Asset finance drives SME lending to pre-crash levels July 1, 2014 Leasing and asset finance are among the biggest drives of growth in the sector as small firms seek alternatives to traditional bank loans, figures from the National Association of Commercial Finance Brokers (NACFB) show. A combination of caution from banks, new capital rules making it expensive to lend to SMEs, and firms’ own reluctance [...]
BNP Paribas fined $8,973,600,000 for breaking US sanctions June 30, 2014 BNP Paribas’ sanction-busting fine is 13 times the previous record BNP Paribas was hit with a record $8.97bn (£5.2bn) fine last night for breaking US sanctions from 2004 to 2012, and was condemned in the strongest terms for its persistent criminal actions. The giant French bank funnelled money from Cuba, Iran and Sudan through the [...]
Argentina faces default as it refuses to pay its bonds June 30, 2014 Argentina is teetering on the brink of being locked out of international debt markets, after refusing to pay almost $1.5bn in bond repayments last night, putting it in technical default. The country has been engaged in a lengthy legal battle with a group of investors who refused to accept a reduced payment following Argentina’s default [...]
Barclays paid corporation taxes worth 53 per cent of 2013 profits June 30, 2014 BARCLAYS paid tax of 53 per cent on its profits last year, according to data published yesterday. It made a pre-tax profit of £2.87bn, but paid corporation taxes of £1.56bn across the world. British taxes were only a small proportion of that – it reported profits of £4.87bn in the UK but corporation taxes of [...]
BNP Paribas fined $9bn June 30, 2014 BNP Paribas has pleaded guilty to charges of falsifying records and of conspiracy as part of an $9bn (£5.3bn) settlement with US regulators. The French bank broke US sanctions in place against countries including Cuba, Iran and Sudan. It had been in negotiations for months with the Department of Justice, and the bill is far [...]
Barclays paid corporation taxes worth 53 per cent of 2013 profits June 30, 2014 Barclays paid tax of 53 per cent on its profits last year, according to data published today. It made a pre-tax profit of £2.87bn, but paid corporation taxes of £1.56bn across the world. British taxes were only a small proportion of that – it reported profits of £4.87bn in the UK but corporation taxes of [...]
Police probe into Wonga could lead to prison terms June 30, 2014 WONGA staff or ex-employees could face prison if the police investigation into the payday lender leads to successful prosecutions, after lawyers demanded a probe into the firm. Last week the City watchdog ordered Wonga to pay £2.6m in compensation to more than 45,000 customers after it discovered the lender sent threatening letters from made up [...]
UK banks fall further behind global rivals June 30, 2014 BRITAIN’S biggest lenders are missing out on a global recovery in the sector, with weak profits and poor growth, according to an annual study out today from The Banker magazine. UK banks account for just 2.37 per cent of global profits, down from 11 per cent before the crisis. China leads by profits with 31.78 [...]
Banking watchdog: Debt-addicted world has not learned lessons of financial crash June 30, 2014 THE WORLD is still hooked on cheap debt, and its addiction to ultra-low interest rates could undermine the global recovery, the Bank of International Settlements (BIS) warned yesterday. The group of central bankers fears sustained low rates are promoting debt when the world should be weaning itself off credit-fuelled growth. And the continued obsession with [...]
Barclays case to shine more light on dark pools June 30, 2014 DARK pools could be forced to publish more information to investors following the claims made against Barclays in the US, a top finance professor has predicted. The private exchanges can benefit investors by limiting the amount of information published, allowing them to keep their investment decisions quiet and avoid moving markets with big sales or [...]