KDB to withhold Lehman details from liquidators September 6, 2009 KOREA Development Bank (KDB) has told the liquidators of Lehman Brothers that it will not disclose all information surrounding a potential rescue by the South Korean business, mooted prior to the US investment bank’s collapse. KDB was in negotiations with Lehman over a $6bn (£3.7bn) investment in the bank last year, but backed away from [...]
KDB to withhold Lehman details from liquidators September 6, 2009 KOREA Development Bank (KDB) has told the liquidators of Lehman Brothers that it will not disclose all information surrounding a potential rescue by the South Korean business, mooted prior to the US investment bank’s collapse. KDB was in negotiations with Lehman over a $6bn (£3.7bn) investment in the bank last year, but backed away from [...]
Builders tap the market September 23, 2009 HOUSEBUILDER Barratt yesterday unveiled its widely tipped £750m fundraising through a rights issue and share placing in a bid to repair its battered balance sheet. The group said it would raise £545.5m in a rights issues and £175m through a placing. Chief executive Mark Clare said the 1.3 for one rights issue would be priced [...]
FTSE hits a high but sale of Barclays shares prompts dip October 20, 2009 Britain’s top shares fell 0.7 percent yesterday, led down by banks after Qatar sold shares in Barclays while weaker-than-expected US data added to the negative sentiment. The benchmark FTSE 100 closed down 38.14 points at 5,243.40, having hit a fresh high for the year at 5,298.54 earlier in the session. Barclays fell 4.8 per cent [...]
RBS closer to Asian exit September 6, 2009 ROYAL Bank of Scotland is nearing a £200m deal to sell off its remaining Asian assets, as chief executive Stephen Hester continues his efforts to streamline the lender. The bank is to sell its retail and commercial banking businesses in India, China and Malaysia to emerging markets-focused bank Standard Chartered, sources said yesterday. The deal [...]
Myths and reality of the bank shake-up November 3, 2009 AS predictably as day follows night, the myth-making machine spiralled out of control again yesterday. Perhaps the biggest is that the UK banking system is uniquely concentrated. As Citigroup research reveals, this simply is not so: overall UK banking system concentration (using the World Bank’s measure of assets of the biggest three banks as a [...]
CITY MOVES WHO’S SWITCHING JOBS October 11, 2009 McDermott Will & EmeryThe law firm has appointed Hugh Nineham as its new London office head, replacing Doron Ezickson, who steps down to return to full-time practice as head of international for the energy and commodities practice. Nineham joined the company in April 2008 from rival Lovells, where he previously headed up the firm’s international [...]
Bank chiefs issue warning against regulatory overkill August 3, 2009 BARCLAYS chief executive John Varley yesterday urged regulators not to risk “throttling” economic recovery with overzealous reforms, while HSBC backed up his call for a measured approach. “This industry got many things wrong and there is much to be sorry about. There must be change and there will be change,” said Varley. But he added [...]
Eurasian leads the miners higher while Lloyds shines August 19, 2009 THE FTSE 100 share index inched higher yesterday, helped by oil producers, which gained on firmer crude prices as US demand recovered, but banks fell after HSBC traded ex-dividend. The index closed up by 3.89 points, or 0.1 per cent, at 4,689.67, after trading as low as 4,625.44 earlier in the day. Volumes on the [...]
Banks take FTSE 100 lower after US figures disappoint October 15, 2009 THE FTSE 100 closed lower on yesterday as banks fell after US banking earnings failed to meet some expectations, while miners tracked metal prices down. The index ended down 0.6 per cent, or 33.15 points at 5,222.95, retreating from a 56-week closing high set on Wednesday. Although third-quarter earnings from Goldman Sachs and Citigroup came [...]