32.49 0.00 (0.00%)
After hours: 4:30PM EDT
|Bid||31.89 x 100|
|Ask||35.20 x 200|
|Day's range||32.04 - 32.92|
|52-week range||32.04 - 45.96|
|PE ratio (TTM)||14.67|
|Forward Dividend & Yield||1.00 (2.51%)|
|1y target est||N/A|
On this day, 30 years ago, stock markets around the world suffered a collective heart attack. There have been plenty of grim times for markets since, such as the three years during which the FTSE 100 fell after the dot-com bubble burst, or the precipitous fall between late 2007 and early 2009 as the global financial crisis struck. The 10.84% fall that the FTSE-100 suffered that day and the 12.22% fall it endured the following day remain the biggest one-day falls, in percentage terms, that the index has suffered in its 33-year history - far worse than any of the murderous one-day declines that the index suffered at the height of the financial crisis in 2008.
Popular (BPOP) has witnessed a significant price decline in the past four weeks, and is seeing negative earnings estimate revisions as well.
European Union rules on winding down failing banks could increase the risk of bank runs, a former board member of the European Central Bank said, reigniting a debate triggered by the collapse of Spain's Banco Popular (NasdaqGS: BPOP - news) . EU regulators shut Banco Popular, Spain's sixth largest lender and saddled with a pile of bad loans, in June after it was fatally weakened by a sudden withdrawal of deposits. "We should reflect on whether the resolution framework can accelerate bank runs," Jose Manuel Gonzalez-Paramo, an ECB board member between 2004 and 2012, said in a contribution to Eurofi magazine, a financial publication.
The new £10 note featuring author Jane Austen has entered circulation. It is the second currency in England to be printed on polymer plastic, a material that will last 2.5 times longer than paper, following the launch of a new five pound note last year. Austen will replace Charles Darwin on the £10, joining Adam Smith, Winston Churchill and Boulton and Watt in a cast of historic figures that the Bank of England Governor, Mark Carney, said helps currency "serve as a collective memory for a country".
Spain's Banco Santander (Amsterdam: 817651.AS - news) registered on Tuesday a prospectus to raise up to 981 million euros ($1.2 billion) in subordinated debt as part of a commercial offer to compensate some retail clients who acquired shares and subordinated debt of Banco Popular and were wiped out when the bank was wound down. Popular (NasdaqGS: BPOP - news) was taken over by Santander on June 7 for the symbolic price of one euro after European authorities stepped in to prevent its collapse. When the bank first unveiled details of its compensation offer, it said it was planning to issue up to 980 million euros in subordinated debt.
A group of bondholders who owned debt in Spain's failed Banco Popular filed a lawsuit on Thursday asking for the lender's rescue and sale to be cancelled, joining a growing series of legal challenges against the European Union's intervention. European authorities orchestrated an overnight rescue of Popular (NasdaqGS: BPOP - news) in early June, with shareholders and some bondholders taking losses while the bank was sold for a nominal one euro to larger rival Santander. Three of the largest Popular bondholders - Algebris, Anchorage Capital Group and Ronit Capital - filed a lawsuit with the General Court of the Court of Justice of the European Union on Thursday asking for the rescue to be reversed and their bonds restored.
A buoyant Brazilian business and a revenue boost from Banco Popular helped Banco Santander (Amsterdam: 817651.AS - news) post a 37 percent rise in second-quarter net profit, although the bank's capital and bad loan ratios were hit by the purchase. The euro zone's biggest lender by market value - which consolidated Banco Popular in its accounts for the first time since it took over the troubled Spanish lender on June 7 - reported net profit of 1.75 billion euros ($2.05 billion) in the period from April to June, beating analysts' forecast. Santander's net interest income (NII) - a measure of earnings on loans minus deposit costs - was 8.6 billion euros in the quarter, up 13.6 percent from last year.
LONDON/MADRID, July 21 (Reuters) - Spain's Banco Santander (Amsterdam: 817651.AS - news) is seeking bids by next Monday for some 30 billion euros ($34.91 billion) of property assets from Banco Popular, three sources familiar with the matter said. Santander, the euro zone's biggest bank by market value, launched the sale on June 30 and the tight deadline is a sign the lender wants to quickly draw a line under potential risks linked to the takeover of Banco Popular on June 7. It had initially set itself a 3 year deadline to sell all of Popular (NasdaqGS: BPOP - news) 's bad property assets, one of the factors that brought down the 90-year-old lender.
