Financial Services

Wall Street firms skittish about RUSAL IPO-paper 12:52am IST

CHICAGO, Nov 7 (Reuters) - Wall Street firms are in a quandary about getting involved with a planned public offering of Russian aluminum producer UC RUSAL because its founder has been barred from getting a U.S. visa on account of allegations that he is connected to organized crime, the Wall Street Journal reported on Saturday. Full Article

REFILE-French bank Societe Generale repays state support Saturday, 7 Nov 2009

PARIS, Nov 7 (Reuters) - French bank Societe Generale has bought back all the preferential shares that were held by the state agency SPPE, France's markets authority said in a statement issued on Saturday. Full Article

Repsol may cut 2009 dividend by 19 pct-paper Saturday, 7 Nov 2009

MADRID, Nov 7 (Reuters) - Spain's Repsol may cut the dividend to be paid against its 2009 results by 19 percent from a year ago amid an expected sharp drop in earnings, El Economista newspaper said on Saturday, without citing a source. Full Article

More Financial Services News

KBC to shrink by 25 pct in restructuring -paper Saturday, 7 Nov 2009

BRUSSELS, Nov 7 (Reuters) - Belgian banking and insurance group KBC will have to shrink its balance sheet by about 25 percent over the course of several years in an EU-ordered restructuring, daily De Tijd said on Saturday. Full Article

Citigroup says new rules may hit securitization Saturday, 7 Nov 2009

NEW YORK, Nov 6 (Reuters) - Citigroup Inc said on Friday that new accounting rules for securitization trusts may prevent the bank from funding some of its assets with a top debt rating. Full Article

UPDATE 1-Berkshire reinsurance volume limited by Burlington Saturday, 7 Nov 2009

* Pricing power not strong enough (Adds information on competitors, paragraphs 7-8) Full Article

Berkshire reinsurance volume limited by Burlington Saturday, 7 Nov 2009

NEW YORK, Nov 6 (Reuters) - Warren Buffett's Berkshire Hathaway Inc said it plans to limit the amount of business underwritten by its reinsurance operations, as it prepares to spend roughly $26 billion to buy railroad operator Burlington Northern Santa Fe Corp . Full Article

UPDATE 2-Freddie Mac posts $5 bln loss, predicts weak housing Saturday, 7 Nov 2009

NEW YORK, Nov 6 (Reuters) - Freddie Mac , the second largest provider of U.S. residential mortgage funding, on Friday posted a loss of $5 billion in the third quarter and predicted it would need more government support amid a "prolonged deterioration" in housing. Full Article

BofA says legislative, regulatory risks growing Saturday, 7 Nov 2009

CHARLOTTE, N.C., Nov 6 (Reuters) - Bank of America Corp said on Friday that mounting legislative and regulatory pressure may hurt its business, a rare move for a large public company that signals how the changing landscape for banks worries management. Full Article