Japanese bank Sumitomo eyes RBS’s Citizens brand in the US March 24, 2014 RBS’s AMERICAN bank Citizens could be sold to Japanese lender Sumitomo Mitsui after the pair held talks about the unit. The bailed-out bank’s main plan is to float Citizens on the stock market in an initial public offering (IPO), starting this year and completing in 2016. Such a sale would follow the path taken by [...]
French bounce keeps Eurozone growth on track March 24, 2014 FRENCH firms have reported an unexpected burst of growth this month, while German companies suggested a slowdown in Europe’s powerhouse economy’s expansion. Purchasing managers’ indexes (PMI) from data firm Markit indicate that growth in the Eurozone is broadly unchanged from February: the headline PMI figure was down 0.1 points to 53.2 in March, marginally above [...]
Bottom Line: Time to stop throwing good money after bad March 24, 2014 WHEN stressed out, at-odds parents are involved in a heated dispute of their own, the last thing they need is their naughtiest child barging in and asking for cash. But that’s what happened to the Co-op Group yesterday, when its flailing bank subsidiary came knocking for another £120m to prop up its losses – on [...]
UK ministers failed to block any opposed EU moves for 18 years March 24, 2014 EACH time since 1996 that the UK has voted no to a proposal at the EU’s Council of Ministers the measure has gone on to become British law, according to research by eurosceptic campaign group Business for Britain. A note released by the group this morning claims that none of the 55 no votes from [...]
Five of Madoff’s aides convicted March 24, 2014 FIVE of Bernie Madoff’s aides were convicted yesterday of helping the fraudster hide his giant ponzi scheme. Back office manager Daniel Bonventre, portfolio managers Annette Bongiorno and Joann Crupi, and computer programmers Jerome O’Hara and George Perez were found guilty on charges including securities fraud and conspiracy to defraud clients.
New UK finance watchdogs hike costs and fines March 24, 2014 A MAJOR audit of the country’s two new financial regulators shows that they have cost over £100m more than their predecessor, but are also bringing in far more money from fines. The National Audit Office (NAO) today releases its analysis of the Financial Conduct Authority (FCA) and the Bank of England’s prudential regulation authority (PRA), [...]
Government rejects TV advert ban for payday loan companies March 24, 2014 PAYDAY lenders will not be banned from daytime and childrens’ television adverts, the government said yesterday. But they will have to include details of debt advice services, and warn customers of the consequences of failing to pay back loans, in the same way as alcohol adverts and tobacco packaging. The Financial Conduct Authority (FCA) also [...]
FTSE 100 down after reshuffle March 24, 2014 STOCKS joining the FTSE 100 index had a weak first day yesterday, joining as the market fell. Barratt Developments’ stock price dropped 2.4 per cent on its first day in the top index, while finance group St James’s Place dipped 1.52 per cent. Meanwhile FTSE 100 leaver Amec, the oil and gas firm, fell 0.91 [...]
Siemens puts £160m in Hull March 24, 2014 SIEMENS is investing £160m in wind turbine and installation facilities in Hull, the company announced today. The joint project will also see Associated British Ports invest £150m in the schemes, which will hire 1,000 workers. The investment runs across two sites – the Green Port Hull project construction, assembly and service facility, as well as [...]
Banner Homes snapped up by Cala for £200m March 24, 2014 CALA Homes has made a further push into the more affluent south of England after buying luxury housebuilder Banner Homes yesterday for around £200m. The Edinburgh-based housebuilder, which develops upmarket properties in Scotland and in the Midlands has been looking to grow its presence in the south on the back of rising demand and said [...]