Brand Index: Co-op Bank still trailing its rivals after series of setbacks July 23, 2013 A MONTH ago I looked at the succession of crises suffered by the Co-operative Bank this year: the collapse of its deal to buy branches from Lloyds, a downgrade from Moody’s, and the controversy surrounding its bail-in. I promised that we would be watching closely to see how it played out over time, and so [...]
TSB leaves misselling problems with Lloyds July 21, 2013 LLOYDS Banking Group will still be responsible for any PPI misselling claims from customers who are spun off into the new TSB Bank, the lender confirmed yesterday. That means the taxpayer is still on the hook for any claims from the 5m customers who are moving with the divested entity. The unit is being sold [...]
Hedge funds to negotiate hard with the Co-op July 21, 2013 THE CO-OP Bank is preparing for a showdown with distressed debt investors as hedge funds build up major stakes in the troubled lender’s bonds, it emerged over the weekend. Junior bondholders will see their holdings written down as part of the bank’s plan to plug a £1.5bn capital hole, with roughly one-third of that coming [...]
Co-op investor pleas rejected by watchdog July 18, 2013 RETAIL investors who face losing money in the troubled Co-op Bank are not set to get any relief from the authorities, Britain’s top regulator said yesterday. Bondholders have complained they were misled by the bank and the regulators into thinking their investments in bonds were safe, only to find their money under threat. But Financial [...]
What the other papers say this morning February 26, 2013 FINANCIAL TIMES Esure warned against overpricing Top fund managers have warned Esure against overpricing its initial public offering as the motor and home insurer prepares to launch London’s latest float as early as today. Bankers were yesterday finalising the details of the planned float as analysts said that the most recent publicly available accounts indicated [...]
Businessman who woke up and smelt the coffee February 24, 2013 Annabel Palmer talks to Andrew Rugasira, the Ugandan entrepreneur with a new book and a Good African story to tell THE lives of 14,000 farmers in the Ugandan Rwenzori Mountains have been transformed since Andrew Rugasira had his lightbulb moment in 2002. At the time, he was running a prosperous marketing and events company in [...]
Tesco fightback steadies giant’s market share January 29, 2013 TESCO maintained its market share and matched market growth for the first time since June 2011, according to the latest grocery share data from Kantar Worldpanel. The UK’s biggest supermarket grew sales year-on-year by 3.3 per cent in the 12 weeks to 20 January, giving it a market share of 30.4 per cent, as its [...]
City’s brightest named in legal hot 100 line-up January 28, 2013 SOME of the City’s top lawyers have been named on the industry’s annual Hot 100 list, including the silk helping Guardian Care Homes pursue Barclays for Libor-related mis-selling and the partner leading Co-op through its bid for Lloyds bank branches. The Lawyer magazine’s 2013 list, released yesterday, singles out 100 legal names to watch this [...]
Online shopping spurs PayPoint January 24, 2013 Credit card processing company PayPoint yesterday said increasing internet transactions led it to a four per cent rise in revenues year-on-year for the three months to January. The firm, whose customers include Sainsburys Local, Asda and the Co-op, processed 193m transactions during the period, up five per cent on last year. The rise in internet [...]
Horse burger fears spread January 16, 2013 SAINSBURY’S, the Co-op and ASDA yesterday cleared their shelves of burgers supplied by companies at the centre of a horse meat scandal. There is no evidence the three supermarkets sold contaminated products but they have taken the precautionary measure following Tuesday’s revelation that the meat content in a sample of Tesco’s Everyday Beef Burgers was 29 per cent [...]