FRANKFURT, March 10 (Reuters) – German state-controlled lender NordLB will inject money into its loss-making Bremer Landesbank (BLB) unit, which is suffering from a weak shipping market that is chipping away at its capital.
BLB said it booked a writedown of 1.6 billion euros ($1.71 billion) on its shipping book in 2016.
NordLB said that it would, however, not need to tap its own public-sector shareholders to stump up the money for the cash injection.
NordLB has said in the past that it expects a 2016 loss of more than 1 billion euros.
BLB, which has around 30 billion euros in assets, was taken over completely by NordLB in January. ($1 = 0.9378 euros) (Reporting by Arno Schuetze; Editing by Harro ten Wolde)
CAIRO, March 2 (Reuters) – The Houthi Transport Ministry in Yemen said on Saturday there had been a “glitch” in undersea communication cables in the Red Sea as a result of actions...
by Captain John Konrad (gCaptain) In the current American labor landscape, the stark contrast between the assertive strides of transportation unions and the maritime sector’s unique labor challenges is striking....
By Mikhail Flores MANILA, Dec 2 (Reuters) – Evacuations were under way in the Philippines after a quake of at least magnitude 7.5 struck the southern region of Mindanao on Saturday night,...
December 2, 2023
Total Views: 2161
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.