Banks take £409bn in ECB loans December 21, 2011 Banks took a huge 489 billion euros (£409bn) at the European Central Bank’s first ever offering of 3-year funding on Wednesday, providing hope a credit crunch can be avoided and that the money may be used to buy Italian and Spanish debt. A total of 523 banks borrowed money at the tender with the final [...]
Banks fuel FTSE gains after Lloyds upgrade December 21, 2011 Banks led London’s blue chip index up in early trading – tracking gains in Wall Street and Asia. Exane BNP Paribas upgraded Lloyds to trigger a rise in the sector which has had a torrid year with the Eurozone debt crisis taking its toll. Lloyds was up 4.3 per cent as Exane BNP Paribas upgraded [...]
Bank leaves door open for more QE December 21, 2011 Bank of England policymakers left the door open for an additional injection of cash into the faltering economy in February, judging that the time was not ripe yet for more easing given uncertainty about the euro crisis, minutes to the Bank’s 7 and 8 December meeting showed. All nine members of the central bank’s Monetary [...]
Public borrowing lower than expected in November December 21, 2011 Britain’s budget deficit narrowed more than expected in November compared to a year earlier, official data showed on Wednesday, although weak growth and worries about the euro zone still threaten the government’s attempts to balance the books. The figures are a bright spot for the government after ratings agency Moody’s warned on Tuesday that Britain [...]
Prosecutors raid Olympus offices December 21, 2011 Japanese prosecutors raided offices of Olympus Corp and the home of a former executive on Wednesday in a probe into a $1.7bn (£1.1bn) accounting scandal that has threatened the survival of the once-proud camera and medical equipment maker. Tokyo prosecutors, police and financial regulators have joined forces in a rare joint investigation of the 92-year-old [...]
Credit Suisse buys HSBC’s private bank December 21, 2011 HSBC, Europe’s biggest bank, is retreating from Japan’s private banking market, selling a business that serves the wealthy to Credit Suisse, which is raising its profile in the world’s second-largest market for millionaires. The sale is part of a strategy outlined by HSBC in May. Chief executive Stuart Gulliver wants to cut annual costs by [...]
North Korea heir to share power with military December 21, 2011 North Korea’s new young leader will have to share power with an uncle and the military after the death of his father Kim Jong-il as the isolated country shifts to collective rule from strongman dictatorship, a source with close ties to Pyongyang and Beijing said. The source added that the military, which is trying to [...]
Thorntons issues profit warning December 21, 2011 Chocolatier Thorntons issued a profit warning as hard-up consumers stayed away from the 100-year-old group at one of its most important times of the year. The company’s shares plunged by more than 30 per cent after the announcement. Thorntons, which slashed its dividend in September, said it had been hurt by the continued weakness in [...]
Suarez guilty and banned for eight matches December 20, 2011 Liverpool striker found guilty of racially abusing Manchester United’s Evra, but his club look set to appeal after releasing strongly-worded response LIVERPOOL last night launched a passionate and vehement defence of Luis Suarez after the striker was handed an eight-match ban having been found guilty by the Football Association of racially abusing Manchester United’s Patrice [...]
Kean on the brink as Coyle enjoys the spoils December 20, 2011 BLACKBURN 1 BOLTON 2 BLACKBURN manager Steve Kean edged closer to the sack last night after the club’s fans staged angry demonstrations against him and owners Venky’s before, during and after last night’s defeat against relegation rivals Bolton. First half goals from Mark Davies and Nigel Reo-Cocker put the visitors, who had lost their previous [...]
