Barclays shares drop as profits fall and announces plans to fill capital hole July 30, 2013 Barclays has reported a 17 per cent fall in half year adjusted profits to £3.591bn as it was hit by the cost of a group-wide restructure in the wake of the Libor rate-rigging scandal. The bank also reported that its capital hole was much larger than thought at £12.8bn and announced a £5.8bn capital-raising rights [...]
Barclays shares drop as it reports a fall in profits and plans to fill £12.8bn capital hole July 30, 2013 Barclays has reported a 17 per cent fall in half year adjusted profits to £3.591bn as it was hit by the cost of a group-wide restructure in the wake of the Libor rate-rigging scandal. The bank also reported that its capital hole was much larger than thought at £12.8bn and announced a £5.8bn capital-raising rights [...]
UK banking regulator gives green light to Barclays share sale plan July 30, 2013 Commenting on Barclays’s planned £5bn share sale to fill its capital hole, UK banking regulator the Prudential Regulation Authority has said it agrees and welcomes the plan. According to a spokesperson for the Bank of England: Following constructive discussions, the PRA has agreed and welcomes Barclays capital plan, announced today. We have considered all elements [...]
Barclays plans £5bn share sale July 29, 2013 BARCLAYS will today reveal how it plans to plug its capital hole, raising funds from shareholders to reassure regulators it is a strong, stable bank. After weeks of intense negotiations with the City watchdog, chief executive Antony Jenkins is set to unveil a plan that aims to balance investors’ hopes that they will not [...]
JP Morgan to settle over US energy rigging charges July 29, 2013 JP MORGAN Chase was last night publicly accused by a US federal watchdog of manipulating American energy markets in a series of trades made between 2010 and 2011. The Wall Street bank, led by high profile chief executive Jamie Dimon, is widely expected to settle the charges with the Federal Energy Regulatory Commission (Ferc), the [...]
Britain is falling badly behind in the entrepreneurship stakes July 29, 2013 ONE OF Britain’s great advantages is that we are meant to be a much more entrepreneurial nation than most of our major competitors. We do, indeed, create more companies than some other wealthy countries but as a study by RSM reveals, we are hardly covering ourselves in glory. In fact, we are ranked a pathetic [...]
US drugmaker Perrigo buys Elan for $8.6bn July 29, 2013 IRISH biotech firm Elan yesterday accepted an $8.6bn takeover offer from US drug maker Perrigo, just weeks after batting off a hostile approach from Royalty Pharma. Perrigo will pay $6.25 per share in cash plus $10.25 per share in stock for Elan, in a deal that will see the Michigan firm almost halve its [...]
London Report: FTSE edges up despite drop in Barclays stock July 29, 2013 BRITAIN’S FTSE 100 edged higher yesterday, with healthcare and media sectors bolstered by transatlantic merger activity, helping outweigh a steep sell off in Barclays. Drugmaker Shire – long viewed as a takeover target – added 2.4 per cent after US generic rival Perrigo agreed to buy Ireland’s Elan for $8.6bn (£5.6bn). A proposed merger between [...]
We need to break our unsecured banking system out of its Victorian past July 29, 2013 THE UNSECURED nature of the UK banking system has long troubled both me and my company, and we have discussed the situation with the Bank of England on several occassions. Concerns over bank capital positions have also recently been reignited. Barclays, which releases its half-year results today, is one of the banks identified by the [...]
Letters to the editor – 30/07 – Heathrow debate, Best of Twitter July 29, 2013 Heathrow debate [Re: Forget disastrous Heathrow and build a more efficient hub to London’s east, yesterday] The aviation debate shows no sign of abating. And despite all the arguments to the contrary, the cost, economic benefits, and practicality of a Heathrow extension still make serious consideration of other options borderline nonsensical. The alternatives are costly, [...]