AP Archive
Welcome  Guest
Sign in or Register

 

Displaying 1 - 10 of 78 results

Iceland Bank 2
Title:
SD
Summary: Iceland announces Russian loan, nationalizes bank
Story No: 581142
Source: AP TELEVISION
Aspect Ratio: 4:3
Date: 10/07/2008 03:06 PM
People:
Subscription:

SHOTLIST

1. Various exteriors of Landsbanki headquarters

2. Mid shot of entrance

3. Close up of people walking out of entrance

4. Exterior shots of Parliament building

5. Prime Minister of Iceland, Geir H. Haarde walking into news conference

6. SOUNDBITE: (English) Geir H. Haarde, Prime Minister of Iceland:

"The legislation that we introduced yesterday was passed by the parliament last night. We think that is a very important step in our efforts to stabilise the situation here and make sure that we have a functioning bank system. And also showing that we are preoccupied. Our primary concern is the sustainability of the banking system as well as the best interests of the Icelandic people."

7. Cutaway

8. SOUNDBITE: (English) Geir H. Haarde, Prime Minister of Iceland:

"Today I made it public that we had been talking to Russia about a currency loan. We will be sending people to Moscow today or tomorrow to negotiate with Russia on the terms and conditions and so on, on this loan that will be an addition to our foreign currency reserves and not intended to be lent onwards to any financial institution. We think that Russia is taking a very friendly position on this and we are very pleased that this announcement was made this morning."

9. Cutaway

10. SOUNDBITE: (English) Geir H. Haarde, Prime Minister of Iceland:

"The idea of what we are doing here is to separate the domestic operations of the banks who are in trouble, bank or banks, from the international operations. But that will continue to the extent possible. I'm not aware of the particular details as far as Icesave is concerned."

11. Haarde leaving room

12. Various of newspaper headlines

STORYLINE

Iceland has nationalised its second-largest bank under day-old emergency legislation and says it is negotiating a euro 4 billion (5.4 (b) billion US dollar) loan from Russia to shore up the nation's finances amid a full-blown financial crisis.

The central bank has also loaned euro 500 (m) million (680 (m) million US dollars) to Kaupthing, the country's biggest bank.

As the government scrambled to gain control, the central bank first announced that it had secured the Russian loan, then backtracked and said the countries had agreed to open talks on "financial issues" soon.

The takeover of Landsbanki came a day after trading in shares of major banks was suspended, the Icelandic krona lost a quarter of its value against the euro, and the government rushed through emergency legislation giving it sweeping powers to deal with the financial meltdown.

"Our primary concern is the sustainability of the banking system as well as the best interests of the Icelandic people," Iceland's Prime Minister Geir H. Haarde said on Tuesday.

He also said Russia was taking "a very friendly position" with regards to talks over a possible loan.

A loan from Russia would support the government's efforts to gain control of an increasingly dire financial situation, which saw the government coming to rescue of the third-largest bank, Glitnir, only last week.

Prime Minister Geir H. Haarde warned late on Monday that the heavy exposure of the tiny country's banking sector to the global financial turmoil raised the spectre of "national bankruptcy."

Meanwhile, Iceland's largest bank, Kaupthing said on Tuesday that it has received a 680 (m) million US dollar loan from the Icelandic central bank.

But said it has not been approached by the country's financial regulator about any possible state intervention.

Iceland is paying the price for an economic boom of recent years that saw its newly affluent companies go on an acquisition spree across Europe and its banking sector grow to dwarf the rest of the economy.

Bank assets are nine times annual gross domestic product of 19 (b) billion US dollars.

Investors are now punishing the whole country for the banking sector's heavy exposure to the global credit squeeze - its currency has gone through the floor, imports have fallen and inflation is soaring.

A collapse of the Icelandic financial system could reverberate across Europe, given the heavy investment by Icelandic banks and companies across the continent.

One of the country's biggest companies, retailing investment group Baugur, owns or has stakes in dozens of major European retailers - including enough to make it the largest private company in Britain, where it owns a handful of well-known stores such as the famous toy store Hamley's.

Expand shotlist extract
Minimize shotlist extract
Subjects: Financial crisis, Nationalization, Banking and credit regulation, Icelandic krona, U.S. dollar, Currency markets, Banking and credit, Euro, Government and politics, Legislation, Central banking, Economy, Business, Financial crisis, Financial markets, Ownership changes, Corporate news, Nationalization, Government business and finance, Government business and finance, Financial industry regulation, Industry regulation, Industry regulation, Government regulations, Financial services, Industries, Legislature
Organisations: Russia government
Locations: Reykjavik, Capital Region, Iceland
Show story thumbnails
US Bush
Title:
SD
Summary: Bush statement to nation on financial turmoil, market instability
Story No: 578823
Source: POOL
Aspect Ratio: 4:3
Date: 09/18/2008 02:50 PM
People: George W. Bush, Henry M. Paulson Jr.
Subscription:

SHOTLIST

1. Wide of US President George W Bush walking to podium for statement

2. SOUNDBITE: (English) George W Bush, US President:

"The American people are concerned about the situation on our financial markets, and our economy, and I share their concerns. I've cancelled my travel today to stay in Washington where I will continue to closely monitor the situation in our financial markets and consult with my economic advisors. I spoke to Secretary Paulson this morning and I will meet with him later on today. In recent weeks, the federal government has taken extraordinary measures to address the challenges confronting our financial markets. We've taken control of Fanny Mae and Freddie Mac, the home finance agencies, to help promote market stability and to ensure they can continue to play a role in helping our housing market recover. This week, the Federal Reserve acted to prevent the disorderly failure of the insurance company AIG, a development that could have caused a severe disruption in our financial markets, and threatened other sectors of the economy. Yesterday the Securities and Exchange Commission took action to strengthen investor protections, and step up its enforcement actions against illegal market manipulation. Last night, the Federal Reserve in coordination with central banks around the world took a substantial step to provide additional liquidity to the US financial system. These actions are necessary and they are important, and the markets are adjusting to them. Our financial markets continue to deal with serious challenges. As our recent actions demonstrate, my administration is focused on meeting these challenges. The American people can be sure we will continue to act to strengthen and stabilise our financial markets and improve investor confidence. Thank you."

