UK banks are facing a battle with diminishing returns September 25, 2012 AS LONDON’S top bankers meet for their annual Merrill Lynch conference, upbeat public pronouncements can’t conceal the cloud hanging over the sector’s future. The news that Singapore investment fund Temasek is mulling offloading its £6bn stake in Standard Chartered is a typically gloomy indicator. Standard Chartered, after all, thanks to its exposure to Asian growth, [...]
Santander prices record Mexico Float September 25, 2012 Banco Santander is set to raise over $4bn in the first listing of stock from its Mexican unit, after pricing the shares in the middle of its expected range. The offering, which would be the largest ever of a Mexican company, will be priced at 31.25 pesos per share in Mexico, sources said yesterday. Santander’s [...]
Bank: Funding plan might not bolster lending September 25, 2012 NOT ALL banks in the Funding for Lending Scheme (FLS) will increase lending, a top Bank of England official conceded yesterday, arguing instead that lending may simply fall by a smaller amount thanks to the cheap funds being offered. The government is offering an initial £60bn to the 13 participating banks, with the aim of [...]
What is Funding for Lending? September 25, 2012 Q What is the Funding for Lending scheme? A It is a government scheme to offer banks cheap loans with incentives to lend more to households and businesses. Banks can borrow funds worth up to five per cent of their loan book as of 30 June, at 0.25 per cent. If they increase lending, they [...]
Alexander to end contracts for tax evaders September 25, 2012 DANNY Alexander, the chief secretary to the Treasury, yesterday announced that he would ramp up tax inspections for the rich and stop government contracts being awarded to firms that evade taxes. “Taxpayers’ money should not be funding tax dodgers,” he told the Liberal Democrat conference. “So I have tasked HMRC and the Cabinet Office to [...]
Terry Smith attacks plan to use pensions to secure mortgages September 25, 2012 LEADING City fund manager Terry Smith yesterday called Nick Clegg “brain dead” after the Deputy Prime Minister announced plans to allow children to guarantee mortgage deposits using their parents’ pension pots. The multimillionaire Tullett Prebon boss criticised the policy, which would enable first-time buyers to secure part of their house loan on a relative’s savings. [...]
Hughes accuses high st banks of Racism September 25, 2012 SIMON Hughes, deputy leader of the Liberal Democrats, said yesterday that he is aware of retail banks making decisions based on racial prejudice. “I have seen clearly banks, and heard clearly banks, who make racist decisions,” Hughes claimed. “They will say yes to a well established white individual …[while] a black business person gets turned [...]
Chelsea cruise to six-goal Capital win September 25, 2012 CAPITAL ONE CUP CHELSEA 6 vs WOLVES 0 PREMIER League Chelsea last night returned to their finest form to advance to the fourth round of the Capital One Cup with a devastatingly clinical victory over recently-relegated Wolverhampton Wanderers. The Blues had on Saturday remained unconvincing in a 1-0 victory over Stoke City and had last [...]
Woods ready to end poor Ryder Cup run as Europe settles in September 25, 2012 AMERICAN great Tiger Woods has admitted he is largely responsible for his country’s poor Ryder Cup record against Europe. America have won only one of the last five tournaments – in a period where Woods was the world’s dominant individual player – the last coming in 2008 when the sport’s biggest name was injured. “I [...]
Vidic injury deals fresh blow to United‘s defensive resources September 25, 2012 THE Manchester United captain Nemanja Vidic has been ruled out for eight weeks after an operation on his knee. “Vidic has had a meniscus operation on his right knee and will be out for around eight weeks,” read a club statement about the defender who also missed the last five months of last season because [...]
