Metro Bank taps investors for £45m to speed up expansion October 31, 2010 METRO Bank, the first start-up banking venture to hit the UK in over a century, is planning to tap its investors for £45m in fresh funding in order to double the rate at which it opens new stores. Metro now plans to open eight stores within the first year and 10, possibly more, in its [...]
Lloyds October 31, 2010 THE market isn’t expecting any nasty surprises from Lloyds when it reports third quarter numbers tomorrow. Its net interest margin, which was at 2.08 per cent in the first half, should improve modestly, as Lloyds reprices the front and back of its mortgage and loan books. However, the momentum is beginning to falter: there’s only [...]
Gulf disaster to loom over BP earnings October 31, 2010 OIL giant BP is expected to trail behind its peers when it posts third quarter results tomorrow, with the effects of the Gulf of Mexico spill set to dominate the firm’s results and future plans. Consensus forecasts predict replacement cost profit, which strips out changes in oil prices, of $4.6bn (£2.8bn) for the three months [...]
Betfair boss ups the ante by making UK quit threat public October 31, 2010 BETFAIR’S chief executive warned in an interview yesterday the online gambling website could leave the UK over a row with the British Horseracing Authority (BHA) over the horse racing levy. David Yu told a Sunday newspaper the online gambling exchange, which listed on the London Stock Exchange last week, was “happy to be licensed and [...]
MPC forecast to hold back from more QE October 31, 2010 UNEXPECTEDLY strong growth in the three months to September and stubbornly high inflation will force the Bank of England’s Monetary Policy Committee (MPC) to hold back from loosening policy further when it meets later this week, according to a majority of City economists. The news last week that the British economy had expanded at a [...]
ECB’s Mersch says new bank rules imperfect October 31, 2010 NEW global banking regulations agreed in September could hit economic growth and put European banks at a disadvantage, European Central Bank Governing Council member Yves Mersch said yesterday. Mersch, who heads the central bank of Luxembourg, also criticised plans for new European budget rules, saying they did not go far enough and that the European [...]
ECONOMIST VIEWS: WILL THE MPC MOVE TO INCREASE QE THIS WEEK? October 31, 2010 SIMON HAYES | BARCLAYS CAPITAL “In the context of a policy stance that is already exceptionally loose… a further loosening would seem odd. I expect no change in policy… and continue to believe a three-way split is likely to persist for several months to come.” PETER DIXON | COMMERZBANK “The chances of a near-term expansion [...]
Airline quits Belfast City October 31, 2010 IRISH budget carrier Ryanair yesterday closed its Belfast City Airport base after saying delays to a new runway had stopped it launching new routes. Dublin-based Ryanair said it was ceasing services to London and four other services to the UK from the Northern Ireland airport, switching its one Belfast City-based aircraft to another airport and [...]
Arab Bank’s earnings dip, deposits up October 31, 2010 JORDAN’S Arab Bank nine-month net profits dropped 19.7 per cent to $402.3m (£251m) against the same period last year, according to financial statements released yesterday that showed higher provisions. The bank saw a three per cent growth in assets to $52.12bn against $50.6bn at the start of the year, financial statements showed. Arab Bank Group, [...]
Insurers to post upbeat numbers October 31, 2010 TWO of the UK’s biggest insurers are set to announce an upturn in business when they update the market on trading this week. Aviva is expected to unveil a £1bn increase in life and pension sales to £25bn when it reports figures for the first nine months of the year tomorrow. And Standard Life, which [...]
