Stocks fall in European markets
LONDON, Jan. 21 (UPI) -- One bank surging in London did little to hold off a drop in European markets Monday, as a possible recession in the United States has investors nervous.
Following Monday's declines in markets in Asia and India, Britain's FTSE 100 Index dropped 5.5 percent to 5578.2. In France, the CAC-40 Index fell off 6.8 percent to 4744.45. The DAX Index in Germany fell even steeper, sliding 7.2 percent to 6790.19. Spanish markets also fell sharply, the IBEX-35 slipping 7.5 percent to 12625.80.
Northern Rock bank gained 46 percent on the government's plan to move $47.08 billion in Bank of England loans into government bonds. European banking, mining and insurance took hard hits on Monday, however, the Wall Street Journal reported.
The Royal Bank of Scotland slide 8.2 percent Monday. German Bank WestLB Ag contributed to the nervous market mood by announcing it had lost $1.46 billion for 2007.
"If this is still a bull market, now is the time to buy for a large rally," said Teun Draaisma of Morgan Stanley in London. "However, if this is a bear market, as we think, any possible strength is likely to be short-lived, and we would aim to sell into it."
Energy indexes dip on national holiday
NEW YORK, Jan. 21 (UPI) -- Crude oil prices dropped Monday morning and remained low throughout the day, falling to $88.64 per barrel, down $1.93 from Friday's close.
On the New York Mercantile Exchange, heating oil dropped $0.0344 by midafternoon, hitting $2.473 per gallon. Natural gas, at $7.825 per million British thermal units, slipped $0.158.
At the gas pump, the average price was $3.010, down from Sunday's price of $3.015.
Getty Images advertises sale
SEATTLE, Jan. 21 (UPI) -- Getty Images of Seattle, a huge supplier of photo and video images, has enlisted Goldman Sachs to promote its sale now that market competition has stiffened.
Getty experienced a growth spurt in recent years that put it on the top of the field for companies supplying images to the media, but low cost competition, including photos taken with cell phones, have hurt it. The company acquired competitor MediaVast for $202 million in 2007.
The price for the company is expected to be more than $1.5 billion.
Kohlberg Kravis Roberts, Bain Capital and others are said to be interested in purchasing the company, which claims 4 million visitors click onto its Web site each month, The New York Times reported.
The company, which was founded in 1995 by Jonathan Klein and Mark Getty, a member of Jean Paul Getty's oil-rich family, pushed to the top of the images business after buying the archives of PhotoDisc and later, in 1999, purchasing the Eastman Kodak's Image Bank, a $183 million purchase.
But, the company has struggled in a market underscored by low cost start-ups, the report says.
Getty Images stock fell to $21.94 a share on Friday.
Canadian printer files for protection
MONTREAL, Jan. 21 (UPI) -- One of the printing industry's giants, Quebecor World of Montreal, filed for protection against creditors Monday after a rescue attempt fell through.
The printing concern's parent group Quebecor and a Canadian private-equity fund were attempting to resuscitate the company but the deal collapsed. Similarly, a plan to sell the company's European operations to the Dutch concern RSDB failed last year when RSDB shareholders didn't endorse the deal.
Filing for protection "will allow the company to make changes which are necessary to ensure long-term viability," said chief executive Jacques Mallette in a report in the Financial Times.
Deals with Credit Suisse and Morgan Stanley will supply the company with $1 billion and keep it ahead of operating expenses. The company's problems, the report said, include increased pressures to find business, the company's debt load and a lack of financial liquidity.
