Credit crisis threatens the stability of Nordic banks
Credit crisis threatens stability of Nordic banks
While the banking systems of Norway and Sweden have managed to withstand the global economic downturn, reports from the countries’ central banks indicate that the situation is about to change. “The turmoil has … spread to new assets, markets and participants. The uncertainty … will probably persist for a long time to come. It cannot be ruled out that problems will get worse,” said Stefan Ingves, governor of Sweden’s central bank.
Oil dips below $124 on concern over US economy
Oil prices dropped below $124 a barrel Wednesday and after Federal Reserve Chairman Ben Bernanke signaled that inflation had become a more prominent concern.
By midday in Europe, light, sweet crude for July delivery was down 52 cents at $123.79 a barrel in electronic trade on the New York Mercantile Exchange. The contract fell $3.45 to settle at $124.31 a barrel in the previous session.
Smucker to acquire Folgers from Procter & Gamble for 3 billion
J.M. Smucker Co (stock ticker: SJM) on Wednesday said it would acquire the Folgers coffee business from Procter & Gamble Co (stock quote: PG) for stock valued at $2.95 billion plus the assumption of $350 million in debt.
The deal would give P&G shareholders a 53.5 percent stake in Smucker, which is known for its namesake jellies and jams and also makes Jif peanut butter and Crisco shortening — brands it previously acquired from Cincinnati-based neighbor P&G.
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