Rioters shut down Athens before vote June 28, 2011 ATHENS was in lockdown yesterday as riots spread through the city and unions kicked off a two-day strike to coincide with a crucial budget debate in parliament. Thousands of protesters filled the streets amid the shattered glass of shop windows, wielding sticks, throwing stones and starting fires. The police retaliated with tear gas and stun [...]
Bankia gets share offer underway June 28, 2011 SPANISH lender Bankia is expected to publish the prospectus for its €4bn (£3.6bn) initial public offering (IPO) today, as bankers begin bookbuilding in a deal viewed as one of the most important cash raisings in Europe this year. A smooth listing of the caja would lend support to the Spanish government’s overhaul of the banking [...]
Contagion fears build as Italy’s forced to pay more June 28, 2011 CONCERNS of contagion from Greece’s fiscal crisis were stoked yesterday by an Italian bond auction in which the sovereign was forced to pay far higher rates for cash than in previous sales. The auction of 2021 Italian debt only met with lacklustre demand, attracting a bid-to-cover ratio of 1.334 times compared with 1.504 times previously. [...]
“ΠΛΆΝΟ BRADY”: THE GREEK BRADY PLAN June 28, 2011 Q. What’s this about a “greek brady plan”? A. It’s the name given by some commentators to the deal being negotiated between Eurozone banks to roll over their Greek debt so as to defray the costs of the new bailout that Europe is putting together. Q. What’s tHE brady plan? A. The original Brady plan [...]
Strike action means delays at UK airports June 28, 2011 AIR passengers have been told to expect severe disruption tomorrow as the UK Border Agency joins the massive public sector strike action. The Public and Commercial Services union, which includes UKBA staff, has called a 24-hour strike starting this evening. UKBA warned yesterday that queues for border control at UK airports, ports and international train [...]
LCH.Clearnet in crunch talks over possible takeover deal June 28, 2011 LONDON-based clearing house LCH.Clearnet is in crunch talks this week over a possible takeover deal in the latest wave of global exchange consolidation, City A.M. understands. Boardroom discussions are taking place this week at the world’s largest swaps clearing house, as the firm weighs bids from several potential suitors that could value it at anywhere [...]
Airlines face legal action over misleading debit card charges June 28, 2011 AIRLINES and travel companies were warned yesterday that they face punishment over their “hidden” credit and debit charges. An investigation by the Office of Fair Trading (OFT), found evidence of companies using “drip pricing” tactics – where surcharges are added to the full price only after consumers have filled in a number of web pages. [...]
NICK LESLAU BUYS ST KATHARINE DOCKS June 28, 2011 Property mogul Nick Leslau has bought St Katharine Docks, near Tower Bridge, for £156m. Leslau’s Aim-listed Max Property Group teamed up with Newmarket Property Holdings, a subsidiary of an overseas family trust, to buy the marina and office for £330 per square foot. Leslau, whose stake in Max property is worth over £21.5m according to [...]
StanChart defies British bank gloom June 28, 2011 EAGER investors sent Standard Chartered’s stock up 2.9 per cent yesterday after a half-year trading statement that promised double-digit growth in both income and pre-tax profits compared to the same period last year. The bank said that while some regions like India and Africa had seen revenues dip, it was “more than offset by very [...]
Sants: the City needs to take FSA seriously June 28, 2011 FSA CHIEF Hector Sants has accused banks of not getting to grips with their customer service failings yesterday, saying that the City is simply expecting its new regulator to solve the problem. Sants’ criticism was echoed by Margaret Cole, who will head up the new Financial Conduct Authority (FCA) when it is created to replace part [...]