3. Bush leaving, pan back to empty podium

STORYLINE

US President George W. Bush said on Thursday he shared the American people's concern about the situation in US financial markets and the economy.

"The American people are concerned about the situation on our financial markets, and our economy, and I share their concerns," Bush said.

Bush said the markets were adjusting after "extraordinary measures" the government had taken to stabilise the economy.

The president delivered a statement to the American people from outside the Oval Office.

He said that he and his advisers were working to promote stability in the markets.

"Our financial markets continue to deal with serious challenges. As our recent actions demonstrate, my administration is focused on meeting these challenges. The American people can be sure we will continue to act to strengthen our financial markets and improve investor confidence," he said.

But Bush did not announce any new policy moves.

The president said he had scrapped an out-of-town trip to monitor the situation and would meet later on Thursday with US Treasury Secretary Henry Paulson.

Expand shotlist extract
Minimize shotlist extract
Subjects: Financial crisis, Economy, Government and politics, Central banking, Business, Financial crisis, Financial markets, Banking and credit, Financial services, Industries
People: George W. Bush, Henry M. Paulson Jr.
Locations: Washington, Washington, D.C., United States
Show story thumbnails
India Markets 2
Title:
SD
Summary: Indian shares slide sharply
Story No: 580165
Source: AP TELEVISION
Aspect Ratio: 4:3
Date: 09/29/2008 03:07 PM
People:
Subscription:

SHOTLIST

FILE: January 23, 2008

1. Exterior of Mumbai Stock Exchange

September 29, 2008

2. SOUNDBITE (English) Vijay Waichal, Portfolio Manager:

"Some European bank has gone into liquidation, has some financial problems, so that has triggered the losses in such a way that it can be called a crash."

3. Cutaway of Waichal on speaking on telephone

4. SOUNDBITE (English) Vijay Waichal, Portfolio Manager:

"See, market as I see it, is eagerly waiting for the bailout package from USA, which is quite substantial number one. Number two, the financial institutions, which have made some money in the Indian market are also pulling out, if that stops market may have some brightness."

5. Various of trading room

STORYLINE

Indian shares slid sharply on Monday amid concerns the United States financial crisis will deepen and as foreign investors continued to pull money out of Indian equities.

Portfolio Manager, Vijay Waichal, also attributed the slide to the fact that the markets were eagerly awaiting a vote on the US government's 700 (b) billion US dollar bailout plan to rescue troubled financial companies.

India's benchmark Sensex index plunged 506.43 points, or 3.87 percent, to close at 12,595.75, recovering slightly from midday losses of 4.2 percent.

The nation's largest private bank, ICICI Bank Limited, which has large foreign ownership, shed 12.11 percent despite a statement on Monday reassuring investors that it has "zero exposure" to the US sub-prime mess.

The bank also said 98 percent of the non-India investments of its British subsidiary - which owned some Lehman Brothers bonds - are rated investment grade and above.

IT companies, which depend on the US financial services industry for business, continued to suffer on Monday, with Satyam Computer Services Limited sliding 9.13 percent and Infosys Technologies Limited falling 3.85 percent.

Despite progress toward a US-India nuclear deal, which could be a boon for builders, infrastructure companies took a hit on Monday.

Larsen & Toubro lost 4.98 percent and Jaiprakash Associates Limited, which also has exposure to India's troubled real estate sector, slid 11.85 percent.

The broader 50-share Nifty of the National Stock Exchange ended down 3.39 percent at 3,850.05 points.

Expand shotlist extract
Minimize shotlist extract
Locations: Mumbai, Mahārāshtra, India
Show story thumbnails
World Markets
Title:
SD
Summary: WRAP US financial plan mooted; French, Russian markets soar in response
Story No: 578923
Source: POOL, AP TELEVISION
Aspect Ratio: 4:3
Date: 09/19/2008 11:42 AM
People: George W. Bush, Christopher Cox, Ben Bernanke, Nancy Pelosi, Harry Reid, John Boehner, Henry M. Paulson Jr.
Subscription:

SHOTLIST

AP Television

Paris, France - 19 September, 2008

1. Various shots inside trading room at Richelieu Finance (a French fund management and financial services group)

2. Nathalie Pelras, Head of Equity Management, Richelieu Finance, on the phone

3. Close of Pelras' eyes

4. SOUNDBITE: (French) Nathalie Pelras, Head of Equity Management, Richelieu Finance:

"Today the French market is up more then 6 per cent, mainly thanks to the banks and insurance stocks. What explains this strong rise is what was announced yesterday in the United States: a plan of more then one thousand billion dollars to help the financial companies. And that is what is boosting the market. So technically we have a recovery. You have to remember that it decreased a lot recently and we still aren't back to the shares prices we had two weeks ago. So we will need more then these measures in order to make this boost last."

