Which banks failed the European stress tests? Italy came out worst, followed by Greece and Cyprus October 27, 2014 25 banks failed the EU-wide stress tests carried out by the European Central Bank (ECB), according to results released this morning. The aim of the tests was to assess the resilience of EU banks to adverse economic developments and determine whether they could withstand another financial crisis. Based on banks' financial health at [...]
Scottish independence: Lloyds’ contingency plans could see move to London if Scots vote yes September 3, 2014 Lloyds’contingency plans if Scots vote for independence could include moving its official offices from Edinburgh to London in order to avoid being classed as a Scottish bank. LATEST: Lloyds confirms move from Scotland to London and RBS to follow The banking group, which owns Lloyds Bank, Halifax and Bank of Scotland, has formed contingency plans [...]
A strong partnership between the City and Scotland benefits all April 12, 2015 As the Easter weekend fades into distant memory, my programme of visits to the City’s key trading partners kicks back into action. Instead of a far-flung, emerging market on the other side of the globe, however, my travels this week take me to economic partners a lot closer to home – the cities of Edinburgh [...]
Bank holiday weekend weather: London to see mostly sunshine May 23, 2015 London is set to have some of the best weather in the UK this bank holiday weekend, along with other areas in the South East. The Met Office predicts plenty of bright sunshine and above-average temperatures for the capital on Saturday, possibly reaching 20C. There will be decent weather in the rest of the [...]
Slowdown fear eased as China data improves October 13, 2014 CHINA’S trade data released yesterday showed a healthy gain in domestic and foreign demand with exports and imports surpassing expectations. Exports grew 15.3 per cent year-on-year in September compared with 9.4 per cent in August. Imports soared ahead at seven per cent year-on-year growth, up from minus two per cent in August. Technology exports grew [...]
“Big four” banks’ small business lending placed under official investigation by the Competition and Markets Authority November 6, 2014 Britain’s biggest banks are to be thrust under the microscope by a watchdog launching an in-depth investigation into personal current accounts and small business lending. The Competition and Markets Authority (CMA) believes the UK retail banking sector is failing its customers through a "crippling lack of competition and transparency". HSBC, Barclays, Lloyds Banking [...]
European Commission slaps JP Morgan, UBS and Credit Suisse with combined €93.9m fine for Libor rigging and interest rate derivative collusion October 21, 2014 The European Commission has come down hard on banks again, fining JP Morgan, UBS and Credit Suisse a combined €93.9m (£74m) for colluding on benchmarks and prices, including libor rates and interest rate derivatives. JP Morgan will pay a settlement of €61.6m over the manipulation of the Swiss franc libor rate between March 2008 and [...]
RBS share price rises as it says impairment charges will be “significantly” lower in 2014 September 30, 2014 Shares in Royal Bank of Scotland (RBS) opened four per cent higher as it told investors it expects impairment charges to be "significantly" lower than originally expected in 2014. The bank, which is still 81 per cent owned by the taxpayer, said impairment charges will "out-perform" previous guidance of £1bn. During the third quarter there [...]
Not pleased as Punch: Pub group share price plummets as restructure completes October 8, 2014 Punch Taverns' share price plummeted more than seven per cent today, a 21-month low, after its much-anticipated restructure finally happened. The pub group has cancelled £600m-worth of debts after it was given the go-ahead to restructure by the Royal Bank of Scotland yesterday. The debt-for-equity deal will result in shareholders retaining just 15 [...]
Scottish independence: Fears of a Yes victory drive investors to ditch £17bn in a month September 15, 2014 Investors ditched £17bn of shares, bonds and assorted financial assets in the last month as fears grow that the Yes campaign could triumph in Scotland. Click to see what the bookies are predicting According to a report in The Times, the assets were dumped after the tide of business opinion, while never with the Yes camp, has [...]