15
11
2007
Newspaper wrap-up: UBS, Citigroup facing write downs from subprime mess
Posted by: in Stocks Money NewsFiled under: Newspapers, Magazines, Apple Inc (AAPL), General Electric (GE), Citigroup Inc. (C), JPMorgan Chase (JPM), iPhone
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MAJOR PAPERS:
- Royal Dutch Shell Plc’s (NYSE: RDS.A) 16.67% stake in the Cossack Pioneer field of Australia’s North West Shelf may be up for sale, according to the Wall Street Journal. The sale price is expected to be about $450M and may attract the likes of Cnooc Ltd (NYSE: CEO).
- According to the Wall Street Journal’s “Heard on the Street,” subprime woes continue, and UBS AG (NYSE: UBS) may face a $7B-plus write-down in the fourth quarter and Citigroup Incorporated (NYSE: C) could face between $8B and $11B of write downs in the fourth quarter.
- According to Barron’s Online’s “Weekday Trader” column, a General Electric Company (NYSE: GE) Asset Management bond fund, worth $5B, is suffering losses in its asset-backed mortgages and asset-backed securities, and is giving its investors the opportunity to redeem their holdings at 96c on the dollar.
OTHER PAPERS:
- The Financial Times reported that JP Morgan Chase & Co (NYSE: JPM) launched a micro-finance unit as part of its emerging markets strategy.
WEB SITES:
- According to executives familiar with the situation and reported by Apple Insider, the launch of the Apple Inc (NASDAQ: AAPL) iPhone in China is likely to be delayed due to a number of issues including revenue sharing and SIM card incompatibility.
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