Commodities and banking stocks lead Santa Claus rally December 21, 2009 BRITAIN’S top share index closed sharply higher in thin pre-Christmas trading yesterday, buoyed by commodity stocks on firmer metals and crude prices and a rally in banking equities. The FTSE 100 index ended up 97.18 points, or 1.9 per cent, at 5,293.99, posting its biggest one-day percentage gain since 1 December, with trading volumes just [...]
Branson set to swoop on British bank assets November 2, 2009 VIRGIN is preparing to swoop on a string of UK banking assets to be put up for sale as part of a European Commission inquiry into competition in the sector, Sir Richard Branson confirmed yesterday. “We do plan to create a Virgin bank and we will be interested in looking at the three banks that [...]
Branson set to swoop on British bank assets November 2, 2009 VIRGIN is preparing to swoop on a string of UK banking assets to be put up for sale as part of a European Commission inquiry into competition in the sector, Sir Richard Branson confirmed yesterday. “We do plan to create a Virgin bank and we will be interested in looking at the three banks that [...]
Goldman nets $3.5bn profit April 20, 2010 GOLDMAN Sachs momentarily shifted attention away from its legal wrangle with the US securities regulator yesterday when its first quarter results smashed Wall Street forecasts. The embattled behemoth almost doubled its net profits to $3.5bn (£2.3bn) or $5.59 per share, up from $1.8bn or $3.39 per share this time last year. Revenues rose 36 per [...]
Lloyds in rights issue setback October 14, 2009 THE government is preparing to tell Lloyds Banking Group it will not underwrite the bank’s planned rights issue, designed to help it exit the Asset Protection Scheme (APS). While the government – which owns 43.5 per cent of Lloyds – is expected to take part in the cash call, Treasury officials are understood to have [...]
Details of RBS pain revealed by Treasury December 7, 2009 The full extent of the Royal Bank of Scotland’s stricken assets were made public yesterday, when the government published details of the insurance scheme set up to stabilise the bank. The Asset Protection Scheme (APS), which will insure £282bn of the bank’s assets, covers £15.4bn of residential mortgages, £80bn of loans, £39bn of derivatives, and [...]
Rover bosses answer back November 22, 2009 DIRECTORS of MG Rover have rejected calls to share with former workers an £11m pay out from a defunct finance company connected to the collapsed car maker. Representatives of the controversial “Phoenix Four” plus one other director last night confirmed they were expecting MGR Capital Ltd to be wound up within weeks. The Midlands businessmen [...]
CITY VIEWS: WAS THE BANK OF ENGLAND RIGHT TO LEAVE INTEREST RATES ON HOLD? April 8, 2010 JAMES BREWINS | NMB “Holding interest rates is not an ideal situation for savings. It is good for the economy and at the moment low rates are stimulating it. Really it’s a guessing game; all ifs and buts at the moment.” JOHN DAVIS | RPS GROUP “Yes, British business needs encouragement, especially with the fragile [...]
Advisers head to the Gulf as rumours swirl November 29, 2009 Aidan Birkett is beginning a week of intense negotiations as the full implications of Dubai World’s debt problems emerge. The managing director for corporate finance at Deloitte is leading the process to shore up Dubai World’s crippled finances. The state-owned property and financial conglomerate announced last week it needed a six-month respite from its debt [...]
…AS RBS HIT BY TREASURY BONUS CAPS December 2, 2009 ROYAL Bank of Scotland’s board was on a collision course with the Treasury last night after the government threatened to veto the bank’s plans to pay up to £1.5bn in bonuses to its investment bankers. Stephen Hester, the bank’s chief executive, and the rest of the RBS board are said to be prepared to resign [...]