Clegg: Banking reform could happen before 2019 September 20, 2011 Wide-ranging banking reforms could be in place well before the 2019 deadline proposed earlier this month by a government-backed commission, Deputy Prime Minister Nick Clegg said on Tuesday. John Vickers, head of the Independent Banking Commission, the body set up by the government to come up with ideas for reform, recommended that the changes should [...]
Lloyds launches £1bn sale of property loans September 20, 2011 Part-nationalised bank Lloyds has launched the sale of a portfolio of commercial property loans worth £1bn, sources told Reuters. The property loan sale is being handled by investment bank JP Morgan Cazenove and is part of Lloyds’ ongoing moves to shed non-core assets and restructure its balance sheet. Lloyds had said in August that it [...]
Debenhams profits ahead of forecasts September 20, 2011 Debenhams forecast year profit ahead of analysts’ average forecasts after it cut prices to grow market share in a tough trading environment. “Whilst the group gross margin rate for the year (to 3 September) will be flat to slightly down versus last year, headline profit before tax for the 53 week financial year is expected [...]
S&P cuts Italy rating September 20, 2011 Standard and Poor’s cut its ratings on ly by one notch, warning of a deteriorating growth outlook and damaging political uncertainty, in a move that took markets by surprise and added to pressure on the debt-stressed euro zone. S&P’s downgraded its unsolicited ratings on Italy to A/A-1 from A+/A-1+ and kept its outlook on negative, [...]
Qantas cancels 28 flights in strike blow September 19, 2011 Australia’s Qantas Airways has cancelled 28 flights scheduled due to a planned four-hour strike by ground staff, which the airline said will affect more than 6,100 passengers. Qantas said in a statement on Monday it expected a further 27 flights to be delayed by up to 35 minutes and warned passengers of further disruptions over [...]
Pressure piled back on banks amid Eurozone gloom September 19, 2011 World markets slumped today as the Eurozone sovereign debt crisis appeared to be deepening as German Chancellor Angela Merkel suffered a regional election defeat which undermined her power. With the world looking to Germany to help steer the Eurozone out of stormy economic waters the confidence of investors was sapped. Meanwhile a series of meetings [...]
Credit Suisse pays €150m to settle German tax claim September 19, 2011 Credit Suisse said it has agreed to pay 150 million euros (£130.4m) in Germany to end an investigation into employees of the Swiss bank by the public prosecutor’s office in Duesseldorf concerning tax evasion. “A complex and prolonged legal dispute has been avoided, with an agreed solution that provides legal certainty,” the bank said in [...]
Taylor Wimpey says housebuilding bouncing back September 19, 2011 Housebuilder Taylor Wimpey said sales rates in recent weeks have been encouraging, as the industry has benefited from a seasonal surge in home buying activity, and added it is on track to deliver on margin targets. The country’s second largest builder by market value said net sales rates so far in the second half are [...]
Lloyds finance boss jumps ship to Friends Life September 19, 2011 Tim Tookey has decided to quit the part-nationalised British bank to join insurer Friends Life, the companies said, continuing a series of high-profile management departures in the wake of the arrival of new Lloyds’ chief executive Antonio Horta-Osorio earlier this year. Lloyds said Tookey would remain with the company until the end of February next [...]
Ocado sales growth slows in third quarter September 19, 2011 British online grocer Ocado saw a slowdown in sales growth in its fiscal third quarter and said full-year profit margins were likely to rise a less than expected as it invests in improving customer service. Ocado, which mostly sells the products of upmarket grocer Waitrose, said on Monday gross sales rose 16.9 per cent to [...]
