The plague of corporate governance crises that dogged the US markets in 2002 hit Europe this week. The market has faced one of its toughest weeks after Dutch retailer Ahold admitted a $500m overstatement in profits, which sent shockwaves through the European investor base. Suez is also under pressure following an investigation by French regulators into its stock. A string of corporate credits suffered, in particular Bayer, Linde and Olivetti as well as Thyssenkrupp, which was downgraded to junk last Friday.
February 28, 2003