Spain's Banco Santander (Amsterdam: 817651.AS - news) on Monday launched a 7.1 billion euros ($8.07 billion) rights issue at a price of 4.85 euros per share, a move it had flagged last month when it took over rescued peer Banco Popular for a nominal euro. Based on Santander's closing price of 6.002 euros on Monday, the 1.46 billion new shares will be issued at a discount of 19 percent and existing shareholders will have until July 20 to decide whether they use their preferential subscription right to buy or not into the capital increase. Banco Santander, Citigroup (NYSE: C - news) and UBS (LSE: 0QNR.L - news) will act as joint coordinator for the deal, which has been fully underwritten, Santander said in a notice to Spain's market regulator.
On June 7, the European Central Bank (ECB) announced Banco Popular was "failing or likely to fail" and would be sold to Santander, the eurozone's largest bank, for a symbolic euro
Holders of Co-operative bank's subordinated debt are set to receive some £27m of coupon payments in the coming weeks despite the troubled UK lender struggling to find a buyer for its business. The UK lender put itself up for sale in February after failing to meet regulatory capital requirements. The outcome for Co-op's subordinated debt holders stands in sharp contrast to the fate of investors in Banco Popular, where the Additional Tier 1 instruments were wiped out, the Tier 2 debt converted to new equity and the bank sold for €1.
Shareholders in Banco Popular have asked Spain's anti-corruption prosecutor to investigate the collapse of the lender, which had to be rescued last week by Santander after a run on its deposits caused regulators to intervene. Around 400 retail investors, represented by the Spanish Association of Minority Shareholders, asked Spain's Anti-Corruption Prosecutor's Office on June 8 to investigate whether Popular (NasdaqGS: BPOP - news) 's chairman Emilio Saracho and former board member Antonio del Valle misled the market and accelerated the bank's demise, a document reviewed by Reuters shows.
U.S. stocks closed higher and Treasury yields rose on Wednesday after the release of written testimony from ex-FBI chief James Comey, with investors looking ahead to his U.S. Senate appearance on Thursday, the same day as a British parliamentary vote and a European Central Bank meeting. A smoothly executed rescue of Spain's Banco Popular lifted bank stocks in Europe, while oil prices suffered a steep slide after the U.S. government reported an unexpected increase in crude and gasoline inventories.
A smoothly executed rescue of Spain's struggling Banco Popular lifted European bank stocks on Wednesday, while U.S. stock and bond investors showed caution ahead of Thursday's British vote, an ECB meeting and testimony by ex-FBI chief James Comey. Oil prices dipped on renewed concerns about the efficacy of OPEC-led production cuts and a Mideast political rift, then extended losses after EIA data showed a surprise build in U.S. crude inventories.
MADRID/BRUSSELS, June 7 (Reuters) - European authorities stepped in to avert a collapse of Spain's Banco Popular following a run on the bank, orchestrating a last-minute rescue on Wednesday by Santander, the country's biggest lender. Owners of Popular bonds faces losses of some 2 billion euros, while Santander will ask its shareholders for around 7 billion euros ($7.9 billion) of capital to absorb Spain's sixth biggest bank.
One of Spain's biggest banks has been saved from collapse after it was bought by rival Santander for just €1. The deal will see Santander take on the bank's customers, branches and also its liabilities, estimated at around €5bn. It also means that Santander has now become the biggest banking group in Spain.
The gap (Frankfurt: 863533 - news) between Italian and Spanish 10-year bond yields was heading towards its widest level since the 2012 debt crisis on Wednesday, as investors fretted over possible early elections and the effect of tighter policy on Italian borrowing costs. The similarly-rated Southern European neighbours are often compared in the bond market, and the difference in their government bond yields used as a measure of risk in the bloc. As the Italian debt agency prepared to sell 30-year bonds later in the day, Italy's benchmark 10-year debt underperformed the rest of the euro zone bond market.
Labour has returned its focus to the railways after claiming that passengers would be £1,000 better off" if they were to win the General Election. The party has already said that it would renationalise the network were it to be in Government, bringing franchises back into public ownership as they run out. It has also said that it would bring in new caps on how much fares could rise, using a different measure of inflation that, says Labour, would result in lower increases.
US drone delivery service Flirtey announced that it has started delivering convenience store items to customers' homes on December 20, 2016