BoE rebuffs SLS payback request March 22, 2011 THE Bank of England has told Barclays and HSBC they cannot repay their remaining exposure to its Special Liquidity Scheme (SLS) early. It is understood it is worried the exit of key members from the scheme could undermine those remaining in it – most importantly state-backed Lloyds Banking Group and Royal Bank of Scotland. Barclays [...]
Northern Rock issues bonds March 22, 2011 Northern Rock has launched its first public securitisation issue in a deal which could raise some £370m. Northern Rock , which was nationalised after nearly collapsing during the credit crisis, said the size of the transaction was expected to represent around two per cent of its £18.6bn balance sheet – implying it could be worth [...]
Deutsche loss in high court battle March 22, 2011 DEUTSCHE Bank has been ordered to fork out €541,000 (£469,000) in compensation to a German paper company after the country’s highest court ruled that the bank had inadequately described the risks of a derivative it sold the firm in 2005. The case paves the way for dozens of potential losses in court for the bank, [...]
FSA makes up rising costs in higher penalties March 22, 2011 A BUMPER year for enforcement fines means that financial firms will pay less for the FSA’s upkeep despite a ten per cent rise in its costs, the Authority’s business plan for 2011/2012 revealed yesterday. Fees will drop two per cent because revenues from financial penalties doubled from £33.2m in 2009/2010 to £79.1m in the year [...]
KNEES UP AT TREASURY IF GEORGE HAS A BEER March 22, 2011 AHEAD of today’s Budget, the British Beer & Pub Association (BBPA) is trying to loosen up chancellor George Osborne – and his stance on beer tax – by dropping by the Treasury to hand-deliver a hamper of Britain’s finest beers. With the Budget speech the one day that the chancellor is allowed an on-duty tipple, [...]
Consumer confidence worrying for everyone March 22, 2011 WHAT do politicians, retailers, the media and market researchers have in common? They are all talking and worrying, about “consumer confidence”. ECONOMY IS BIGGEST ISSUE Over three quarters of the UK population think the economy is the most important issue facing the country and the Bloomberg/YouGov Household Economic Activity Tracker shows 55 per cent expecting [...]
AssetCo chief defeated as it raises £16m March 22, 2011 ASSETCO’s shareholders raised £16m in emergency funding yesterday after a court ruling forced its chief executive to comply with the plan. Shareholders were granted an injunction that required John Shannon, also AssetCo’s largest shareholder, to vote in favour of a plan to place 160m shares at 10p per share, two thirds of its closing share [...]
Sanofi and Merck scrap animal deal March 22, 2011 Regulatory pressure prompted Sanofi-Aventis and Merck & Co to abandon plans for a joint animal health powerhouse with $5bn (£3.05bn) in sales. The move sets back the French and US drugmakers’ plans to achieve economies of scale in the consolidating animal care industry, and comes a month after they delayed the long-running deal’s closure by [...]
Adobe cuts its revenue forecast March 22, 2011 ADOBE Systems posted first-quarter profit above Wall Street estimates, but cut its second-quarter revenue expectations by $50m (£30.5m), citing the uncertain business environment in Japan following the earthquake. Japan accounted for about 13 per cent of Adobe’s sales in 2010. The world’s biggest maker of design software forecast current-quarter profit, excluding items, of 47-54 cents [...]
Compass Group buys Dutch firm March 22, 2011 CATERING services company Compass Group is set to buy Dutch company Elior Nederland from European rival Elior. The acquisition of the Dutch food services business was made through subsidiary Compass Group Nederland Holding and is subject to regulatory approval. Compass said the Amsterdam-based company reported revenues of £83m for the year to 30 September. Earlier [...]