5. Traders at desks, working

6. Close of graphs on computer screen showing the evolution of the CAC-40

AP Television

Moscow, Russia - 19 September, 2008

7. Interior of Moscow Interbank Currency Exchange (MICEX)

8. Various of traders

9. Cameramen

10. SOUNDBITE (English) Alexei Rybnikov, Director, Moscow Interbank Currency Exchange (MICEX) :

"In the first half hour, the growth of the index, the technical index, which measures all of the stocks traded on MICEX stock exchange, increased by 15 percent which led to an automatic suspension of trading until an order by the federal securities market regulator, which we are expecting to receive, hopefully."

11. Cutaway

12. SOUNDBITE (English) Alexei Rybnikov, Director, Moscow Interbank Currency Exchange (MICEX):

"We think that the most deep phase of the crisis has already passed. We think that trust in the financial system is rebuilding again and we can see that judged by today's growth in the market."

13. Rybnikov on the phone

POOL

Washington DC, US - 18 September, 2008

14. Wide of meeting with congressional leaders seated to left of screen and US President George W Bush's administration officials to right

15. Push in to Christopher Cox, Chairman of US Securities and Exchange Commission, and US Federal Reserve Chairman Ben Bernanke seated across table from US House Speaker Nancy Pelosi

16. Pan to Pelosi, seated in between Senate Majority leader Harry Reid (to her right) and House Minority Leader John Boehner (to her left)

17. UPSOUND (English) Nancy Pelosi, Speaker of the House:

"Good evening. I'm very pleased to welcome the Democratic and Republican leadership of the House and Senate, as well as the representatives of the administration led by Secretary Paulson and independent agencies, Mr. Chris Cox and Chairman Bernanke. Thank you all for joining us as we come together understanding that we have a financial crisis in our country, that we're here to work together for solutions that resolve that crisis in a way that insulates the tax payers, consumers, main street, from the crisis on Wall Street. Thank you all very much. Good night."

POOL

Washington DC, US - 18 September, 2008

18. SOUNDBITE: (English) Nancy Pelosi, US Speaker of the House:

"Good evening. We just had what I believe was a very productive meeting where we heard from the administration and from the chairman of the Fed, an initiative to help resolve the financial crisis in our country. Our purpose is to do that and in doing so, to insulate Main Street from Wall Street and recognise our responsibility to the tax payer, to the consumer, and to people all across our country."

19. SOUNDBITE: (English) Henry Paulson, US Treasury Secretary:

"What we are working on now is an approach to deal with the systemic risk and the stresses in our capital markets and we've talked about a comprehensive approach that will require legislation to deal with illiquid assets on financial institutions of the United States on their balance sheet."

20. SOUNDBITE: (English) Ben Bernanke, Chairman of US Federal Reserve Bank:

"I thank the Congressional leadership for a very, very positive meeting. We look forward to working closely with Congress to resolve this financial crisis and get our economy moving again. Thank you very much."

21. Wide of officials exiting

STORYLINE

Global stock markets soared on Friday after a punishing week, as news of a possible US government plan to rescue banks from toxic mortgage debt brought hope of a letup in the world's worst financial crisis in decades.

Wrapping up one of the most turbulent weeks in memory, Asian and European markets surged on Friday morning after an overnight rally on Wall Street, where the Dow Jones industrial average advanced 410.03, or 3.86 percent, to 11,019.69, the biggest percent gain since October 2002.

Hong Kong's Hang Seng Index surged a stunning 9.6 percent to 19,327.73, while Japan's Nikkei 225 average rose 3.8 percent to 11,920.86.

As trading opened in Europe, Britain's FTSE 100 jumped 8 percent to 5,268.70 and France's CAC 40 shot up 6.5 percent.

Germany's DAX added 3.9 percent.

Commenting on the sharp rise, Natalie Pelras, Head of Equity Management at Richelieu Finance in Paris, said although technically there was a recovery, more measures would need to be taken for it to last.

"What explains this strong rise is what was announced yesterday in the United States: a plan of more then one thousand billion dollars to help the financial companies. And that is what is boosting the market. So technically we have a recovery. You have to remember that it decreased a lot recently and we still aren't back to the shares prices we had two weeks ago. So we will need more then these measures in order to make this boost last," she said.

Russia's leading stock exchanges have suspended trading for a second time in several hours after stocks rose too sharply.

Earlier on Friday, trading was suspended on both the RTS and MICEX within an hour of opening because they rose too sharply, in line with exchange rules.

They reopened after an hour only to close again.

MICEX, where most share trading takes place, is up 25.4 percent since the start of Friday following a two-day suspension.

The RTS is up 20.2 percent.

Speaking after the MICEX suspended trading for the first time, its director Alexei Rybnikov said a 15 percent rise in the index "led to an automatic suspension of trading until an order by the federal securities market regulator."

Rybnikov added, however, that he thought the worst phase of the crisis "has already passed."

"We think that trust in the financial system is rebuilding again and we can see that judged by today's growth in the market," he added.

Investors were heartened by the news on Thursday night that the US government was seeking the power to rescue banks by buying distressed assets at the heart of the financial system turmoil that's brought down Wall Street giants Lehman Brothers, Merrill Lynch and Bear Stearns, news that sent global markets plunging earlier this week.

Details of the plan were still being worked out, but US Treasury Secretary Henry Paulson emerged from the night-time meeting on Capitol Hill to say he hoped to have a solution "aimed right at the heart of this problem."

