Putin Says State-owned VTB Bank to Manage Russia's Main Shipbuilder
Russian President Vladimir Putin on Thursday asked the state-owned VTB bank to manage the state's 100% stake in United Shipbuilding Corporation (USC), Russia's largest shipbuilder, to solve financial problems at the firm.Putin's decision effectively transfers control of Russia's premier shipbuilding assets to Moscow-based VTB, which has been run by Andrei Kostin, one of Russia's most influential bankers, for the past 21 years.USC builds civilian vessels as well as nuclear submarines, aircraft carriers and other warships.
Interest in RBS Greek Shipping Unit Cools after Brexit Vote
Royal Bank of Scotland is facing setbacks over a proposed sale of its Greek ship finance business, with potential suitors backing off, partly because of the British vote to leave the European Union, sources told Reuters. Britain's June 23 vote has raised the risk of recession and earnings downgrades that have battered bank shares. Reuters reported earlier that week that RBS had received bids for its Greek shipping operation. Sources said Credit Suisse and China Merchants were among the suitors. Banking and finance sources say Brexit has put into doubt any advancement of discussions for now - highlighting the fallout for transactions that had been in the works.
Interest in RBS' Greek Shipping Unit Cools Post-Brexit Vote
The Royal Bank of Scotland is facing setbacks over a proposed sale of its Greek ship finance business, with potential suitors backing off, partly due to the British vote to leave the European Union, sources told Reuters. Britain's June 23 vote has raised the risk of recession and earnings downgrades that have battered bank shares. Reuters reported earlier that week that RBS had received bids for its Greek shipping operation. Sources said Credit Suisse and China Merchants were among the suitors. Banking and finance sources say Brexit has put into doubt any advancement of discussions for now - highlighting the fallout for transactions that had been in the works.
Greek Privatization Agency Sets Deadlines on Port, Railway Tenders
Greece's privatizations agency on Thursday announced deadlines for bids on tenders for the country's two largest ports and state railways TRAINOSE, assets Athens has agreed to sell as part of a new three-year bailout by its international lenders. Greek privatization proceeds, excluding bank shares, are expected to total 6.4 billion euros between 2015 and 2017, under terms of the bailout. The privatizations agency set an October deadline for binding bids for Piraeus Port, a December deadline for bids for TRAINOSE and a February 2016 deadline for Thessaloniki Port. (Reporting by George Georgiopoulos)
Shipping loan losses hit Norwegian bank DNB's earnings
Q2 net profit NOK 4.65 bln vs f'cast NOK 4.77 bln; loan losses NOK 554 mln vs fcast NOK 398 mln. Bank on schedule to fulfill capital requirements, but shares down 4.6 percent, Swedish bank shares lower. Higher-than-expected loan losses in the shipping sector ate into DNB's second-quarter earnings, sending shares in Norway's largest bank down almost 5 percent on Thursday. Nordic banks made it through Europe's recent financial crisis relatively unscathed, but have suffered from their exposure to countries in the Baltic region and to a shipping sector which has struggled with overcapacity in recent years. DNB, one of the world's biggest lenders to the shipping sector…
