European bank stress tests were too soft, analysts say July 25, 2010 LONDON’S stockmarket will give its verdict on the European Union’s bank stress tests today after analysts warned they were not tough enough to give investors real confidence. Only seven of the 91 institutions investigated failed to meet the capital requirements demanded by the Committee of European Banking Supervisors under three “economic shock” scenarios. Five Spanish [...]
Atos pulls out of RBS unit sale June 7, 2010 French software group Atos Origin has pulled out of a bidding race for Royal Bank of Scotland’s WorldPay payment-processing arm. People familiar with the matter have said that parties interested in WorldPay, which is valued at $4bn (£2.8bn), now include Clayton; Dubilier & Rice; American Express and Permira; Advent International and Bain Capital; Canada’s Moneris [...]
Finance sector must highlight its contribution July 18, 2010 AT a time when spending cuts, tax increases and unemployment dominate the headlines, leaders of the UK financial services industry face an unprecedented challenge getting their message across to the public and politicians. Of course, we must recognise the real anger that continues to exist as a result of the mistakes made – not only [...]
FTSE hits one-week closing high aided by miners as low prices tempt traders July 6, 2010 FIRMER miners helped push Britain’s top share index to a one-week closing high yesterday on improving risk appetite, while signs of strength in Europe’s banking system lifted banks. The FTSE 100 closed up 141.47 points, or 2.9 per cent, at 4,965.00, its highest closing level since 28 June, and its biggest one-day percentage rise since [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 15, 2010 FINANCIAL TIMES PATERNOSTER IS PUT UP FOR SALE Paternoster, the specialist pensions business set up by former Prudential executive Mark Wood, has been put up for sale, with its original backers facing the potential loss of more than half their £500m equity investment. The majority of its backers are seeking an exit from a company [...]
Greenpeace launches a London protest as closes almost 50 petrol stations July 27, 2010 GREENPEACE launched an attack on BP yesterday after shutting down 46 out of the group’s 50 petrol stations in central London. The environmental group said that it had sent more than 50 activists to shut off the power at petrol stations through out the capital in the early hours of yesterday morning to coincide with [...]
FTSE ends lower as Barclays leads banking sector retreat August 5, 2010 BRITAIN’S top shares closed down yesterday, with Barclays leading banking shares lower after it posted first-half numbers and downbeat US weekly jobless claims data later in the day only adding to the downward pressure. The FTSE 100 closed down 20.38 points, or 0.4 per cent, at 5,365.78, having fallen back from a session high of [...]
Barclays sees forecasts cut July 1, 2010 ANALYSTS slashed their forecasts for Barclays yesterday after the British bank warned of weakness in second quarter investment banking revenues and difficulties in Spain. Barclays shares fell 5.6 per cent to 255p following guidance from finance director Chris Lucas that “investment banking market conditions in May and June have been softer, in particular reflecting lower [...]
RBS gets trio of bids for WorldPay division July 20, 2010 Royal Bank of Scotland (RBS) has received three second round bids for its £2.6bn payment processing business WorldPay. Three private equity vehicles tabled bids before the Monday deadline, according to sources close to the matter. As expected, Advent International and Bain have teamed up, while TPG has also bid and so has Clayton, Dubilier & [...]
AT A GLANCE | KEY DETAILS OF THE STRESS TESTS July 7, 2010 The objective The stress tests aim to assess the resilience of the EU banking sector and banks’ ability to absorb further possible shocks on credit and market risks, including sovereign risks, and to assess their current dependence on taxpayer support measures. How the tests will work The programme will be conducted on a bank-by-bank basis [...]