Uploaded by FinancialNewsOnline on Nov 23, 2011
This is what's in the news for Wednesday, November 23. The Wall Street Journal reports an intensifying battle for deposits among European banks is putting pressure on the Continent's banking system. Individuals and businesses have pulled billions of euros of deposits out of banks in countries such as Spain and Italy in recent months, according to bank disclosures and analyst research. The Wall Street Journal also reports China beat out the U.S. for the first time to become the world’s largest smartphone market by volume during Q3. China shipped a record 24M smartphones compared to 23M in the U.S., according to Strategy Analytics. Bloomberg reports Citigroup (NYSE:C) and Bank of America (NYSE:BAC) are among lenders that may have to temper plans to raise dividends and buy back stock next year as the Fed toughens capital tests for the biggest U.S. banks. Reuters reports German Chancellor Merkel rejected criticism of the ECB for not taking bolder steps to stem the euro zone debt crisis and made clear the next tranche of aid Greece couldn't be paid out unless big parties in the country committed in writing to back austerity. Reuters also reports that options for restructuring GM's (NYSE:GM) German brand Opel could include a form of bankruptcy, analysts and bankers say. Costs will have to be cut further, and could include politically charged job cuts and plant closures in Europe.
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