WHAT THE OTHER PAPERS SAY THIS MORNING June 14, 2011 FINANCIAL TIMES RBS TAKES CONTROL OF 42 MARRIOTT HOTELS Royal Bank of Scotland has taken control of a £1bn property portfolio of Marriott hotels after failing to secure a debt-for-equity restructuring of one of its largest individual real estate loans made during the property boom. RBS on Tuesday night appointed Ernst & Young as receivers to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 14, 2011 FINANCIAL TIMES RBS TAKES CONTROL OF 42 MARRIOTT HOTELS Royal Bank of Scotland has taken control of a £1bn property portfolio of Marriott hotels after failing to secure a debt-for-equity restructuring of one of its largest individual real estate loans made during the property boom. RBS on Tuesday night appointed Ernst & Young as receivers to [...]
Banks tapped Fed for billions March 31, 2011 BANK of America went cap in hand to the Fed’s discount window twice more than perviously revealed, according to a slew of documents released by the Fed yesterday. It borrowed a total of $1bn (£624m) over two days in August 2007, in addition to $500m previously disclosed. The documents, which were released after a news [...]
New private university in £10m placing June 5, 2011 SOME of Britain’s most celebrated academics have secured almost £10m in a private placement to launch a for-profit university that will charge £18,000 a year in tuition fees. AC Grayling, the famous philosopher, will become Master of the Bloomsbury-based New College of Humanities, which will offer degrees in English, history, philosophy, economics and law. He [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 21, 2011 THE FINANCIAL TIMES JUSTICE SHAMBLES ATTACKED BY LABOUR The coalition’s strategy on criminal justice was said to be “in shambles” yesterday after the government scrapped its cost saving plans to halve prison sentences for offenders who plead guilty. Ken Clarke, justice secretary, came under fire for creating a £130m hole in his departmental budget. MADOFF’S [...]
Weak miners dip FTSE below key 200-day moving average June 8, 2011 MINING stocks, dented by heightened investor concerns about the strength of the global economic recovery, pushed Britain’s top shares below a key technical level yesterday, a bearish signal for the index. The FTSE 100 closed down 55.76 points, or one per cent, at 5,808.89, having breached its 200-day moving average of 5,815. US Federal Reserve [...]
Gagging order shredded in a blow for Fred May 19, 2011 A SUPER-INJUNCTION taken out by former RBS boss Sir Fred Goodwin was partially lifted by the high court after a peer told the House of Lords of its details yesterday. Liberal Democrat peer Lord Stoneham – whose comments can be reported as they were covered by parliamentary privilege – questioned why events leading up to [...]
Banks sued in Libor case April 19, 2011 A EUROPEAN asset manager yesterday sued twelve US, European and Japanese banks, accusing them of conspiring to manipulate Libor, a benchmark used to set interest rates on hundreds of trillions of dollars of securities. Vienna-based FTC Capital and two funds it operates in Luxembourg and Gibraltar accused the banks of conspiring to artificially depress Libor, [...]
Banks take hit on mis-selling May 9, 2011 BRITAIN’S banks bowed to the inevitable and dropped their appeal against the FSA on the mis-selling of payment protection insurance (PPI) yesterday, as Barclays and RBS became the latest lenders to reveal multi-million pound bills from the debacle. Barclays said it is putting aside £1bn and RBS £850m to pay compensation to customers who were [...]
Banks take hit on mis-selling May 9, 2011 BRITAIN’S banks bowed to the inevitable and dropped their appeal against the FSA on the mis-selling of payment protection insurance (PPI) yesterday, as Barclays and RBS became the latest lenders to reveal multi-million pound bills from the debacle. Barclays said it is putting aside £1bn and RBS £850m to pay compensation to customers who were [...]