chairman Ignacio Sanchez Galan took a sideswipe at anyone looking to disrupt his industrial vision.
The number of insolvencies is set to rise in Western economies due to the global credit crunch and the end of housing booms in countries such as the United States, Britain and Spain, a report said on Wednesday.
Europe's biggest states recognised the independence of Kosovo on Monday, ending hours of suspense after Prime Minister Hashim Thaci assured his new republic that Western recognition would come "any minute".
German banks may face further write-downs given the difficult market situation, Deutsche Bank Chief Executive Josef Ackermann told Germany's Bild newspaper in an interview published on Monday.
There are downside risks to euro zone growth and the European Central Bank will remain flexible on interest rates, Governing Council member Yves Mersch was quoted as saying on Wednesday.
Europe's major stock indexes were mostly lower at the end of the trading week Friday, mirroring a selloff in U.S. stocks, as reports banking giant Merrill Lynch faced further writedowns dampened investor sentiment. Unilever and L'Oreal also suffered sharp selling from broker downgrades.
Spain's Banco Espanol de Credito said Friday fourth-quarter net profit fell 81 percent, impacted by a large asset sale that was booked a year earlier.
UBS has appealed to its shareholders to back a capital injection by the Singapore government and a Middle East investor but warned it still cannot predict how the subprime crisis will play out.
European shares ended the first day of trading in 2008 on a negative note Wednesday, as worries over global growth -- exacerbated by evidence of a contraction in U.S. manufacturing -- overshadowed news of consolidation in the banking sector.
European equities ended flat on Monday in thin trade as key markets stayed closed, with the region notching a slender gain of 1.5 percent in 2007, its worst performance since 2002 as a credit crunch whacked stocks.
European shares were broadly lower Friday, as weakness in banking stocks dampened investor sentiment, but U.S. stocks made firm gains at the open on the Wall Street.
Spain's Inditex, the world's No. 2 clothing retailer, reported lower-than-expected nine-month sales on Wednesday, dragging its shares lower despite net profit coming in above analysts' forecasts.
European equities were expected to gain ground on Monday, adding to a two-session recovery as investors continue to look for bargains following a selloff in the first three weeks of November.
Iberia has received a takeover approach from Spain's Gala Capital that values the airline at up to 3.7 billion euros ($5.4 billion), topping an earlier approach led by private equity group TPG.
European stock indexes closed mixed on Tuesday as the impact of gains in telecoms inspired by a raised outlook from Vodafone, was countered by losses in the energy sector which tracked weaker oil prices.
European shares ended flat on Monday after a three-day losing streak as a bounce-back in financial stocks, which have borne the brunt of the global liquidity crisis, offset a fall in energy shares.
European equities lost ground on Thursday, ending at their lowest close in six weeks as persistent credit fears continued to pull banking stocks lower.