ADVFN - Advanced Financial Network.
HOME» NYSE » B » BCS Stock Price » BCS Stock News

Barclays Share News

 Barclays Stock Price
BCS Stock Price
 Barclays Stock Chart
BCS Stock Chart
 Barclays Stock News
BCS Stock News
 Barclays Company Information
BCS Company Information
 Barclays Stock Trades
BCS Stock Trades

S African Banks Vulnerable to Economic Weakness - Fitch

JOHANNESBURG--South African banks have weathered the financial crisis in Europe better than most but they remain vulnerable to their operating environment, Fitch Ratings said in a special report Wednesday. Of concern is South Africa's slower gross domestic product growth and its inability to meet the ruling African National Congress's job creation target, said Denzil De Bie, a director at Fitch's Financial Institutions team. Unemployment in South Africa is at 24.9%. In addition, the country is quite dependent on its trading partners. The European Union is South Africa's largest trading partner so further turmoil there could dent the country's growth and ripple through to its banking sector. "South African banks' earnings have been resilient through the crisis and asset quality indicators improved during 2011," Fitch said. "The negative outlook on most banks' IDRs [issuer default ratings] reflects their vulnerability to an uncertain operating environment." South Africa's Nedbank Group Ltd. (NED.JO) issued a similar cautionary statement Wednesday at the release of its half-year results. "If clients have less confidence in the economy, that could slow down some growth," said Chief Operating Officer Graham Dempster. Nedbank said business confidence has weakened in recent weeks. In February, Moody's Investors Service downgraded the senior debt and deposit ratings of five South African banks by a notch, citing growing fiscal challenges that could constrain the government's ability to bail them out in the event of a crisis. Moody's said its action on Standard Bank of South Africa, Absa Bank Ltd. (ABSP.JO), FirstRand Bank Ltd. (FSR.JO), Nedbank and Investec Ltd. (INL.JO) didn't reflect a change in the individual institutions' financial strength. South African banks are still dealing with mortgage impairments, though, Fitch said Wednesday, although it believes the worst has passed. Absa Group Ltd. (ASA.JO), the South African bank majority owned by U.K.'s Barclays PLC (BCS), last week reported a drop in first-half earnings due to losses from its mortgage business, and warned that revenue growth will be subdued during the rest of the year. Write to Devon Maylie at devon.maylie@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Barclays (BCS)
DateTimeHeadline
08/28/201505:50:00Market Rally Loses Steam
08/26/201518:27:00Correction to Judge Dismisses Lawsuit Inspired by 'Flash Boys'
08/24/201517:00:00Atlanta Fed's Lockhart Says Fed Is Still On Track to Raise Rates...
08/17/201514:09:38Securities Registration (section 12(b)) (8-a12b)
08/17/201512:42:35Report of Foreign Issuer (6-k)
08/16/201522:45:42Israel Clears Deal for Gas-Field Development
08/13/201503:20:07Nomad Foods to Buy European Arm of Findus
08/12/201511:51:24Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/12/201511:00:09ITG Confirms Plan to Pay $20 Million to Settle SEC Dark Pool...
08/11/201520:30:20Credit Suisse, Barclays in Talks to Settle 'Dark Pool' Allegations
08/11/201519:48:06Credit Suisse, Barclays in Talks to Settle 'Dark Pool' Allegations
08/11/201508:12:01Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
08/10/201509:25:18Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
08/10/201509:06:31Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
08/06/201504:50:03European Stocks Pressured by Weak Energy Sector
08/03/201512:28:54Report of Foreign Issuer (6-k)
07/30/201520:27:12U.S. Banks Take Global LeadU.S. Banks Take Global Lead
07/30/201516:44:34UBS, Merrill Lynch Hire Advisers Away From Competitors
07/29/201517:12:24Barclays Scraps Dividend Target Despite Rise in Profit -- 4th...
07/29/201515:20:56Report of Foreign Issuer (6-k)

Barclays and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad