Lloyds exposed to resort failure August 11, 2010 British taxpayers are on the hook for millions of pounds of losses after Sea Island, an exclusive US holiday resort part-owned by Lloyds Banking Group, filed for Chapter 11 bankruptcy. The founding family behind the property hopes to sell it to out of bankruptcy to a consortium of investors for $198m (£126m). At the end [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 11, 2010 FINANCIAL TIMES EVERBRIGHT BANK PRICES IPO AT TOP OF RANGE China Everbright Bank, the last of China’s big national lenders to sell shares to the public, is set to raise up to Rmb21.7bn in its initial public offering after pricing its shares at the top end of an indicative range. The country’s 11th-largest bank will [...]
US to tighten rules in wake of flash crash August 11, 2010 US regulators are considering sweeping measures to prevent a repeat of the so-called “flash crash” of 6 May, when the Dow Jones sparked panic by falling 1,000 points in 45 minutes. The Securities and Exchange Commission (SEC) and Commodities and Futures Trading Commission (CFTC) may extend upward and downward limits on stock movements. In June, [...]
Rok shares tank as audit finds big financial failures August 11, 2010 HOUSING repair firm Rok shed nearly half its share value yesterday after it said “serious failings” were found in parts of the business, resulting in the suspension of its finance director. Ashley Martin has been immediately suspended due to a need for “new financial leadership”. The firm said he is not suspected of fraud, but [...]
GM is poised to pull trigger for $20bn flotation August 11, 2010 GENERAL MOTORS could file a registration for its initial public offering (IPO) of up to $20bn (£12.8bn) as soon as tomorrow, after it reports quarterly results today, three people with knowledge of the process said. GM’s IPO registration was expected later this month, but the company and advisers have sent conflicting signals about how quickly [...]
ING is back in the black August 11, 2010 BAILED-OUT Dutch bank ING bounced back into first-half profit yesterday and said it was on track to divest its insurance arm to comply with European rules on state aid. A strong resurgence in retail banking helped push ING to a net gain of €2.4bn (£2bn) for the first six months of the year, up from [...]
Bank of Ireland sees losses surge August 11, 2010 BANK of Ireland (BoI) yesterday distanced itself from its fellow state-supported Irish banks by reiterating its commitment to regaining financial independence, despite admitting that underlying pre-tax losses doubled over the first half of the year. BoI, which is 36 per cent owned by the Irish government, posted a core pre-tax loss of €1.25bn (£1bn) for [...]
NAB reports hike in its bad debts August 11, 2010 National Australia Bank’s (NAB) UK operations have seen bad debts rise according to a market update. The firm’s Clydesdale and Yorkshire Bank operations saw debts that are more than 90 days overdue rise from 2.98 per cent of gross lending in the first quarter to 3.36 per cent. This is in contrast to generally improving [...]
Underground workers vote to strike August 11, 2010 LONDON?could be plunged into transport chaos after rail union RMT’s members voted overwhelmingly in favour of strike action. The underground workers are furious the government is pushing ahead with tough cost cuts they say could total more than £4bn over three years. It is thought station and ticket staff are likely to bear the brunt [...]
Cisco misses estimates August 11, 2010 CISCO Systems quarterly revenue fell slightly short of Wall Street’s expectations, disappointing investors who thought an improving economy and growing internet traffic would have spurred even stronger sales of routers and switches. Cisco, the world’s biggest network equipment maker, said yesterday that revenue in the quarter ended 31 July rose 27 per cent from a [...]
