What the other papers say this morning January 16, 2011 FINANCIAL TIMES RBS DIRECTOR TO STEP DOWN FROM BOARD One of the last Royal Bank of Scotland directors to remain on the bank’s board from the days of Sir Fred goodwin is poised to step down from his role. Colin Buchan, 56, a former UBS investment banker who until recently was chairman of RBS’s remuneration [...]
What the other papers say this morning January 16, 2011 FINANCIAL TIMES RBS DIRECTOR TO STEP DOWN FROM BOARD One of the last Royal Bank of Scotland directors to remain on the bank’s board from the days of Sir Fred goodwin is poised to step down from his role. Colin Buchan, 56, a former UBS investment banker who until recently was chairman of RBS’s remuneration [...]
State Street to post quarterly loss after selling $11bn securities December 9, 2010 STATE Street, one of the world’s biggest institutional investors, said yesterday that it would post a fourth-quarter loss after it sold $11bn (£7bn) in securities to meet new regulatory requirements. The sales are the latest move by a new chief executive to refocus State Street on core operations such as custodial services, after the company [...]
Bank of Ireland says profit to tumble by a quarter November 12, 2010 Bank of Ireland forecast underlying full-year operating profit would drop by more than a quarter in 2010, knocked by lower income and the costs of government guarantees. Ireland’s biggest bank by market value was the first major Irish bank to replenish its capital from partly private sources, an exercise which left the state with a [...]
ECONOMISTS’ REACTION: WAS RESTARTING QE THE RIGHT DECISION? November 3, 2010 MARTIN FELDSTEIN | HARVARD UNIVERSITY The Federal Reserve’s proposed policy of quantitative easing is a dangerous gamble with only a small potential upside benefit and substantial risks of creating asset bubbles that could destabilise the global economy. Although the US economy is weak and the outlook uncertain, quantitative easing (QE) is not the right remedy. [...]
Priced out by foreigners, bankers are on the move January 27, 2011 BONUS season is in full swing and – despite the dire economic figures released earlier this week – there is likely to be no shortage of cash being splashed in the next few months. Recent figures from Savills show that bankers are due to spend £1bn on homes this year. But whereas in the old [...]
The UK’s largest housebuilder says the road to recovery will be long December 19, 2010 PERSIMMON chief executive Mike Farley is not looking for a magic bullet. The boss of the country’s largest housebuilder is clear that the sector has endured its worst slump since World War Two and faces at least a two-year road to recovery. The industry tends to listen when Farley speaks. Not just because he runs [...]
PROPERTY NEWS October 21, 2010 HOME BUYERS GO GREEN It appears that Britons’ global conscience is alive and well. A new survey commissioned in advance of Energy Saving Week (25-31 Oct) says that over half of people are attracted to a new home because of its energy efficiency. Well, ok, maybe there is a little bit of self-interest there: the [...]
ABN Amro profit rises on lower charges November 19, 2010 ABN AMRO, the state-owned rump of the former leading Dutch-based international bank, has reported a jump in underlying net profit thanks to higher interest income, lower charges and a gain on its debt buy-back. However, after some 1.4bn euros (£1.2bn) in costs arising from the mandatory sale of part of the Dutch commercial bank, separation, [...]
Ambac shares hit as it warns of bankruptcy November 1, 2010 AMBAC Financial Group, which was the second-largest US bond insurer before suffering huge losses on risky mortgages, said it may file for bankruptcy protection as soon as this year after skipping a bond interest payment. Ambac shares fell as much as 59.8 per cent before closing down 50.4 per cent, or 41.9 cents, at 41.2 [...]