Anglo Irish Bank loses euro3.8 billion in 6 months because of defaults on its loans to developers

September 2nd, 2009 Irish unemployment hits 14-year high of 12.4 pctDUBLIN — Ireland's unemployment rate has reached a 14-year high of 12.4 percent as the economy continues to unravel amid the recession, a property market depression and runaway debts, the Central Statistics Office reported Wednesday. The rise from July's rate of 12.2 percent means the number of people out of work has doubled in barely a year, reaching a new record high each month.

August 19th, 2009 BAT appoints new chairmanLONDON — British American Tobacco PLC said Wednesday that Richard Burrows, a former governor of the Bank of Ireland, will become the company's new chairman later this year. The 63-year-old will replace Jan du Plessis, who is stepping down after he took up a similar role with Anglo-Australian miner Rio Tinto PLC.

July 31st, 2009 Anglo American H1 profit down 31 percentLONDON — Mining company Anglo American PLC said Friday that net profit in the first half of the year fell by 31 percent as both the prices and volumes of its sales slumped amid the global recession. The company said net profit for the period was $2.97 billion, compared to $4.28 billion a year earlier.

July 31st, 2009 Shares in Ireland's banks rise on 'bad bank' planDUBLIN — Shares in Ireland's two biggest banks, Allied Irish Banks and Bank of Ireland, rose Friday as investors embraced the government's plans to form a "bad bank" that would take tens of billions' worth of dud loans off their books. Shares in Allied Irish rose 2 percent to close at euro1.76 ($2.51), and Bank of Ireland was 9.2 percent higher at euro2 ($2.85) on the Irish Stock Exchange.

July 30th, 2009 Ireland unveils 'bad bank' plans for dud loansDUBLIN — Ireland's government published its plan Thursday for establishing a "bad bank" that would buy, at a discount, euro90 billion ($135 billion) in dud loans to property developers. Lawmakers eagerly snapped up copies of the long-awaited bill to form a National Assets Management Agency, or NAMA.

July 10th, 2009 Mining major Anglo American picks Sir John Parker as chairman LONDON — Mining company Anglo American PLC said Friday that Sir John Parker has been chosen as its next chairman of the board, resisting pressure from the South African government to appoint a black executive. Parker, whose appointment is effective on Aug.

June 22nd, 2009 Anglo American, Xstrata mull mergerLONDON — Shares in mining company Anglo American PLC jumped nearly 5 percent on Monday after Anglo-Swiss rival Xstrata PLC made a preliminary approach seeking a merger. Xstrata's shares dropped almost 7 percent.

June 21st, 2009 Miner Xstrata seeks merger with Anglo AmericanZUG, Switzerland — Swiss mining giant Xstrata PLC said Sunday it is seeking a merger with rival Anglo American PLC. Xstrata said it "recently sent a written proposal to the board of Anglo American seeking their consideration of a merger of equals of the two companies." "A merger of these two world-class companies with complementary assets is highly compelling," the company said in a statement posted on its Web site, adding that substantial cost savings could result if the deal proceeds.

June 15th, 2009 Irish company buys Ill. wind farmsCHICAGO — An Irish company hoping to benefit from the Obama administration's emphasis on renewable energy purchased three Illinois wind farms near Chicago.

June 5th, 2009 Irish unemployment hits 13-year high of 11.8 pctDUBLIN — Ireland's unemployment rate hit a 13-year high of 11.8 percent in May as a deepening recession pushed the welfare lines to record lengths, the Central Statistics Office reported Friday. The report said the number of people claiming jobless benefits has nearly doubled over the past year to 397,000, an unprecedented high dating back to the foundation of the Irish state in 1922.

May 29th, 2009 Anglo Irish Bank loses euro3.8 billion in 6 monthsDUBLIN — Anglo Irish Bank Corp. reported a massive net loss Friday of euro3.8 billion ($5.3 billion) in just six months, citing widespread defaults in its loans to property developers.

May 13th, 2009 AIB investors OK bailout, pelt chairman with eggsDUBLIN — Angry investors in Allied Irish Banks have voted to approve a euro3.5 billion ($4.75 billion) taxpayer bailout at an emergency meeting — during which one livid shareholder pelted the chairman with eggs. Bank chairman Dermot Gleeson announced Wednesday's approval of the deal following a tense question-and-answer session with furious AIB shareholders.

April 21st, 2009 NEW YORK - Bank of America Corp. Monday became the latest US bank to report a stunning return to profitability in the first quarter of this year, easing some concerns about the financial industry despite expectations of further credit losses in future.

April 17th, 2009 MANILA - The Asian Development Bank (ADB) Friday said that it approved a total of $10.5 billion in loans in 2008, the highest in its 42-year history. India was the largest borrower with $2.9 billion, or 27.4 percent of the total loans extended last year.

January 26th, 2009 NEW DELHI - After the government, it is now the turn of banks and private equity funds to urge developers to reduce property prices. According to bankers, the demand is still there in the housing segment, but the soaring property prices are keeping customers away.