German banks hit by Moody’s downgrades June 6, 2012 MOODY’S downgraded seven German banks yesterday, including the country’s second-biggest lender Commerzbank, saying that they are holding risky assets equal to three times their capital base. The agency slashed credit ratings mostly for regional banks due to low earnings combined with large holdings of “vulnerable” assets. It highlighted exposure to global shipping, commercial real estate, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 1, 2012 FINANCIAL TIMES CALLS MOUNT TO CUT TRINITY MIRROR CHIEF’S PAY Trinity Mirror is facing renewed pressure to rein in the pay of its chief executive Sly Bailey from some of the biggest shareholders in the media group. The shareholders will set out their mounting unhappiness over the pay when Trinity Mirror’s incoming chairman David Grigson [...]
Labrokes betting on success June 18, 2012 OVER the coming months, Ladbrokes will be looking for favourable odds. The UK’s largest betting company is likely to benefit from a year packed with international sporting events. A heavily criticised decision to walk away from acquiring 888 Holdings may be a gamble set to pay off. The stock is on an uptrend, so a [...]
RAPID RESPONSES July 3, 2012 The firing line There is no doubt that an inquiry is called for in the Libor manipulation saga, but the fines should be targeted at the dealers and the management, not the banks. Shareholders did not have a say in the internal dirty dealings, nor did they share much of the loot. Bonuses mostly went [...]
RSA moves away from motoring with growth in newer markets May 3, 2012 INSURANCE group RSA said it was off to a good start to the year as newer markets offset a slump at its car insurance business, More Than. Net written premiums rose five per cent to £2.2bn in the first quarter of the year, thanks to a rate hike coupled with a one per cent uptick [...]
How to get on the housing ladder May 20, 2012 THERE is no doubt about it. It’s tough out there for first time buyers. But stricter lending criteria don’t necessarily mean it’s impossible to get on the housing ladder. However, you must know the basics so you can build your decision on strong foundations. DO THE MATHS Incentives matter. It was recently confirmed by the [...]
Bailed-out AIG trumps forecasts as its profits more than double May 3, 2012 BAILED-OUT insurer American International Group (AIG) said quarterly profit more than doubled from a year earlier, exceeding expectations with the help of investment gains. The company yesterday reported first-quarter earnings of $1.65 a share on an operating basis, beating the $1.12 estimated on average by analysts. AIG’s net income for the quarter was $3.2bn, or [...]
HSBC seals the deal to sell 195 US branches May 21, 2012 HSBC has completed its sale of 195 branches in upstate New York to First Niagara Bank in a deal first announced in July last year. The move, which bagged the banking group $900m (£570m), is the latest completion in a string of transactions aiming to rid the bank of retail operations it sees as “subscale”. HSBC [...]
WHO’S SWITCHING JOBS May 15, 2012 Bank of Ireland Adrian Olsen has been appointed as Bank of Ireland’s new head of business banking in the UK. He has been with the bank for 12 years as a managing director and head of global project finance for its UK corporate banking division. Olsen has also previously held senior positions at Dresdner Kleinwort [...]
A Facebook bank is far more likely than you imagine May 13, 2012 THE internet gives banks innovative ways of providing services to customers. But it also brings new dangers. Online giants like PayPal, Facebook and Amazon are leading the way on customer experience. Could they go further, and take on banks directly? Facebook has already moved into the world of “virtual currency”. Facebook Credits, costing 10 cents [...]