AMSTERDAM/MADRID (Reuters) – Standard & Poor’s agency cut the Netherlands’ credit rating on Friday, reducing the euro zone club of full triple-A nations to just three, while rewarding Spain for efforts to reform its public finances.
S&P lowered the Netherlands, which is suffering from an anemic economy, slumping house prices and falling consumer confidence, to “AA+” from “AAA”. This left Germany, Luxembourg and Finland as the only members of the 17-nation euro zone with the top rating from all three leading credit agencies.
AMSTERDAM/MADRID, Nov 29 (Reuters) – Standard & Poor’s
removed one of the euro zone’s few remaining triple-A credit
ratings on Friday, cutting the Netherlands to “AA+” while
rewarding Spain for moves to reform public finances with an
improved stable outlook.
S&P said the Dutch decision, which leaves Germany,
Luxembourg and Finland as the only countries in the currency
bloc with the top credit rating, was due to a worsening of
growth prospects. Both Moody’s and Fitch still rate the
Netherlands as triple A.
AMSTERDAM/TORONTO (Reuters) – Dutch food and chemicals group DSM (DSMN.AS: Quote, Profile, Research, Stock Buzz) will spin off its pharmaceuticals unit into a new joint venture majority-owned by private equity firm JLL Partners as the company shifts its focus toward higher-margin products.
New York-based JLL will merge the DSM business with that of Toronto-based drug maker Patheon Inc (PTI.TO: Quote, Profile, Research, Stock Buzz), forming a joint venture boasting some $2 billion in annual sales that the companies said on Tuesday will be a leader in manufacturing medicines for pharmaceutical companies.
AMSTERDAM, Nov 19 (Reuters) – DSM has agreed a
$2.6 billion joint venture deal with U.S. private equity firm
JLL to give its pharmaceuticals division enough scale to expand
into new markets as the Dutch group shifts towards higher-margin
New York-based JLL will merge the DSM business with its
majority-owned drug maker Patheon, paying $489 million
in cash for 51 percent of the new firm. DSM will own the rest.
AMSTERDAM, Nov 6 (Reuters) – ING said it should
complete its restructuring two years ahead of schedule, meaning
the Dutch banking and insurance group could be one of the first
euro zone casualties of the 2008 global crisis to emerge from a
Cutting free of the state is seen as an important step for
ING, removing a European ban on acquisitions and giving it
greater pricing flexibility so it can compete more easily.
AMSTERDAM/ZURICH, Oct 29 (Reuters) – Four European banks
paid a heavy price on Tuesday in a clean-up of the financial
industry, with Rabobank fined $1 billion and three other major
lenders preparing for possibly huge legal costs after a string
Dutch Rabobank said it would pay regulators in the United
States, Britain and the Netherlands 774 million euros after 30
employees were involved in “inappropriate conduct” linked to
interest rate manipulation.
AMSTERDAM, Oct 29 (Reuters) – U.S. and European regulators
ordered Dutch lender Rabobank to pay $1.07 billion to settle
allegations it aided a six year scheme to rig benchmark interest
rates, imposing the fifth fine in a scandal that has helped to
shred faith in the industry.
Rabobank said on Tuesday it was fined 774 million euros by
U.S., British and Dutch regulators after 30 staff were involved
in “inappropriate conduct” linked to a scam to manipulate the
London Interbank Offered Rate (Libor) and its Euribor cousin -
benchmarks for more than $300 trillion of financial products.
AMSTERDAM, Oct 25 (Reuters) – Dutch staffing firm USG People
beat forecasts for third-quarter operating profit on
Friday, flagging a pick-up in Europe which it expects to
continue in the fourth quarter and pushing the shares up nearly
The staffing sector is generally considered a barometer for
economic health because companies tend to hire temporary staff
at the beginning of an economic recovery when most businesses
are reluctant to add to their permanent headcount.
AMSTERDAM (Reuters) – Philips (PHG.AS: Quote, Profile, Research, Stock Buzz) reported a near-tripling in third-quarter net profit, beating forecasts and pushing its shares to their highest since mid-2010 after two years of cutting costs, selling weak businesses and targeting new products at emerging markets.
The Dutch firm once known for its audio and video products has shifted its focus towards the fast-growing healthcare equipment and energy-efficient lighting sectors, bowing to competition from a plethora of Asian companies as consumer entertainment evolved to mobile internet devices.
THE HAGUE, Oct 2 (Reuters) – Shareholders in Dutch telecoms
group KPN have approved the 8.55 billion euro ($11.6
billion) sale of its German unit E-Plus to Spanish rival
Telefonica, paving the way for KPN to step up
investment and resume dividend payments.
Combining the German units of KPN and Telefonica will create
the country’s largest mobile operator by customers, giving
Telefonica more clout to compete with Vodafone and