London market falls on back of revised USGDP figures November 24, 2009 BRITIAN’S leading share index ended 0.6 percent lower yesterday, with sentiment dampened by data showing the United States economy grew at a slower pace than previously thought, pressuring banks and commodity stocks. The FTSE index ended 31.54 points lower at 5,323.96, reversing earlier gains, to mirror falls on Wall Street after third quarter US economic [...]
Eight indicted in card hack November 10, 2009 A US grand jury has indicted eight non-nationals on charges of hacking into a computer network used by credit card processing firm RBS WorldPay and stealing over $9m (£5.9m). The US Justice Department said yesterday that the group was accused of compromising the data encryption used by Atlanta-based RBS WorldPay, part of Royal Bank of [...]
RBS FEARS THAT BREAKUP PLANS WILL GO TOO FAR November 1, 2009 ROYAL Bank of Scotland is deeply anxious that a proposed restructuring plan being drawn up by the European Commission and the Treasury could materially damage its ability to operate as a standalone entity. Sources close to the bank have warned that getting RBS back to standalone strength, a key factor in reimbursing the taxpayer for [...]
Abu Dhabi gives Dubai a $10bn bailout December 14, 2009 ABU DHABI’S surprise $10bn (£6bn) bailout of neighbouring Dubai has given the debt-laden emirate some breathing space to restructure its troubled Dubai World conglomerate. Yesterday’s move prevented an embarrassing debt default by Nakheel, the property arm of Dubai World, and went some way towards reassuring investors. Abu Dhabi’s intervention, which investors had been waiting for [...]
FTSEdrops as windfall tax worries offset mining gains December 7, 2009 Britain’s top shares ended 0.2 per cent lower yesterday, with banks weak on concerns over a possible windfall tax, offsetting modest gains in miners and energy stocks which rebounded from earlier losses. The FTSE 100 closed 11.70 points lower at 5,310.66 points, paring some losses from earlier in the session when the index dropped to [...]
Hike in commodity costs hits miners and energy stocks November 19, 2009 Britain’s top share index fell 1.4 per cent yesterday as sagging commodity prices dented miners and energy stocks, while reduced risk appetite hurt banks. The FTSE 100 ended down 74.43 points at 5267.70, its biggest daily fall for three weeks, after closing 0.1 per cent lower on Wednesday. Miners were the biggest drag on the [...]
Tories: no more cash bonuses October 25, 2009 GEORGE OSBORNE will today call on the Treasury and Financial Services Authority to stop high street banks paying out cash bonuses of more than £2,000. Retail banks such as state-owned Lloyds Banking Group and Royal Bank of Scotland must be banned from paying out cash bonuses, he will say, to allow profits to be pumped [...]
Hester fights to hang on to Citizens in US November 1, 2009 ROYAL Bank of Scotland chief executive Stephen Hester is fighting tooth and nail to keep Citizens, the group’s flagship American retail banking business, on its books after it emerged that Europe is considering forcing it to divest the brand in the interests of competition. Citizens, which has over 1,480 branches in the US, is regarded [...]
Hester fights to hang on to Citizens in US November 1, 2009 ROYAL Bank of Scotland chief executive Stephen Hester is fighting tooth and nail to keep Citizens, the group’s flagship American retail banking business, on its books after it emerged that Europe is considering forcing it to divest the brand in the interests of competition. Citizens, which has over 1,480 branches in the US, is regarded [...]
KRAFT November 9, 2009 KRAFT has enlisted a syndicate of banks to agree to a £5.5bn credit facility to finance the cash portion of its bid and go towards paying down some of Cadbury’s debt, should the bid succeed. Citigroup Global Markets, Deutsche Bank Securities and HSBC Securities served as joint bookrunners, while Citibank and Deutsche Bank Cayman Islands [...]