RBS mulls float of branches to create challenger bank October 15, 2012 RBS is working on a plan to float the 316 branches it is being forced to sell off, in a move that could create a new high street bank. The state-owned institution had hoped to sell the branches to Santander, but after several years of negotiations the bidder dropped out last Friday. It needs to [...]
Virgin keeps its hands on West Coast during probe October 15, 2012 VIRGIN Trains has been asked to keep running the West Coast Main Line next year while the government gets to the bottom of its mistakes during the franchise competition. Transport minister Patrick McLoughlin said “there will be no sop to any organisation” while his department’s errors are probed and the bidding process is run again. [...]
Two technologies that will create jobs and change the world October 15, 2012 PLEASE don’t fall off your seats, dear readers. Rather than focusing on what is wrong with the world, today’s column is about two positive, ground-breaking technologies with the potential to create jobs and prosperity and revolutionise the way we live. One such area is driverless cars: Google is one of the main forces behind this [...]
Watchdog sets rules for banks and insurers October 15, 2012 MAJOR banks may have to reorganise their operations if they are too complicated for regulators to easily calculate their risks, under new guidelines published last night by the Financial Services Authority. A separate document said the Prudential Regulation Authority (PRA) is willing to let insurers fail under its watch. The PRA, which will be part [...]
What the other papers say this Morning October 15, 2012 FINANCIAL TIMES Morgan Stanley sued over bias Morgan Stanley has been sued by the American Civil Liberties Union for allegedly discriminating against black homeowners through its bundling of subprime mortgage loans. RBS to exit Asset Protection Scheme Royal Bank of Scotland will this week get the go-ahead from government and regulators to exit the state-backed [...]
Qatar keen on Glenstrata merger October 15, 2012 Qatar, the second-largest investor in miner Xstrata, is in favour of the company’s proposed $32bn (£20bn) tie-up with commodities trader Glencore, Prime Minister Sheikh Hamad bin Jassim al-Thani said yesterday. Sheikh Hamad said at a news conference: “We are looking in favour of a merger between the two companies.” But he stopped short of signalling [...]
EU adds to sanctions against Iran October 15, 2012 EU governments agreed further sanctions against Iran’s banking, shipping and industrial sectors yesterday, cranking up pressure on Tehran in the hope of drawing it into serious negotiations on its nuclear plans. The move by EU foreign ministers reflected mounting concerns over Iran’s nuclear intentions and Israeli threats to attack Iran atomic installations if a mix [...]
UBS trader loss dwarfed by crisis October 15, 2012 UBS’s losses in the financial crisis dwarfed a $2.3bn (£1.4bn) hit from a rogue trading scandal last year and caused longer-lasting damage, lawyers for accused fraudster Kweku Adoboli said in court yesterday. Lawyers have so far argued that Adoboli believed he was trading for the good of the bank. In a fresh tack yesterday, lawyers [...]
Citi profit hit by brokerage sale October 15, 2012 PROFITS at Citigroup tumbled in the third quarter as it suffered losses on the sale of its stake in the Smith Barney brokerage. The 87.6 per cent fall in profits to $468m (£291m) compares poorly with JP Morgan and Wells Fargo, who last week reported record third-quarters. The brokerage was set up as a joint [...]
No reprieve for upbeat US banks October 15, 2012 IT SEEMS to be a good earnings season for US banks, with even Citigroup beating the analysts yesterday despite its losses and JP Morgan and Wells Fargo doing well last Friday. But while we wait to see if Goldman Sachs and State Street, both reporting today, and Bank of America Merrill Lynch and BNY Mellon, [...]