Paulson said late on Thursday the plan would need congressional approval.

He and Federal Reserve Chairman Ben Bernanke briefed lawmakers on the options they were considering.

"What we are working on now is an approach to deal with the systemic risk and the stresses in our capital markets and we've talked about a comprehensive approach that will require legislation to deal with illiquid assets on financial institutions of the United States on their balance sheet," Paulson said at a news conference in Washington on Thursday.

Paulson, Bernanke and Securities and Exchange Commission chair Christopher Cox asked lawmakers at the session to pass legislation giving the government power to buy distressed assets.

Stocks rallied more than 400 points late on Thursday after a report that the Bush administration was working on a new plan to alleviate fallout from the housing and credit crises.

Those debacles have badly bruised the economy and pushed unemployment to a five-year high.

Earlier, officials from President George Bush's economic team briefed lawmakers on Capitol Hill, on possible government efforts to ease the worst US financial crisis Wall Street's seen in decades.

President Bush cancelled an out-of-town trip on Thursday to stay in Washington and meet with his top economic advisers.

Bush held a 40-minute meeting with Bernanke, Paulson, and Cox along with White House and Treasury Department aides.

Paulson, Cox and Bernanke briefed congressional leaders in House Speaker Nancy Pelosi's office on Thursday evening.

At the top of the meeting, Pelosi, made clear that any potential action must protect taxpayers who are already on the hook for potentially billions of dollars in bailouts to financial firms taken down by the financial crisis.

"We come together understanding that we have a financial crisis in our country, that we're here to work together for solutions that resolve that crisis in a way that insulates the tax payers, consumers, main street, from the crisis on Wall Street. " she said.

Pelosi wrote to Bush on Thursday saying Congress would meet beyond its planned 26 September adjournment, if necessary, "to consider legislative proposals and conduct necessary investigations" related to the financial crisis.

Expand shotlist extract
Minimize shotlist extract
Subjects: Stock prices, Financial crisis, Emergency management, Government regulations, Legislature, Banking and credit, Economy, Securities regulation, Government securities, Legislation, Currency markets, Stock indices and averages, Central banking, Leading economic indicators, Business, Financial crisis, Financial markets, Government and politics, Financial services, Industries, Financial industry regulation, Industry regulation, Government business and finance, Government business and finance, Industry regulation, Government debt, Government finance, Stock markets
People: George W. Bush, Christopher Cox, Ben Bernanke, Nancy Pelosi, Harry Reid, John Boehner, Henry M. Paulson Jr.
Organisations: United States Congress, United States Senate, Federal Reserve System, U.S. Securities and Exchange Commission, United States government
Locations: Moscow, Paris, District of Columbia, United States, Russia, Eastern Europe, Europe, France, Western Europe, North America
Show story thumbnails
Indonesia Finance
Title:
SD
Summary: President's keynote speech to Asian lawmakers on financial crisis
Story No: 586834
Source: AP TELEVISION
Aspect Ratio: 4:3
Date: 11/27/2008 06:51 AM
People: Susilo Bambang Yudhoyono
Subscription:

SHOTLIST

1. Exterior of Indonesian parliament building

2. Wide delegates attending the Asian Parliamentary Assembly

3. Medium of Indonesian president Susilo Bambang Yudhoyono sitting

4. Medium of delegates

5. Yudhoyono striking a gong

6. Wide of delegates

7. SOUNDBITE: (English) Susilo Bambang Yudhoyono, Indonesian president

"What we need is a better, more effective regulation. We must also strike a prudent balance between regulation for transparency and the market's need for freedom to be creative. And in the process we must foster effective global institutions to regulate a reformed international financial architecture. In these institutions, the developing world, especially the emerging economies of Asia, should have a greater say in the policy-making process."

8. Medium of Yudhoyono at podium

9. SOUNDBITE: (English) Susilo Bambang Yudhoyono, Indonesian president

"For Asia to be part of the solution means to exercise our responsibility as stakeholders in the international system. We must be able to come up with practical answers to complex problems. We must be able to work with others in the spirit of win-win solution. We must have foresight, and the courage to do what is necessary."

10. Wide of Yudhoyono at podium

STORYLINE

Indonesian president Susilo Bambang Yudhoyono said on Thursday that Asian countries should have a greater say in policy-making in global financial institutions.

Bambang was addressing the Asian Parliamentary Assembly, a gathering of Asian legislators, who were meeting in Jakarta.

He said it was "better, more effective regulation" of financial markets was needed, but "we must also strike a prudent balance between regulation for transparency and the market's need for freedom to be creative."

About 300 members of parliaments from various Asian countries were gathered in the Indonesian capital for a four-day conference focusing on Asia's role in a new reformed global financial architecture.

In his opening remarks, he also urged Asian countries to be part of the solution to the economic crisis by exercising their responsibility and showing the courage to do what is necessary.

The conference will end on Saturday, when a Jakarta declaration is expected to be issued to call for a greater role for Asia in the global financial system.

