Zurich UK hit by £2.3m fine for data loss August 24, 2010 CITY watchdog the FSA has slapped a £2.3m fine on the UK branch of Zurich Insurance for data security failings after the loss of a tape in South Africa containing details on 46,000 insurance customers. The FSA said the £2.275m fine was the highest to date handed down to a single firm for data security [...]
Oil and bank stocks push FTSE higher September 6, 2010 F IRMER banks and energy stocks, lifted by an improved outlook for the global economy, fuelled slight gains on Britain’s top share index, pushing it to its highest close in over four months yesterday. The FTSE 100 ended 11.04 points, or 0.2 per cent higher, at 5,439.19, up for a seventh consecutive day after it [...]
Oil and bank stocks push FTSE higher September 6, 2010 F IRMER banks and energy stocks, lifted by an improved outlook for the global economy, fuelled slight gains on Britain’s top share index, pushing it to its highest close in over four months yesterday. The FTSE 100 ended 11.04 points, or 0.2 per cent higher, at 5,439.19, up for a seventh consecutive day after it [...]
Coalition told to save banks June 29, 2010 BREAKING up banks such as HSBC would be “an act of vandalism” which would profoundly damage Britain’s standing as an international financial hub, an influential industry magazine warns today. Institutions with strong overseas operations would move abroad, while those who remained would be severely weakened, according to The Banker. The journal, which published its index [...]
Treasury to meet with bankers July 14, 2010 Britain’s biggest banks are set to clash with the government today as ministers try to force HSBC, Barclays and Santander to agree to commitments on business lending. George Osborne and Vince Cable are also expected to push for the introduction of net lending targets when they meet with the banking bosses at the Treasury this [...]
Dubai to go on road to ease investor fears August 20, 2010 The Dubai government, which is restructuring $23.5bn (£15.1bn) in debt, will launch a roadshow for fixed-income investors in Asia starting on 26 August, a statement said. The plan follows a similar program for European investors in June, as part of the government’s strategy for “providing regular updates to both existing and prospective fixed income investors [...]
NEWS | IN BRIEF June 22, 2010 US!HSBC!cuts Angolan ties A US unit of HSBC has cut ties with some Angolan banks, a source with direct knowledge of the matter said, months after a US Senate investigation criticised it for lax oversight of accounts held by Angolans, including a former central bank governor. The southwest African country is a lucrative prospect for [...]
Travis Perkins to buy BSS July 5, 2010 Travis Perkins is to acquire BSS Group for £557.6m, making it the country’s biggest plumbing and heating chain. The offer – made up of cash and shares –?values each BSS share at 435.8 pence, a 4.7 per cent premium on Friday’s closing price of 416.2p. Travis Perkins charman Robert Walker said: “Our respective businesses are [...]
Real estate group Heron wins a £115m loan facility for City flats July 20, 2010 REAL estate group Heron International has secured a £115m loan facility to finance the construction of The Heron, its residential development near the Barbican. The company said the financing is being provided by Santander, HSBC and Investec, and is the first facility for any significant speculative residential build since the credit crisis. The property giant [...]
Barclays dismisses bank break-up threat September 8, 2010 BARCLAYS executives have privately dismissed the idea that UK banks will be forced to break up their retail and investment banking operations, even though the government’s independent banking commission still has a year left to deliberate its options. Those close to the bank said yesterday that Barclays would not have appointed its investment banking chief [...]