 |
Housing pop is no bubble: Trulia CEO
At the Reuters Tech Summit, Trulia chief executive Pete Flint says private equity investors are starting to pull back from buying U.S. real estate, while overseas buyers are coming on strong once again. Video
Interactive
Euro zone bank stress test calculator
Use the Reuters Breakingviews stress test calculator to calculate how the Target core Tier 1 capital ratio and sovereign haircut levels affect the amount of capital banks need to pass the stress test. Full Coverage
Sponsored Links
Shell looks to pull some cash from Europe due to crisis: report
A Shell logo is seen at a petrol station in Ankara March 6, 2012.
Credit: Reuters/Umit Bektas
LONDON |
LONDON (Reuters) - Royal Dutch Shell (RDSa.L) is pulling some of its funds out of European banks over fears stirred by the euro zone's mounting debt crisis, The Times reported on Monday.
The company's chief financial officer Simon Henry told the newspaper that Shell is cutting back its exposure to European credit risk in the worst-hit economies and putting a higher price on doing business with the region's peripheral nations.
"There's been a shift in our willingness to take credit risk in Europe. The crisis has impacted our willingness to afford credit," Henry is quoted as saying.
Henry is cited as saying that the Anglo-Dutch oil major would rather deposit $15 billion of cash in non-European assets, such as U.S. Treasuries and U.S. bank accounts.
The firm is forced to keep some money in Europe to fund its operations, but is keeping the bulk of its reserve liquidity out of the euro zone to avoid growing macroeconomic risk, the report said.
(Reporting by Stephen Mangan; Editing by Edmund Klamann)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters