Barclays clocks largest UK exposure to Greece April 28, 2010 BARCLAYS is likely to be hit the hardest of all the UK banks in the event of a Greek debt default, according to estimates released yesterday. Analysts at Evolution Securities calculated Barclays’ exposure to Greek bonds at €4.6bn (£4.0bn), or 10 per cent of tangible net asset value (tNAV), due to Barclays Capital’s position as [...]
Blackstone out of RBS race April 26, 2010 US private equity firm Blackstone and the Wellcome Trust have failed to make the shortlist of interested parties bidding for 318 Royal Bank of Scotland (RBS) branches. The joint offer submitted by the buyout house and the charitable foundation was “the least competitive” of five final bids, sources confirmed to City A.M. last night. It [...]
Dubai World mints deal on $24bn debts May 20, 2010 SMALL lenders to Dubai World could scupper the conglomerate’s plan to restructure its $23.5bn (£16bn) debt pile, which was provisionally signed off by its core creditors yesterday. A committee of seven key banks, including London-listed HSBC, Royal Bank of Scotland and Standard Chartered, reached an agreement with the Dubai government-owned group “in principle” to defer [...]
Australian mining tax and Greece’s EU bailout drag FTSE to a two-month low May 4, 2010 BRITAIN’S top share index fell sharply yesterday to a two-month closing low as Eurozone debt contagion fears grew, hurting banks, and with miners hit by an Australian mining tax and concerns over tightening in China. The FTSE 100 closed down 142.18 points, or 2.6 per cent, at 5,411.11, its lowest close since early March. The [...]
OFT launches review into bank industry May 26, 2010 THE Office of Fair Trading will launch a major investigation into barriers to entry in the retail banking sector. The move is a response to calls for competition to be injected into the sector, with the government hoping a host of new names will appear on the high street. The OFT stressed the review is [...]
City regulator banishes Sir Fred’s RBS sidekick May 18, 2010 SIR Fred Goodwin’s former right hand man at the Royal Bank of Scotland (RBS) faces a blanket ban on full-time employment in the City for the rest of his career, under a ruling imposed yesterday by the Financial Services Authority (FSA). The regulator’s draconian verdict came after a year-long investigation into the role played by [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 13, 2010 THE SUNDAYS The Sunday Telegraph $2.6M BUFFETT LUNCH WON BY ANONYMOUS BIDDER A mystery benefactor has paid $2.6m (£1.8m) to meet with billionaire investor Warren Buffett for a business lunch. The Sage of Omaha auctioned his time in aid of a San Francisco charity. This year’s auction brought in 25 per cent more than any [...]
FTSE falls for fourth day as fears over scale of Greek crisis continue to weigh May 6, 2010 BRITAIN’S leading shares fell for the fourth straight session yesterday, led by banks and miners weighed by uncertainty over euro zone debt concerns, as Britain’s electorate went to the polls. The FTSE 100 index closed down 80.94 points, or 1.5 per cent, at 5,260.99 just above a support level of 5,259 given by analysts. The [...]
Miners and banks help FTSE overturn three days of losses May 24, 2010 BRITAIN’S top shares broke a three-day losing streak yesterday as miners spurred by upbeat comments from China, outpaced falls in oils led by BP as concerns lingered over the Gulf of Mexico oil disaster. The FTSE 100 ended 6.68 points or 0.1 per cent higher at 5,026.44, in choppy trade. The index is down more [...]
FTSE 100 hit by falling banks as fears over Eurozone debt contagion continue May 5, 2010 BRITAIN’S top shares index shed 1.3 per cent yesterday laid low by weaker banks, as Eurozone debt contagion concerns intensified and Moody’s warned that Portugal’s debt could be downgraded. The FTSE 100 ended down 69.18 points at 5,341.93, a fourth consecutive session of falls, closing at a level not seen since 25 February. The FTSE [...]