UK shares surge as global deal boosts banks and China data cheers investors September 13, 2010 THE UK’s top share index ended higher yesterday after banks rose sharply in response to a new deal over global banking rules while mining shares gained on the back of bullish China industrial data. The FTSE 100 closed up 63.89 points, or 1.2 per cent, at 5,565.53 points, a fresh four-month closing high. “It has [...]
S&P takes Pru off credit watch after strong results August 17, 2010 RATING agency Standard & Poor’s has rewarded Prudential for its forecast-beating results and better-than-expected costs on the failed AIA deal by removing it from “credit watch”. S&P put the insurance giant on notice in March due to concerns over the balance sheet strains involved in its $35.5bn (£22.8bn) pursuit of AIG’s Far Eastern arm. Yesterday [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 17, 2010 THE SUNDAYS The Sunday Telegraph LORD LAWSON URGES OSBORNE CUTS Lord Lawson of Blaby, the former Chancellor and a man used as a sounding board by George Osborne, has urged his successor to “be bold” when making cuts to expenditure in this week’s Comprehensive Spending Review. Lord Lawson said that in spite of fears of [...]
HSBC bid ups Nedbank rating August 24, 2010 HSBC’S proposed acquisition of a majority stake in Nedbank received a ringing endorsement yesterday as the Fitch credit ratings agency said it had put the South African bank on a positive rating watch pending completion of the deal. Anthony Walker, a senior director in Fitch’s financial institutions team, said the acquisition “should serve to strengthen [...]
INVESTMENT BANK OF THE YEAR August 31, 2010 THE story of the last year for investment banks has been recovery. While the rest of the economy has remained sluggish the smartest bankers have bounced back and returned to profit – sometimes spectacularly so. Still, things will never be the same. A re-ordering of the banking world is ongoing, and our list reflects this. [...]
Market calm on bank tests July 26, 2010 EUROPEAN lenders’ credit default swap (CDS) spreads narrowed and the euro was steady yesterday as the market gave a mild thumbs-up to the region’s bank stress test results. The cost of insuring against default on debt issued by key banks fell after the Committee of European Banking Supervisors (CEBS) said just seven of 91 institutions [...]
CITY VIEWS: DO YOU THINK NEW START-UP BANKS HAVE A CHANCE OF July 29, 2010 ANDREW FRANCIS | MUNICH RE “The new start-ups are not likely to take major market share, but they probably will see an increase in customers who will move for customer service reasons because the big banks are lacking in that area. I doubt people will move because the start-ups have better rates.” CAROLYN BEGG | [...]
CITY VIEWS: GIVEN BANKRUPTCIES ARE DOWN, DO YOU THINK PEOPLE’S FINANCES ARE STARTING TO RECOVER? August 4, 2010 KEITH VALENTINE | AXCO INSURANCE INFORMATION SERVICES “People are beginning to find things a little easier, and are feeling a bit more confident. I have noticed some small price increases, which might make it hard for some, but I think people are generally feeling better in themselves. But if people are struggling, I don’t think [...]
AIG hit with a $1.9bn loss on Fortress August 11, 2010 AMERICAN International Group (AIG) said yesterday it will sell most of its consumer finance unit to Fortress Investment Group and take a $1.9bn (£1.2bn) pre-tax loss due to the sale. AIG, majority owned by the US government, is selling 80 per cent of American General Finance to Fortress managed funds and affiliates as it restructures [...]
Britain should support banks, not vilify them August 15, 2010 AS fears over a double-dip recession have intensified in the past week, with economic data in the UK, US and elsewhere suggesting the global recovery is slowing, many commentators have again turned their attention to the banks. Even as the banks return to profit, the argument goes, they are constraining growth by reducing lending to [...]