FSA says RBS report will show regulatory deficiency June 23, 2011 A report on Royal Bank of Scotland will be published this year and show that regulators were “severely deficient” in how they supervised the bank, the top market regulator said. Britain had to step in and shore up the bank during the financial crisis. Financial Services Authority Chairman Adair Turner told the watchdog’s annual meeting [...]
FSA says RBS report will show regulatory deficiency June 23, 2011 A report on Royal Bank of Scotland will be published this year and show that regulators were “severely deficient” in how they supervised the bank, the top market regulator said. Britain had to step in and shore up the bank during the financial crisis. Financial Services Authority Chairman Adair Turner told the watchdog’s annual meeting [...]
FTSE exceeds 6,000 mark July 4, 2011 THE FTSE pushed on from last week’s bullish trading yesterday, edging past the morale-boosting 6,000 mark to print its highest score since May. The blue-chip index added half a per cent (27.78 points) during the day to close at 6,017.54. Strong gains in oil stocks more than offset a dip in the fortunes of several [...]
Banks reveal hundreds of UK and US job cuts June 29, 2011 THE AXE is set to fall on hundreds of investment banking jobs in London and further afield, with Credit Suisse, Goldman Sachs and Barclays all proposing cuts to their headcounts in recent days. Credit Suisse is planning to cut more than 600 jobs in its investment banks, including upwards of 100 in its London operations, [...]
Banks may quit credit scheme June 8, 2011 BRITISH banks that benefited from the government’s Credit Guarantee Scheme at the height of the credit crunch will be able to buy back their debt before maturity, the government said yesterday. Royal Bank of Scotland and Lloyds Banking Group were the main beneficiaries of the scheme, which was closed to new entrants more than a [...]
Center Parcs owner agrees financing deal June 26, 2011 US private equity house Blackstone has embarked on a £1bn refinancing programme of Center Parcs, the forest village holiday business it owns. The restructure of the company’s debt will end speculation that the firm had been considering putting the business up for sale. It will also provide Center Parks with enough capital to build a [...]
US regulators sue RBS and JP Morgan June 20, 2011 THE US credit union regulator filed lawsuits yesterday against Royal Bank of Scotland and JP Morgan Chase, alleging misrepresentation of investment vehicles backed by mortgages. The National Credit Union Administration said the lawsuits seek damages in excess of $800m (£493m) and are related to the failure of five corporate credit unions. The lawsuit against RBS [...]
US regulators sue RBS and JP Morgan June 20, 2011 THE US credit union regulator filed lawsuits yesterday against Royal Bank of Scotland and JP Morgan Chase, alleging misrepresentation of investment vehicles backed by mortgages. The National Credit Union Administration said the lawsuits seek damages in excess of $800m (£493m) and are related to the failure of five corporate credit unions. The lawsuit against RBS [...]
Banks lead FTSE down on close after tumultuous week August 5, 2011 Banks and commodity stocks fell sharply on Friday as the top share index extended losses into a sixth straight trading day, battered by a global debt crisis and unmoved by US jobs data easing fears of another economic recession. London’s blue chip FTSE 100 closed down 146.15 points, or 2.7 per cent at 5,246.99, as [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 5, 2011 FINANCIAL TIMES LIBYA’S NEW OIL CHIEF WARNS THAT OUTPUT WILL NOT RECOVER UNTIL LATE NEXT YEAR Libyan oil production will not return to pre-war levels until late next eyar at the earliest, with many of the county’s oil facilities having suffered heavy damage and looting during the conflict, according to the newly appointed charman of [...]