Expand shotlist extract
Minimize shotlist extract
Subjects: Financial crisis, Economy, Business, Financial crisis, Financial markets
People: Susilo Bambang Yudhoyono
Organisations: Indonesia government
Locations: Jakarta, Jakarta Raya, Indonesia
Show story thumbnails
Japan Bank
Title:
SD
Summary: Lehman Bros files lawsuit alleging massive fraud by Japanese company
Story No: 559587
Source: AP TELEVISION
Aspect Ratio: 4:3
Date: 03/31/2008 09:33 AM
People:
Subscription:

SHOTLIST

1. Various of exterior of Lehman Brothers headquarters

2. Various of exterior of Marubeni Corporation headquarters

3. Various set ups of James Simms, correspondent for Dow Jones News Wires

4. SOUNDBITE: (English) James Simms, correspondent for Dow Jones News Wires:

"Apparently they had official looking documents and a Japanese seal, you know personal seal of a Marubeni executive and they also had a meeting at the Marubeni headquarters so that apparently fooled them (Lehman Brothers) into believing that this was a proper deal but it's also apparent that Lehman didn't do proper due diligence on the companies that it was dealing with otherwise this would not have happened."

5. Various of exteriors of Tokyo District Court

STORYLINE:

Lehman Brothers filed a lawsuit against major Japanese trading company Marubeni on Monday, demanding 350 (m) million US dollars in an unfolding case of alleged massive fraud.

Lehman Brothers Holdings Incorporated is seeking to recoup funding it provided to another Japanese company that the US bank says employees of Marubeni Corporation helped secure.

A Lehman Brothers official, who spoke on condition of anonymity citing policy, confirmed the lawsuit was filed in a Tokyo court.

He said the lawsuit demands 35.2 (b) billion yen (350 (m) million US dollars).

Other details were not immediately available.

Marubeni has denied wrongdoing and says it has no obligation to repay the money.

"Apparently they had official looking documents and a Japanese seal, you know personal seal of a Marubeni executive and they also had a meeting at the Marubeni headquarters so that apparently fooled them (Lehman Brothers) into believing that this was a proper deal," Dow Jones News Wires correspondent James Simms told AP Television in Tokyo on Monday.

"But it's also apparent that Lehman didn't do proper due diligence on the companies that it was dealing with otherwise this would not have happened," added Simms.

Marubeni Corporation stock tumbled 6.6 percent in Tokyo to close at 726 yen (7.26 US dollars) on Monday, on pessimism set off by the fraud allegations, which surfaced over the weekend.

Lehman Brothers spokesman Matthew Russell said in a statement that there will be no financial impact on Lehman because of the merits of the lawsuit, appropriate reserves in the first quarter and insurance coverage.

The alleged fraud is the latest challenge for Lehman amid the global credit crunch.

The sudden collapse of Bear Stearns earlier added to the concerns that Lehman and other investment banks may also face liquidity problems.

Tokyo-based Marubeni said in a statement the documents related to the funding were forged, and the transactions were not Marubeni's.

Two former Marubeni employees were duped by the then president of a now bankrupt unit of LTT Bio-Pharma, a medical consulting company, the trading company said.

Marubeni fired the two employees earlier this month after finding they had used an office meeting room illicitly.

They had acted as individuals, not as Marubeni employees, the company said.

Marubeni also said an internal investigation had found the two employees had not been directly involved in the document forgery.

Both Lehman and Marubeni say they are cooperating fully with an investigation by the Japanese police.

LTT Bio-Pharma denied involvement in fraud in a statement on Monday.

It said it fired the president of the unit linked with the alleged fraud earlier this month.

Expand shotlist extract
Minimize shotlist extract
Subjects: Corporate crime, Corporate lawsuits, Lawsuits, Fraud and false statements, Corporate news, Business, Corporate crime, Crime, General news, Corporate legal affairs, Corporate lawsuits, Legal proceedings, Law and order
Locations: Tokyo, Tōkyō, Japan
Show story thumbnails
US Citigroup
Title:
SD
Summary: Abu Dhabi Investment Authority to invest US$7.5 billion in Citigroup
Story No: 545141
Source: AP TELEVISION
Aspect Ratio: 4:3
Date: 11/27/2007 06:18 PM
People:
Subscription:

SHOTLIST

AP Television

FILE:

New York - Date Unknown

1. Tilt down Citigroup building

2. Flags waving

AP Television

New York - 27 November, 2007

3. SOUNDBITE (English): Neil Weinberg, senior editor at Forbes:

"This is a fund that has about one trillion dollars to invest. So, they're going to be investing it all over world. They're looking for a lot of places that can absorb a lot of money and it turns out that Citigroup because of the problems it is having in the mortgage market and the housing crisis here in the United States, needs a lot of money. So, this is obviously a deal which makes sense from both sides."

AP Television

FILE:

New York - Date Unknown

4. Various of Citibank building

AP Television

New York - 27 November, 2007

5. SOUNDBITE (English): Neil Weinberg, senior editor at Forbes:

"Well one of the things I think investors should realise if they are thinking about following the lead here of Abu Dhabi is, this is a large institution with a very long span time horizon. So, they're not looking at this necessarily as something that they're going to try to get their money out of in six months or a year or even ten years, this is a very large pool of money with a very long horizon, so I would bear that in mind."

AP Television

FILE:

New York - Date Unknown

6. Woman at ATM

7. Close up of Citibank sign

AP Television

New York - 27 November, 2007

8. SOUNDBITE (English): Neil Weinberg, senior editor at Forbes:

"And although Citigroup is having a lot of problems here in the United States with the housing market, you also have to remember that this is one of the largest banks in the world. This is a bank that is very well positioned around the world, well positioned in Asia, well positioned in emerging markets, so when those economies grow, Citigroup is very much going to be a beneficiary of that long after the housing crisis in the United States has passed."

AP Television

FILE:

New York - Date Unknown

9. Citibank window

STORYLINE

The Abu Dhabi Investment Authority will invest 7.5 billion (b) US dollars in Citigroup, offering the largest U.S. bank needed capital to offset big losses from mortgages and other investments.

