Commerzbank set to raise €1bn in bond-share swap February 23, 2012 GERMAN lender Commerzbank has finally bowed to the inevitable and announced €1bn (£848m) capital-raising to plug a hole so that it can comply with EU regulations. The capital-raising will be achieved by offering shares in return for chunks of the bank’s junior subordinated debt, which have fallen sharply in value and now trade at a discount. [...]
Citigroup aims for $2.1bn boost as it cashes in on stake in Indian lender February 23, 2012 CITIGROUP is set to join the ranks of financial services companies cashing in on the lucrative Indian market by selling its stake the nation’s top mortgage lender. It wants to raise up to $2.1bn (£1.3bn) to shore up its capital base by selling its 9.9 per cent shareholding in India’s Housing Development Finance Corp. The [...]
HSBC pulls out of Japanese retail banking February 23, 2012 HSBC yesterday said it will pull out of the retail banking business in Japan, including the HSBC Premier service meant for clients who hold more than 10m yen (£79,405) in financial assets. The latest move by Europe’s biggest bank follows its retreat from Japan’s top-tier private banking business, which covers clients who hold more than [...]
BAT boosted by growth in Asian market February 23, 2012 BRITISH American Tobacco (BAT) has defied expectations to boost profits by 12.4 per cent to £4.9bn, buoyed by strong growth in its Asian division. It used the results to announce plans to buy back £1.25bn of its own shares and increase its dividend for the year by 11 per cent. But the world’s second biggest [...]
Manufacturing data boosts US February 23, 2012 MANUFACTURING output expanded strongly in the US Midwest this month, and the number of new unemployment claimants stayed at a four-year low last week, data showed yesterday. The Kansas Fed’s manufacturing index rose to 13, up from seven in January. The survey’s production index stayed strong at 20, while the employment component rose from nine [...]
MP charged with assault February 23, 2012 LABOUR MP for Falkirk, Eric Joyce, has been charged with three counts of common assault following his arrest over an incident at the House of Commons late on Wednesday. Joyce, who was suspended from the Labour party yesterday, was bailed and is due at Westminster Magistrates’ Court on 7 March. Police were called to the [...]
Good factory stats point to UK recovery February 23, 2012 BRITISH manufacturing output rose again in February and orders were at their strongest in six months, pointing to solid growth in the sector, according to the Confederation of British Industry’s (CBI) industrial trends survey, published yesterday. A net balance of 15 per cent of respondents reported rising output, maintaining January’s healthy growth level. Orders strengthened, [...]
LME considers bids for bourse February 23, 2012 THE board of the London Metal Exchange (LME) yesterday considered bids for the world’s biggest industrial metals marketplace. But a partial climb-down on a controversial new trading fee it had planned to charge users could make it less attractive to suitors and threaten a potential sale. Around 80 per cent of the world’s metal futures are [...]
Fingleton steps down as OFT chief executive February 23, 2012 THE head of the Office of Fair Trading – the country’s main competition and consumer protection watchdog – is to step down later this year, the OFT said yesterday. OFT chief executive John Fingleton said he had not yet decided on his next career move and he did not set a specific date for his [...]
City upbeat as turmoil knocks Ashmore fees February 23, 2012 SHARES in emerging markets fund manger Ashmore climbed yesterday despite a slump in performance fees of nearly two-thirds. Analysts responded warmly after the group managed to beat first-half expectations at a time when market swings have hit fund mangers. Ashmore’s performance fees fell 61.7 per cent to £23m for the six months to 31 December [...]
