Airmiles tycoon to sue Coutts June 21, 2009 Airmiles founder Sir Keith Mills has formally launched a legal action seeking compensation from the Queen’s bankers Coutts over investments made in products offered by troubled insurer AIG. The case raises the prospect of the Royal Bank of Scotland owned bank paying out millions of pounds in compensation to Mills and other wealthy clients following the [...]
RBS loss is the biggest of any bank in world June 23, 2009 ROYAL Bank of Scotland lost more than any other bank in the world last year, booking a pre-tax operating loss of nearly $60bn (£36.7bn), according to figures released today. The Banker magazine’s Top 1000 World Banks 2008/09 survey revealed that RBS was the world’s biggest loser, beating Wall Street giant Citigroup, which lost slightly more [...]
Huge demand for gilts sale led by banks June 16, 2009 THE DEBT Management Office (DMO) raised a greater-than-expected £7bn in a syndicated sale of 25-year gilts yesterday, easing fears of a lack of investor enthusiasm for British government debt. The DMO took orders for £15.25bn worth of gilts, making the sale by far the most popular syndicated sale of sovereign debt in history. Yields on [...]
Huge demand for gilts sale led by banks June 16, 2009 THE DEBT Management Office (DMO) raised a greater-than-expected £7bn in a syndicated sale of 25-year gilts yesterday, easing fears of a lack of investor enthusiasm for British government debt. The DMO took orders for £15.25bn worth of gilts, making the sale by far the most popular syndicated sale of sovereign debt in history. Yields on [...]
Cattles in negotiations with banks and bondholders as debt deadline expires July 9, 2009 STRICKEN sub-prime lender Cattles was yesterday locked in three-way talks with lenders and bondholders in the hope of securing a standstill agreement on its debts. A £500m portion of its £2.4bn debt pile was due to expire today, but Cattles is hoping to secure a standstill agreement from its lending syndicate, led by Royal Bank [...]
Cattles in negotiations with banks and bondholders as debt deadline expires July 9, 2009 STRICKEN sub-prime lender Cattles was yesterday locked in three-way talks with lenders and bondholders in the hope of securing a standstill agreement on its debts. A £500m portion of its £2.4bn debt pile was due to expire today, but Cattles is hoping to secure a standstill agreement from its lending syndicate, led by Royal Bank [...]
Huge change in the City’s roll of power July 19, 2009 A YEAR of financial turmoil has wiped all but a quarter of last year’s 100 most influential people in European financial markets off the current roll of power. This year’s Financial News FN100 listing, which has the highest rate of turnover in its five-year history, reflects the huge overhaul of top talent the credit crunch [...]
RBS in row over Wimbledon spend June 21, 2009 Royal Bank of Scotland is headed for new controversy, just days after securing the return of some of former chief executive Sir Fred Goodwin’s pension, after it emerged that the bailed out bank is to spend £300,000 on corporate entertaining at Wimbledon. According to a leaked email, RBS will splash out £19,500 a day on [...]
RBS in row over Wimbledon spend June 21, 2009 Royal Bank of Scotland is headed for new controversy, just days after securing the return of some of former chief executive Sir Fred Goodwin’s pension, after it emerged that the bailed out bank is to spend £300,000 on corporate entertaining at Wimbledon. According to a leaked email, RBS will splash out £19,500 a day on [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 9, 2010 FINANCIAL TIMES TREASURY BLOCKS £1BN TAX LOOPHOLE A corporate tax loophole that threatened to drain the exchequer of £1bn a year was blocked yesterday by the Treasure in legislation that will be backdated to October 2007. The move is a response to a threat by banks and other companies to exploit an apparent defedct in [...]