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Europe's Banks Still Lending 32 THURSDAY, JULY 30, 2009 THE WALL STREET JOURNAL. Leading the News: British Airways presses Boeing to renegotiate payments on Dreamliners VOL. XXVII NO. 124 EUROPEEUROPE THURSDAY, JULY 30, 2009 europe.WSJ.com Œ3 What’s Europe’s banks still lending shy - Germany 7 7 kr 29 News Œ3 Sanofi is close to announc- ECB says borrowers could face tougher credit standards this quarter; dilemma for governments - France - Sweden ing a deal to buy Merck’s half Œ3 of a joint venture that makes European banks contin- euro zone further tightened faces in ensuring banks meet banks to offer more and because of its hefty stakes in Œ3.20 drugs for animals. News of ued to lend only reluctantly their credit standards in the their lending promises. cheaper loans could backfire, two of the country’s biggest - Spain the potential deal came as at the midyear point, flying in second quarter, the European For more than a year, cen- potentially delaying their re- banks: Lloyds Banking Group - Finland Sanofi reported a 4.9% rise in the face of central-bank poli- Central Bank said in a report tral banks and governments covery and depressing share PLC and Royal Bank of Scot- second-quarter profit. Page 6 Dkr 25 released Wednesday, and com- have provided banks with li- land Group PLC. It needs lend- Œ3.32/Sk 100 n Microsoft and Yahoo By Margot Patrick and panies and households could quidity and, in some cases, re- Deflation returns ing to increase to help the formed a 10-year Internet- Laurence Norman in face still-tougher require- capitalization to get credit U.K. recover in time for an - Denmark - Slovakia n search pact, uniting against London, and Nina ments this quarter. flowing again to revive eco- German consumer prices fell election due by mid-2010, but Œ3 Kc 110 rival Google. Page 5 Koeppen in Frankfurt In the U.K., which is out- nomic activity. But fragile bal- for the first time since 1987 .2 it also has taxpayer money at side the euro zone, the Bank ance sheets and worries of ris- risk if bad loans pile up. n - Portugal BHP moved forward in its cies and state aid designed to of England said Wednesday ing consumer defaults have prices if the proportion of “The government needs to effort to change the way Zl 12 spur lending and reverse the that consumer lending hit a caused many banks to hold bad loans keeps rising. balance out its needs. It - Czech Republic iron ore is priced, settling for economic downturn. low in June, underlining the back. That puts the U.K. govern- wants to make sure the banks a 33% drop in prices with - Poland Banks in the 16-country challenge the government Analysts say that forcing ment in a particular dilemma Please turn to page 31 HRK 22 some customers. Page 5 Nkr 29 n Steelmaker ArcelorMittal - Croatia Œ3 reported a quarterly loss but - Norway said a recovery is strengthen- Œ3 ing outside of the U.S. and - Belgium BMW will park its Formula One racing team Western Europe. Page 5 Œ3 By Marcus Walker n - Netherlands U.S. stocks fell on worry £1.50 Œ3 that economic conditions will BMW AG said it will leave restrain commodity demand Formula One motor racing at and hurt profits of oil firms. the end of the 2009 season, an- - Luxembourg Europe shares rose. Page 20 other sign of auto makers’ – United Kingdom n Crude prices slid 5.8% to growing difficulty in justifying $2.20 L£ 6000 $63.35 a barrel on Nymex the sport’s high costs at a time after a surprising rise in U.S. when global auto sales are - Lebanon oil inventories. Page 22 slumping. Œ3 n German consumer prices - U.S. Military (Eur) - Italy fell in annual terms for the Reversal of fortune Œ3 TL 4.5 first time in years in July, n Daimler swung to a loss in the amid collapsing energy prices second quarter .7.......................... - Turkey and the recession. Page 2 - Ireland (Rep.) n The pace of decline in U.S. Although a marginal sport S£ 210 Ft 650 economic activity has “begun in the U.S., Formula One has es- - Syria to stabilize,” a Fed report said. tablished itself as the pinnacle SF 5 A key gauge of business invest- of international motor racing - Hungary Œ3 ment spending rose. Page 4 and attracts huge television au- diences in Europe, the Middle n Support slipped for For information or to subscribe, visit www.services.wsje.com or call +44 (0) 207 309 7799 — Austria Greece Switzerland East and Asia. That has made it Obama’s health plan, espe- cially among the insured, and a big business, with sponsor- his approval rating