Greeks get backing from Germany… and another downgrade from S&P February 27, 2012 GERMANY approved the second Greek bailout yesterday, although 17 MPs from the ruling parties insisted the measures will not help. And the ratings agency Standard & Poor’s gave out its own dim view of Greece’s debt swap plans, following in Fitch’s footsteps to downgrade the country’s long-term debts. S&P said that once the debt exchange [...]
The Bank lines up Moorgate as its new office February 27, 2012 THE BANK OF ENGLAND is poised to expand its City presence from Threadneedle Street to Moorgate, bringing an end to its year-long search for office space to house the new City regulator. The Bank began a search last year for a home close to its headquarters to house the new Prudential Regulation Authority, which will [...]
Remember UK Plc’s vast contribution February 27, 2012 IT is sometimes argued, including by government advisers, that the state should promote small firms above large ones. These people even argue that small, insurgent entrepreneurs are morally superior to larger, more bureaucratic multinationals. I disagree, but I can see where they are coming from: I too would much rather work for a small, nimble, [...]
Asian costs take a shine off HSBC win February 27, 2012 SOARING costs have hit profits at HSBC after it spent heavily on paying its bankers in the Far East. HSBC said success in emerging markets was becoming increasingly expensive, with costs rising 10 per cent, or $3.9bn – a third of that due to higher pay. HSBC posted a 15 per cent rise in pre-tax [...]
Moreno the latest Lloyds exec to exit February 27, 2012 LLOYDS Banking Group deputy chairman Glen Moreno has become the latest board member to leave the bank, announcing he will step down from the bailed out bank’s board in May. Moreno, also chairman of Pearson, said it was time to move on after “working on the fall-out from the banking crisis for more than three [...]
Cheap cash repairs balance sheets February 27, 2012 Eurozone banks’ balance sheets stabilised in January thanks to major support given out by the European Central Bank (ECB) at the end of December, figures out yesterday showed. Bank lending to businesses fell by €1bn (£0.85bn), compared to €35bn in December. The ECB gave three-year loans worth a total of €489bn to Eurozone banks in [...]
Deutsche Bank’s US chief to leave February 27, 2012 Deutsche Bank is seeking a new chief executive for its Americas business after Seth Waugh decided to step down, Germany’s biggest lender said yesterday. The move comes as Deutsche Bank draws up a list of new leaders to take the helm after Josef Ackermann, group chief executive, retires in May. Waugh will continue to serve [...]
£117m removed from ISAs February 27, 2012 Savers are taking more money out of ISAs than they put in, with £117m removed from accounts in January. The Investment Management Association says this is the highest outflow since October 2008. January is the fourth month in a row ISAs have seen outflows, following inflows between March 2009 and June 2011.
Hollande calls super-rich tax rate February 27, 2012 François Hollande, the socialist frontrunner in France’s presidential election, has called for a 75 per cent top rate tax on people earning more than €1m a year. In a TV interview last night, Hollande gave details of his economic proposals, including a new upper income tax band of 45 per cent for those earning more [...]
Tiger banks paying high price for talent February 27, 2012 COMPARED to the billions-of-pounds worth of losses announced by RBS and Lloyds last week, HSBC’s record-breaking profit looks pretty impressive – even if it was flattered by an accounting gain. Like Standard Chartered, which reports tomorrow, HSBC is Asia-focused and free from the shackles of state control. That’s why the pair are in such rude [...]
