Banks agree new FSA code for reporting October 26, 2009 THE MAJOR UK-based banks have agreed to implement a new code for financial reporting which aims to address investor concerns over the disclosure of complex, risky products. The Financial Services Authority (FSA) yesterday confirmed that the institutions – including bailed-out banks Lloyds Banking Group and Royal Bank of Scotland – have agreed to apply the [...]
Widows sales are a drag on Lloyds results November 3, 2009 SCOTTISH Widows, the insurance and pensions arm of Lloyds Banking Group, yesterday said sales slumped over the first three quarters of 2009 as customers shunned its products. In an interim statement timed to coincide with official confirmation of its exit from the government’s asset protection scheme and the launch of a £21bn capital raising programme, [...]
Treasury pays 6.5m to KPMG for advice on APS October 12, 2009 ACCOUNTANCY firm KPMG has been paid more than any other adviser for its work on the Treasury’s Asset Protection Scheme (APS) for bailed out banks, according to a freedom of information request. Seven firms have been paid a combined £26.5m for their advice on the APS, the Treasury revealed, of which KPMG alone picked up [...]
RBS seeking to restrict its APS exposure October 25, 2009 Royal Bank of Scotland is working on plans to slash the value of toxic assets it dumps in the government’s asset protection scheme (APS) by up to £60bn. The nationalised bank declined to comment on growing speculation over the weekend that it will reduce its exposure to the APS. Rival Lloyds Banking Group is preparing [...]
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 [...]
THE LONDON REPORT November 4, 2009 LONDON’S leading shares ended 1.4 per cent higher yesterday, boosted by a rebound from miners and banks, with retailers Next and Marks & Spencer also higher after posting forecast-beating figures. At the close, the FTSE 100 was up 70.68 points at 5,107.89, recouping all of Tuesday’s losses when the index fell 1.3 per cent to [...]
Shares rally as doubts over Middle East start to subside December 1, 2009 BRITAIN’S top shares ended 2.3 per cent higher yesterday and posted their biggest daily gain in 4-1/2 months, with banks and commodity shares rising as worries over Dubai’s debt problems faded. The FTSE 100 closed up 121.49 points at 5,312.17, its best one-day percentage gain since July 15. On Monday, the index fell 1.1 per [...]
Dubai World close to deal with creditors March 23, 2010 DEBT-LADEN Dubai World will present plans to restructure its $26bn (£17.3bn)debt pile to creditors this week, with details emerging as soon as today, sources familiar with the talks said yesterday. The conglomerate, which has been locked in talks with its creditors, will discuss how it plans to repay its commitments with an informal bank panel, [...]
Lloyds, RBS to be scrutinised over lending October 8, 2009 LLOYDS BANKING GROUP and Royal Bank of Scotland are being scrutinised by the government, which suspects the taxpayer-owned banks of pricing their loans to small and medium businesses at artificially high levels, resulting in them missing lending targets. Both banks, which turned to the government for help in the downturn, have between them agreed to [...]
THE LONDON REPORT November 23, 2009 BRITAIN’S top share index ended sharply higher yesterday, snapping a four-day losing streak, with commodity and banking stocks rallying after comments by a senior US Federal Reserve official. The FTSE 100 index finished up 104.09 points, or 2 per cent, at 5,355.50 and recorded its biggest one-day percentage rise in more than six weeks. The [...]