The cash from the sovereign investment fund of the Gulf Arab state, which has benefited from this year's surge in oil prices, will be convertible into no more than 4.9 percent of Citigroup Inc.'s equity.

Citigroup characterised the investment as passive and said the fund will not be able to name any board members to the bank.

The Investment Authority will receive equity units that pay an 11 percent annual yield, a high price for Citigroup whose dividend yield is 7.3 percent.

They will then be converted into Citigroup common shares at a price of up to 37.24 US dollars (euro 25.04) a share between March 15, 2010, and September 15, 2011.

The purchase, announced late on Monday, would make the Investment Authority one of Citi's largest shareholders.

Senior editor at Forbes magazine, Neil Weinberg, said investors should, like Abu Dhabi, have the long term in mind if they decide to invest in Citigroup.

"Well one of the things I think investors should realise if they are thinking about following the lead here of Abu Dhabi is, this is a large institution with a very long span time horizon. So, they're not looking at this necessarily as something that they're going to try to get their money out of in six months or a year or even ten years, this is a very large pool of money with a very long horizon, so I would bear that in mind." Weinberg said.

The investment, in Weinberg's estimation, is a good one for Abu Dhabi and individual investors.

"You also have to remember that this is one of the largest banks in the world. This is a bank that is very well positioned around the world, well positioned in Asia, well positioned in emerging markets, so when those economies grow, Citigroup is very much going to be a beneficiary of that long after the housing crisis in the United States has passed," he said.

The investment, which was expected to close within the next several days, will be considered Tier 1 capital for regulatory purposes.

That will help Citi reach its goal of returning to its target capital ratios essentially, its ratio of cash to debt in the first half of 2008, the bank said.

Tier 1 capital describes a company's core cash, which includes stock and disclosed reserves. When a company has a high amount of Tier 1 capital in relation to its debt, the company is regarded as financially strong.

John McDonald, a Banc of America Securities analyst, said the investment will buy Citi some time, but will not fix the bank's debt troubles. "Capital infusions do not solve problems overnight," he wrote in a research note.

Investors, however, were relieved by the infusion and Citigroup shares rose 98 cents, or 3.3 percent to 30.78 US dollars at the open of trading on Tuesday.

Citigroup's shares have lost about 45 percent of their value since the beginning of this year, wiping away 124 billion (b) US dollars in market capitalisation, and touched a five-year low on Monday as the drumbeat of bad news about its investment losses has grown more persistent.

Charles Prince stepped down as Citigroup's chairman and chief executive Nov. 4, the same day Citi announced that it will likely write down the value of its portfolio by 8 billion (b) US dollars (euro 5.38 billion) to 11 billion (b) US dollars (euro 7.4 billion) in the fourth quarter.

In the third quarter, the bank's exposure to assets tied to subprime mortgages led to a loss of about 6.5 billion (b) US dollars (euro 4.37 billion).

Citigroup executives said on Monday that a deteriorating business climate could mean a new round of job cuts, even after the bank pared its 320,000 workforce by 17,000 positions earlier this year.

Pummeled by billions in writedowns, Citigroup is reviewing its cost structure to bring it in line with "economic realities," the company said.

Analysts believe the Investment Authority is the world's largest sovereign wealth fund, although the fund has never publicly revealed its total assets. Analysts estimate the fund controls hundreds of billions of dollars, with some experts saying the amount could be approaching nearly a trillion dollars.

Sovereign funds throughout the Middle East have been building up overseas investments recently, much of it on the back of oil prices that have risen more than 60 percent this year, bringing record cash flow to the region. China and Russia also have considerable funds they are sending overseas.

Unlike its counterparts in Dubai, the Investment Authority provides very little information about its investments, with analysts saying it appears to regularly purchases less than 5 percent of the companies it targets to avoid having to disclose the investments.

Dubai International Capital, which is owned by the ruler of that booming Persian Gulf city-state, announced earlier on Monday that it has acquired a stake of undisclosed size in the Japanese electronics and media company Sony Corp.

Its other investments this year included acquiring a 3.12 percent of European Aeronautic Defence & Space Co., which builds Airbus commercial planes and military aircraft. The firm also holds stakes in Daimler AG and British bank HSBC Holdings PLC.

Many companies have welcomed such investments because the funds tend to be stable investors, but some U.S. officials have expressed concern that their acquisitions could target sensitive industries with links to national security.

Abu Dhabi's move recalls the early 1990s investment in Citi made by Saudi Prince Alwaleed bin Talal. After the bank made some losing bets on U.S. real estate and Latin America, Alwaleed bought a stake for less than 600 million (m) US dollars (euro 403.4 million) that has since ballooned into billions.

The Abu Dhabi investment comes at a time when Citi is trying to reassure investors amid heavy credit-related losses and a search for a new CEO.

