Bendine said a writedown
is to be expected in fourth-quarter audited results which Petrobras must provide the market by the end of June or face default on more than $50 billion of bonds.
Some investors may find the figure on the Xstrata writedown
"somewhat jarring, especially given management rhetoric on capital allocation," Bank of America Merrill Lynch analyst Jason Fairclough wrote on Tuesday in a note to clients.
Cyprus has dismissed as unfounded suggestions that the International Monetary Fund is seeking a debt writedown
before it agrees to participate in a multi-billion euro bailout and European policymakers have rushed to do the same.
on its soon-to-be sold Cheuvreux brokerage, its Italian consumer credit business, Spain's Bankinter, and losses on its own debt, the bank slumped to a quarterly loss of 2.
We were prudent to take writedowns
in Q3, so there will be no overhangs in 2012," Sheikh Maktoum bin Hasher Al Maktoum told Reuters.
1 billion profit a year ago after being hit by the writedowns
on credit products.
9bn credit crunch writedown
when it launched the rights issue in April.
9 billion second-quarter loss, hit by $9 billion of writedowns
in that period.
ZURICH: Switzerland's biggest bank UBS unveiled massive new writedowns
yesterday and turned to its shareholders to prop up its capital base, as it became the bank worst-hit by the US subprime mortgage crisis.
Credit Suisse bank reported its first quarterly loss in five years this April on the back of new writedowns
of SFr 5.
US-based Citigroup, Inc (NYSE: C) is expected to announce further writedowns
British electricity utility National Power Plc has announced major charges and asset writedowns
in the face of a fierce competitive environment, and scheduled its planned demerger for 2 October.
5 million during the fourth quarter, a result in part of writedowns
Further, if companies are required to consider writedowns
annually for a large number of assets (or asset groups), the yearend burden on both internal staff and external auditors could increase substantially.
The company attributed the loss to reduced royalty and interest revenues combined with asset and property writedowns