Bank of England financial crisis files: Crash pushed regulators to the brink January 6, 2015 The Bank of England was pushed close to breaking point during the financial crisis, according to previously unseen documents published today, with staff exhausted and bosses struggling to keep up with the pace of events. Officials repeatedly underestimated the scale of the crash, hoping the steps taken to address each problem – such as the [...]
Bank of England minutes: New documents reveal flaws in financial crisis response January 6, 2015 The former directors of the Bank of England (BoE) have come under heavy fire after minutes of meetings from the time of the financial crisis released today revealed it suffered from a lack of transparency as well as “groupthink”. “The Bank appears to have been a very hierarchical organisation, with clear signs of ‘groupthink’ among [...]
Bank of England financial crisis minutes: BoE dubbed “the angel of death” by City watchdog January 6, 2015 At the peak of the crisis, the City watchdog was so scared that a lender’s discussions with the Bank of England could cause a run on that lender, it dubbed the Bank: “The angel of death.” Throughout the financial crisis, the Bank of England had to tread a careful line between propping up failing parts of [...]
Bank of England minutes: More light to be shed on BoE’s financial crisis response January 4, 2015 Minutes from meetings of the Bank of England’s directors between 2007 and 2009 are due to be released this Wednesday. The minutes should shed further light on the central bank’s response to the financial crisis which involved cutting its policy rate to a record low of 0.5 per cent and embarking on an ambitious and [...]
Quindell share price jumps 16 per cent as it confirms plans to sell part of its business January 2, 2015 It looks as though Quindell is making an early start to its new year's resolutions. Shares in the troubled insurance outsourcer jumped more than 16 per cent in mid-morning trading after it confirmed this morning it has entered into exclusivity arrangements with a third party to dispose an operating division in order to improve its [...]
Bank of England: Mortgage approvals fall to 17-month low January 2, 2015 The number of mortgages rubber-stamped by banks dropped again in November, although by less than analysts had expected. Nevertheless, the figure is a 17-month low, underlining the trajectory of the market. During the month, banks approved 59,029 mortgages, down from 59,511 in October, but above the 58,500 analyst consensus. The fall has been a [...]
Afren shares jump as company reveals approach from Seplat December 22, 2014 TROUBLED oil firm Afren’s shares rose by as much as 22 per cent yesterday as it was revealed that the company has received a takeover offer from Nigerian rival Seplat Petroleum Development. According to Afren, Seplat has made a “highly preliminary approach”, and there can be no certainty that an offer will be made. Seplat’s [...]
From Quindell and Gotham City to Uber and the LDTA – five of the biggest business battles to watch out for in 2015 December 22, 2014 Rival camps have banded together, the lines are drawn, battle armour is on and adrenaline is running high. All that's left for spectators to do is grab some popcorn and watch from the ringside. From rival estate agents, to a business targeted by a Batman styled US fund and an influx of tiny new banks [...]
Private equity floats at highest since 1998 December 21, 2014 NEW STOCK market listings of private equity backed firms like SSP, led by chief executive Kate Swann, rose to their highest level since 1998 this year, according to figures from the centre for management buy-out research, at EY and Equistone. There were 43 PE-backed floats across Europe in 2014, worth €44bn, according to the stats.
Black Friday 2014 lifts UK retail growth to 10-year high December 18, 2014 UK retail sales growth surged to a 10-year high in November thanks to roaring trade on Black Friday weekend, when retailers offered discounts on thousands of products. Falling commodity prices and the ongoing supermarket price wars have left households better off and helped boost consumer spending. Retail sales volumes rose 1.6 per cent on the [...]