RBS pays £165m over mortgage sales in the US February 19, 2014 RBS SETTLED a class action case in the US yesterday, agreeing to pay disgruntled investors $275m (£165m) over mortgage-backed securities sold in the pre-crisis boom years. The bank also suspended a third foreign exchange trader this week as part of its internal probe into alleged abuse of the markets. Separately, RBS announced the sale of parts of [...]
Bank of America’s Moynihan gets $14m February 19, 2014 BANK of America chief executive Brian Moynihan’s compensation rose 17 per cent to $14m last year as profit at the bank more than doubled. Moynihan got about $12.5m in stock grants for 2013, according to a regulatory filing. He didn’t get a cash bonus, said a person with direct knowledge of the matter, quoted by [...]
Pets at Home to offer public bite at £1.5bn float February 19, 2014 PETS at Home, the UK’s biggest pet store, yesterday announced plans to offer shares to the animal-loving British public as part of its stock market debut next month. The company, which has 369 stores across the UK, said it intends to raise £275m through the initial share offering and use the proceeds to slash its [...]
Household finances on the up February 19, 2014 Families expect their financial position to improve over the next year, the first time Markit’s household finance index has reported a positive result. The study, which began in 2009, found the squeeze on incomes has eased in each of the past three months and households expect their position to start getting better soon. Markit’s forward looking [...]
Car production off to a good 2014 February 19, 2014 British car production dipped 0.3 per cent last month, as manufacturers almost matched the post-recession record output rate of last year. A total of 128,620 cars rolled off the production line in January, with 80.4 per cent of these vehicles exported. The Society of Motor Manufacturers and Traders, which compiled the figures, said production should [...]
No vote on Bank guidance change February 19, 2014 No vote was called on the Bank of England’s changes to its forward guidance policy, minutes of its February meeting revealed yesterday. A dovish meeting re-emphasised the Bank’s commitment to loose policy. “Despite the sharp fall in unemployment, the committee judged that there remained scope to absorb spare capacity further before raising Bank rate,” it [...]
Vodafone gives details on £51bn share windfall February 19, 2014 VODAFONE yesterday outlined how it will distribute £51bn back to shareholders in the wake of the $130bn sale of the group’s stake in Verizon Wireless. Vodafone shareholders will receive 0.026 Verizon shares for each Vodafone share they own as part of the payout at 8am on 24 February. The FTSE 100 telecoms operator also said [...]
Bottom Line: Investors get paid just in time for floats February 19, 2014 OVER the course of the next few weeks, Vodafone shareholders will receive nearly £15bn in cash and £37bn in Verizon shares as a result of the group’s decision to sell its stake in Verizon Wireless last year. What perfect timing that appears to be for an ever growing list of companies wishing to raise money [...]
Credit Agricole resumes divi as profits return February 19, 2014 FRENCH bank Credit Agricole swung back into the black in the final quarter of the year as its home market picked up and cost cutting took effect. The lender made a profit of €612m (£503m) in the final quarter of the year, compared with a loss of €3.98bn in the same period of 2012. And for [...]
Bankers set for coco bonuses as watchdog sets payout standards February 19, 2014 MORE European banks could follow Swiss lenders’ lead in paying some bonuses in contingent convertible bonds, as the European Banking Authority (EBA) set out standards on the instruments. The instruments only have a value when the bank is strong – if its capital position deteriorates, the bond is wiped out. The aim of the bonds, known as [...]