Expand shotlist extract
Minimize shotlist extract
Subjects: Prices, Economy, Financial crisis, Mergers and acquisitions, Stock price movements, Business, Financial crisis, Financial markets, Ownership changes, Corporate news, Stock performance, Corporate stock
Locations: New York, New York, United States
Show story thumbnails
US Bush Economy
Title:
SD
Summary: Bush meetsTreasury Sec Paulson, acknowledges "tough times"
Story No: 565321
Source: AP TELEVISION
Aspect Ratio: 4:3
Date: 05/19/2008 07:13 PM
People: George W. Bush, Henry M. Paulson Jr., Scott Stanzel
Subscription:

SHOTLIST

1. US President George W. Bush in meeting with Treasury Secretary Henry Paulson

2. Cutaway Paulson

3. SOUNDBITE: (English) George W. Bush, US President:

"Our policy in this administration is - laws shouldn't bail out lenders, laws shouldn't help speculators, the government ought to be helping creditworthy people stay in their homes. And one way we can do that, and Congress is making progress on this, is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator. The Secretary is briefing me on the progress being made on the Hill on this very important subject. Our fellow citizens have got to know that these major players in the mortgage markets, if reformed properly by Congress, will really help stabilise the markets and make it easier for people to stay in their homes."

4. Bush with Paulson

STORYLINE:

US President George W. Bush, acknowledging the economic "tough times" for many Americans, said on Monday that he remains opposed to any homeowner rescue legislation that would be a bailout for lenders.

The president's comments came as Senate leaders are working on a bipartisan bill to help strapped borrowers get government-backed mortgages, paid for by tapping a fund designed to help poor families.

Bush did not comment on that proposed legislation directly. He has threatened to veto a House version of the bill.

"Laws shouldn't bail out lenders", Bush said after getting an economic update from Treasury Secretary Henry Paulson.

"Laws shouldn't help speculators. The government ought to be helping creditworthy people stay in their homes."

The president pushed Congress to pass legislation to more tightly regulate Fannie Mae and Freddie Mac, the government-sponsored companies that finance home loans.

"Our fellow citizens have got to know that these major players in the mortgage markets, if reformed properly by Congress, will really help stabilise the markets and make it easier for people to stay in their homes," Bush said.

The Bush administration on Monday also reiterated its stance that it remains too soon to consider a second economic stimulus boost for the nation.

The first package produced tax rebates checks for millions of Americans. Bush said Paulson assured him that people are getting the money as promised.

Many Democrats in Congress are pushing for another government-backed economic boost to help people deal with rising gas and food prices.

Meanwhile, Bush has threatened to veto a House-passed Democratic measure aimed at preventing foreclosures by having the government step in to insure up to 300 (b) billion US dollars in new mortgages for distressed homeowners.

Senators are working on a version that would tap a fund drawn from Fannie Mae's and Freddie Mac's profits to pay for a new foreclosure-prevention programme.

Many community groups want that money directed to a low-income housing fund. Yet without diverting the affordable housing fund, many Republicans say the bill would be a bailout that would open taxpayers to undue risk.

Negotiations were continuing on the possible deal, and action on the proposed Senate bill was expected to pick up on Tuesday.

Bush spokesman Scott Stanzel said the White House had no position on the proposed bill yet.

Expand shotlist extract
Minimize shotlist extract
Subjects: Mortgages, Legislature, Economic stimulus, Government and politics, Government aid for industry, Legislation, Bills, Laws, Economy, Personal loans, Personal finance, Business, Mortgages, Real estate, Fiscal policy, Economic policy, Economic policy, Government business and finance, Government business and finance, Economic policy, Government policy
People: George W. Bush, Henry M. Paulson Jr., Scott Stanzel
Organisations: United States Congress, United States Senate, United States government
Locations: Washington, Washington, D.C., United States
Show story thumbnails
Belgium Banks
Title:
SD
Summary: Dutch state to take control of Dutch Fortis operations and ABN Amro
Story No: 580758
Source: AP TELEVISION
Aspect Ratio: 4:3
Date: 10/03/2008 06:28 PM
People: Yves Leterme
Subscription:

SHOTLIST

FILE: Brussels - 29 September 2008

1. Various exteriors of Fortis headquarters in Brussels

2. Pan up from entrance to Fortis sign

3. Close of Fortis sign on wall

Brussels - 3 October 2008

4. Wide Yves Leterme, Belgian Prime Minister, and Didier Reynders, Belgian Finance Minister, entering news conference

5. Cutaway of cameraman

6. SOUNDBITE (French) Yves Leterme, Belgian Prime Minister:

"We reached an agreement by which the Fortis group gives to the Dutch state all of its activities on the Dutch territory, more specifically the activities of Fortis Bank Netherlands Holding, including the activities of ABN Amro and also the activities of Fortis Insurance Netherlands. The transaction on which we found an agreement pertains to a sum of 16.8 billion Euros and naturally this money input can preserve the solvency of the Fortis Group."

7. Cutaway of Leterme and Reynders

8. SOUNDBITE (French) Didier Reynders, Belgian Finance Minister:

"We had, with the three governments, announced last weekend, the will to be present in the bank activities of all three countries, for the three states. And we said that we would sell, that the Fortis group would then sell the participation in ABN Amro. We crossed another line, ABN Amro is indeed ceded, as well as the bank Fortis Netherlands and the insurance activities in Holland. This allows us to go further in the direction we had

announced. "

9. Journalist asking question, pan to Leterme and Reynders

10. Reynders with reporters

11. SOUNDBITE (French) Didier Reynders, Belgian Finance Minister:

"In the case of Fortis Belgium we already had to realise an input of capital of 4.7 billion Euros, which had not yet been realised on the Dutch side and for now we are with this participation of 49.9 per cent. We also reinforced our presence by appointing a new person in charge of the group and we will see how this situation evolves in the next weeks or the next months - we will see. The most important thing is to guarantee the solvency and the liquidity of the group in the next weeks."