fell to ship and television deals total- 53% in a new poll. Page 4 ing billions of dollars. But the loss of a team with n Daimler reported a $1.45 bil- BMW’s cachet could raise lion loss in the second quar- doubts about other major car ter, hurt by weak demand makers’ commitment to the Reuters for luxury vehicles. Page 7 Please turn to page 31 Flames shooting from the car of BMW Sauber Formula One driver Robert Kubica in Bahrain in April. BMW is pulling out of the sport. n The FDIC is poised to start splitting failed banks into good and bad pieces, an Inside effort to lure buyers. Page 19 Judge sets status call n Santander posted a4% Runs Oracle drop in second-quarter profit, as resilient results in Europe in UBS vs. U.S. case * largely offset declines in Latin America. Pages 19, 20 A WSJ NEWS ROUNDUP 10x Faster Ifasettlementisn’tformal- n Police blamed ETA for a A Miami judge said he ized before Friday, there are car bomb that destroyed a would reassess the progress two possible outcomes. One is police barracks in northern of talks between UBS AG and that the two sides agree they The World’s Fastest Spain, injuring 60 people. the U.S. Internal Revenue Ser- arenear a settlement, inwhich vice ahead of a major court case another postponement is Culture clash Database Machine n The EU filed a trade com- hearing tied to possible tax likely. The other outcome is Brokerage Nomura stumbles • plaint against the Philippines evasion by U.S. citizens on Hardware by HP that negotiations break off in its new global push over taxes the nation charges Monday. without a settlement, which News in Depth, pages 16-17 • Software by Oracle on distilled-spirits imports. Judge Alan Gold offered to means the court will begin n A Sudan journalist facing postpone the court hearing by hearing the case Monday. 40 lashes for wearing pants a week, a UBS spokesman UBS and the Swiss govern- Markets in public said she is resigning said. Neither side took up the ment have claimed in court fil- 4 p.m. ET *But you have to be willing to from a U.N. job so she can offer. ings and public statements PCT spend 50% less on hardware. CLOSE CHG challenge the dress-code law. The next status call be- that UBS can’t provide access tween the two parties and to 52,000 accounts held by DJIA 9070.72 -0.29 Editorial&Opinion Judge Gold on Friday coin- U.S. citizens at UBS because Nasdaq 1967.76 -0.39 cides with the meeting in that act would violate Swiss DJ Stoxx 600 220.37 +0.84 FTSE 100 4547.53 +0.41 Israel vs. Iran Washington between the law. The Swiss government 10x faster based on comparing Oracle data warehouses Swiss and U.S. foreign minis- has even gone as far as to say DAX 5270.32 +1.85 on customer systems vs. HP Oracle Database Machines. Time is running out for Potential savings based on cost/terabyte comparison with an attack on the nuclear ters, highlighting how the it would seize UBS data to pro- CAC 40 3365.62 +1.04 selected competitor systems; Oracle Database and options installations. Page 14 case has snowballed into a dip- tect its country’s privacy laws. licenses not included. Actual results and savings may vary. Euro $1.4063 -0.81 lomatic matter of high impor- A spokesman for Switzer- Nymex crude $63.35 -5.77 Copyright © 2009, Oracle. All rights reserved. Breaking news at europe.WSJ.com tance for Switzerland. Please turn to page 31 2 THURSDAY, JULY 30, 2009 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. THURSDAY, JULY 30, 2009 31 LEADING THE NEWS FROM PAGE ONE German prices register Europe’s banks stymie efforts to spur lending IMF says it plans Political shift in Moldova Continued from first page this problem…for months now while lending rates reflect higher costs body it created in October to help to add loan aid do lend, but at the same time also jobs and businesses continue to be and default risk. companies struggling to obtain bank first decline since 1987 wants to protect its investments by lost. Alistair Darling has been asleep The ECB’s euro-zone lending sur- loans would operate until at least Opposition trounces keeping the banks profitable,” said on the job and the public will take vey said the second quarter was the the end of 2010. French Finance Min- to poor countries By Geoffrey T. Smith Irfan Younus, an analyst at NCB his synthetic anger with a pinch of eighth straight that banks tightened ister Christine Lagarde said the By Tom Barkley ruling Communists, Prices Plunge Stockbrokers. salt,” said Philip Hammond, the No.
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