Investment bankers on TNK-BP deal to take home up to £30m October 24, 2012 INVESTMENT bankers working on the BP deal with Rosneft to take over TNK-BP will net between $30m and $50m (£19m and £31m) combined, according to figures from Freeman Consulting. This is less than expected for this kind of deal, Freeman noted, as the deal was a “mandatory” one – meaning BP was pressured to sell [...]
Eurozone debt piles grow to 90pc of output October 24, 2012 SOVEREIGN debts across Eurozone countries grew to nine tenths of the joint size of their economies, data revealed yesterday, just as other data suggested the Eurozone had slipped even deeper into recession. Euro area government debt hit €8.52 trillion (£5.32 trillion) – 90.0 per cent of the seventeen countries’ total GDP – in the second [...]
Greece finalises cuts and gets time on bailout October 24, 2012 GREECE has been granted its long-standing plea for additional time to push through austerity cuts that have been finalised after months of negotiations, the finance minister said yesterday. But Portugal’s government saw the next €1.5bn (£1.2bn) tranche of its bailout approved by the IMF, in stark contrast with the tortuous Greek negotiations. “Today, we obtained [...]
Draghi defends bond purchases to German MPs October 24, 2012 EUROPEAN Central Bank (ECB) chief Mario Draghi faced a two hour grilling from German politicians in the Bundestag yesterday, yet took the opportunity to defend the central bank’s debt-buying plans. Struggling Eurozone states will have their borrowing costs weighed down by the ECB snapping up their bonds, it announced last month, so long as they [...]
EU set for more downgrades as debt crisis shows no end October 24, 2012 THE EUROZONE debt crisis will continue to drag down economic growth next year, raising the chance of firms’ credit ratings being downgraded, according to a report out yesterday from ratings agency Standard and Poor’s. Corporate debt defaults increased in the year – in the 12 months to September, the junk bond default rate was 2.3 [...]
Barclays defends itself in key interest swap misselling suit October 24, 2012 BARCLAYS was yesterday gearing up to face down interest rate mis-selling claims, with the Guardian Care Homes (GCH) suit set to come before a judge on Monday. The pre-trial hearing will see GCH present its accusations at the Commercial Court, while Barclays will defend itself. The judge will then decide which, if any, of the claims [...]
Bank reforms slammed by Cruickshank October 24, 2012 NEW BANKING rules will fail to promote competition in the sector, City grandee and former banking reformer Sir Donald Cruickshank warned yesterday. The government has called for the expansion of so-called challenger banks to take market share off the bigger players and give consumers more choice. Increased competition “would oblige bankers to think about the [...]
Basel Committee rejects calls to simplify latest regulations October 24, 2012 A SIMPLE measure of bank safety would be easily dodged by institutions, top regulator Wayne Byres said yesterday, defending the complex Basel III regulations. The Basel Committee’s general secretary insisted the rules covering capital and liquidity ratios represent the best chance of restoring stability to the sector. “A simple capital-to-assets ratio will, on its own, [...]
Sants accuses bankers of being delusional October 24, 2012 FORMER top regulator Hector Sants yesterday said bankers need to become more open with officials and with themselves. His life would have been made much easier if “many of the individuals I was dealing with had just been more honest”, the ex-Financial Services Authority (FSA) chief executive told the Said Business School in Oxford.
Argos catalogue to make way for new online era October 24, 2012 ARGOS yesterday unveiled a five-year turnaround plan that will see it distance itself from its trademark printed catalogue business and become a “digital-led” retail chain. John Walden, Argos’ new managing director, said it will cut the circulation of its 40 year-old bi-annual catalogue and eventually replace laminated versions in store with web-based browsers. It also [...]
