Pearl’s bankers in the driving seat May 18, 2009 BANK lenders to Pearl, Hugh Osmond’s struggling insurance group, have won a significant concession in their fight not to accept a major write-off on their £3bn loans. Pearl’s bankers were recently asked to take a 40 per cent write-off on their loans as part of a £500m injection of equity from a shareholder group, Liberty. This group [...]
Lloyds aiming for recovery May 18, 2009 LLOYDS Banking Group made a tentative step towards recovery yesterday as it launched a discounted £4bn share placing, just a day after chairman Sir Victor Blank announced his retirement. In a move that signals a fresh start after the Blank regime left the bank 43 per cent state-owned, Lloyds said it would use the cash [...]
Lloyds aiming for recovery May 18, 2009 LLOYDS Banking Group made a tentative step towards recovery yesterday as it launched a discounted £4bn share placing, just a day after chairman Sir Victor Blank announced his retirement. In a move that signals a fresh start after the Blank regime left the bank 43 per cent state-owned, Lloyds said it would use the cash [...]
US banks rushes to repay TARP May 18, 2009 Goldman Sachs Group, JPMorgan Chase, and Morgan Stanley have applied to repay billions of dollars they borrowed under the US government’s Troubled Asset Relief Programme (TARP). They are the first wave of major lenders allowed to return TARP funds. The banks need regulatory approval to repay the funds, and regulators have said they will consider [...]
US banks rushes to repay TARP May 18, 2009 Goldman Sachs Group, JPMorgan Chase, and Morgan Stanley have applied to repay billions of dollars they borrowed under the US government’s Troubled Asset Relief Programme (TARP). They are the first wave of major lenders allowed to return TARP funds. The banks need regulatory approval to repay the funds, and regulators have said they will consider [...]
UBS tax cash could backfire May 18, 2009 US banks and the economy could suffer as a result of the high-profile tax evasion case pitting the Internal Revenue Service against UBS, supporters of the Swiss bank said in a federal court filing yesterday. In a joint filing on Friday, five business and banking groups urged Federal District Court Judge Alan Gold to reject [...]
UBS tax cash could backfire May 18, 2009 US banks and the economy could suffer as a result of the high-profile tax evasion case pitting the Internal Revenue Service against UBS, supporters of the Swiss bank said in a federal court filing yesterday. In a joint filing on Friday, five business and banking groups urged Federal District Court Judge Alan Gold to reject [...]
American Express axes 4,000 jobs May 18, 2009 American Express, the credit card and travel services company, yesterday said it plans to eliminate 4,000 jobs, or six per cent of its workforce, as the weakened economy causes higher customer defaults. The cuts are part of the company’s plan to save $800m (£521.5m) over the rest of 2009. They are in addition to 7,000 [...]
American Express axes 4,000 jobs May 18, 2009 American Express, the credit card and travel services company, yesterday said it plans to eliminate 4,000 jobs, or six per cent of its workforce, as the weakened economy causes higher customer defaults. The cuts are part of the company’s plan to save $800m (£521.5m) over the rest of 2009. They are in addition to 7,000 [...]
World Bank head sees return to economic growth this year May 18, 2009 The global economy may return to growth in late 2009 or in 2010, World Bank president Robert Zoellick said yesterday, while European banking officials also reported tentative signs the financial crisis could be easing. In Asia, credit rating agency Moody’s stripped Japan of its AAA rating on its foreign currency debt, but manufacturing and consumer sentiment [...]