Bouloutas was against this, responding that the proposed
writedown amount was too high.
RBS has had a troubled year and in June it was forced to raise pounds 12 billion in the biggest-ever rights issue, to repair a balance sheet stretched by last year's purchase of parts of ABN AMRO and the
writedowns.
Martore emphasized that the
writedown is essentially an accounting issue and does not affect Gannett's day-to-day business operations.
An AFX news report said this
writedown includes adjustments on the value of some of DHL's fixed assets, such as aircraft, trucks, property leases and office equipment.
Reporting on
writedowns, however, is not an independent process; impairment cannot be considered in isolation.
Pearson and Okubara (Accounting Horizons, March 1987) report that over $26 billion in
writedown charges were announced by public corporations during 1985-86.
Under cross-examination by one of the defence lawyers, Christos Stylianides, a witness for the prosecution, insisted he had indeed spoken on the phone with the bank's CFO Annita Philippidou about the
writedown, and denied that he had "made up the story".
After a number of cost cutting efforts and asset
writedowns across its operations in the country, Vale, a Brazilian mining giant has decided to sell its coal mine in Queensland, Australia.
An unnamed trader in Paris told Reuters that Peugeot's
writedown will not impact its liquidity or solvency, as it does not affect its cash flows, but it reflects a more pessimistic outlook for the European market's recovery.
However, a EUR77m
writedown on the bank's holdings of Greek government debt pushed the bank into a pretax loss for the full year.
It is understood Eurozone leaders want private sector creditors to accept a
writedown of more than 50% on their holdings of Greek Government debt.
In April Schroders said it had taken an unrealised mark-to-market
writedown of pounds 25.