FILE: Brussels - 29 September 2008

12. Exterior of a Fortis branch

13. Woman withdrawing money at a Fortis cash point

STORYLINE:

The Belgian government said on Friday that the Dutch state would take control of troubled bank Fortis' Dutch operations, including its recent purchase of ABN Amro.

Belgian Prime Minister Yves Leterme told reporters that the Dutch government was paying 16.8 billion euros (23.2 billion US dollars) for the business, a price that will allow the Belgian arm of the bank to survive independently.

He said the sale would ensure the solvency of Fortis' core Belgian operations.

The Dutch government will buy both the banking and insurance divisions as well as the ABN Amro operations that Fortis aquired a year ago.

Reports said Fortis Luxembourg would also be fully nationalised.

The three governments partly nationalised the bank on Sunday, taking a 49 per cent stake in the bank's operations within each of their borders to save it from possible collapse.

Belgian Finance Minister Didier Reynders said the take over would also include the bank ABN Amro.

He added it was important the banking group was kept afloat.

"The most important thing is to guarantee the solvency and the liquidity of the group in the next weeks," he said.

The Dutch Finance Minister Wouter Bos had said the move to fully nationalise the bank's was needed to prevent its insolvency, despite the 11.2 billion euro (15.5 billion US dollar) bailout package announced on Sunday.

The plan announced on Friday will replace Sunday's bailout deal, in which Belgium, Netherlands and Luxembourg said they would take a 49-percent stake in the bank's operations within each of their borders.

Belgian Prime Minister Yves Leterme told reporters in Brussels the sale for the sum of 16.8 billion Euros would preserve the solvency of the Fortis Group.

Expand shotlist extract
Minimize shotlist extract
Subjects: Government and politics
People: Yves Leterme
Organisations: Belgium government, Netherlands government
Locations: Brussels, Brussels Capital Region, Belgium
Show story thumbnails
Germany EU Economy
Title:
SD
Summary: Reaction to Barroso EU economy plan, analyst
Story No: 586780
Source: AP TELEVISION
Aspect Ratio: 4:3
Date: 11/26/2008 05:21 PM
People:
Subscription:

SHOTLIST

1. Wide shot of German parliament debating the budget

2. Close up of German Foreign Minister, Frank Walter Steinmeier speaking

3. Midshot of German national emblem

4. Wide of parliamentarians

5. Mid of parliamentarians

6. Wide exterior shot of Reichstag building

7. Close of German and EU flags

8. Wide of Professor Christian Dreger passing by the camera

9. Close of economic magazines on the shelf

10. SOUNDBITE: (German) Professor Christian Dreger, Head of Department of Macro Analysis and Forecasting:

"The EU suggested the temporary cut in the VAT to steer the consumption, but we already have a consumption kick through the falling oil prices. They have been significantly decreasing since the summer, and that fact stimulates the purchase power of the private households in a significant amount, we're projecting it in the amount of 30 (b) billion only in Germany. Therefore, we already have a programme which stimulates the consumption and supports private households."

11. Close of the book on the shelf

STORYLINE:

Germany is digesting the implications of the European Commissions call on Wednesday, for EU governments to jointly combat the economic slowdown with 256.22 billion US dollars in spending and tax cuts to boost growth and consumer and business confidence.

If fully enacted, its two-year "European Economic Recovery Plan" would see the 27 EU governments spend 1.5 percent of the bloc's gross domestic product to halt the slowdown that has already pushed some European nations into recession.

The majority of the money would come from national governments and run the gamut from outright tax breaks to credit guarantees for ailing industries, to soft loans to exploit new green technologies.

The remainder would be financed from the EU budget and the European Investment Bank.

Germany, Europe's largest economy, has largely welcomed the plan but a government spokesman said Berlin will insist that as public spending rises the European Commission must cut governments some slack over the sound-spending rules that underpin the stability of the euro.

Barroso promised the European Commission would do so in the years ahead.

The EU leaders are to discuss the proposals at a December 11-12 summit in Brussels.

The EU plan comes a day after the Paris-based Organisation for Economic Cooperation and Development said the financial crisis will likely push the world's developed countries into their worst recession since the early 1980s.

The Paris-based group said economic output will likely shrink by 0.4 percent in 2009 for the 30 market democracies that make up its membership, against the 1.4 percent growth prediction for 2008.

Differences over fiscal measures have emerged among governments.

Germany and France reject cuts in their value-added (sales) taxes - for fear of losing revenue - while Britain is cutting its to 15 percent from 17.5 percent to encourage British consumers to keep spending money.

Barroso said it was inevitable to see such differences given the varying economic outlooks across the EU.

In 2009, Slovakia, Bulgaria, Romania and Poland are expected to book economic growth of up to 4 percent or more, whereas negative growth of as much as 2.7 percent will be seen in Latvia, Britain, Ireland, Spain and

Estonia.

France, Italy and Germany will likely be at a standstill next year, according to EU projections.

Expand shotlist extract
Minimize shotlist extract
Subjects: Economic growth, Economy, National budgets, National taxes, Financial crisis, Fiscal policy, Government and politics, Recessions and depressions, Business, Government budgets, Government finance, Government business and finance, Government business and finance, National budgets, National governments, Government taxation and revenue, National taxes, Financial crisis, Financial markets, Economic policy, Economic policy, Economic policy, Government policy
Organisations: European Commission, Germany government, European Union
Locations: Berlin, Berlin, Germany
Show story thumbnails

Displaying 1 - 10 of 78 results

 
Share Story
 
*
*
*
 

You have successfully shared item(s).
Share
Cancel
Close
 
Message Box

OK
No
Yes