Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Bucky Katt who wrote (3397)	11/22/1997 10:59:00 AM
From: Sergio R. Mejia	Read Replies (1) \| Respond to of 116811

Yamaichi: Japan's biggest business collapse in the post-war era; fear for impact on Asian markets, London, and... Saturday November 22, 9:09 am Eastern Time Bank of England says watching Yamaichi closely LONDON, Nov 22 (Reuters) - The Bank of England said on Saturday it was keeping a watchful eye on the crisis at Japan's Yamaichi Securities Co Ltd which has banking and equities operations in London. ''We are following events closely,'' said a spokesman for the central bank. He declined to elaborate. Yamaichi said in Tokyo it was considering all options, including shutting its doors, as it faced a short-term credit crunch, shrinking business and image problems after high-profile businesss scandals. Its failure would be Japan's biggest business collapse in the post-war era and monetary authorities fear for its potential impact on already troubled Asian financial markets and a nervous Japanese banking sector. Apart from the Bank of England, British industry regulator the Securities and Futures Authority (SFA) and the British Bankers' Association (BBA) were not immediately available to comment on Yamaichi. Yamaichi London officials could not be reached for comment. Two weeks ago Yamaichi in London was compelled to issue a statement denying market rumours it had stopped quoting prices after a barrage of bad news including a reassessment of the Japanese parent's credit ratings. Moody's Investors Service and Standard and Poors both cut their ratings on Yamaichi on Friday.