S&P slaps downgrades on 15 major global banks November 29, 2011 SOME OF the world’s biggest banks were hit with credit rating downgrades from ratings agency Standard & Poor’s yesterday after a sweeping overhaul of the criteria it uses to assess institutions’ financial strength. S&P downgraded 15 banks after reviewing the ratings of 37 major institutions. It dropped seven of the top US banks by one [...]
CITY MOVES | WHO’S SWITCHING JOBS November 29, 2011 Brooks Macdonald Asset Management The asset management firm has named Toby Thompson as investment manager for its London office. Thompson joins from New Star where he worked for eight years, following roles at Newton and Eagle Star Investment Managers. Thompson brings with him twenty years experience in the investment industry, and is an associate of [...]
FACT CHECKER | WITH TIM WALLACE November 29, 2011 “Because of lower market interest rates we have secured for Britain debt interest payments are forecast to be £22bn less than predicted,” said George Osborne yesterday – a “safe haven dividend”. There are two key claims here – that low rates do save £22bn; and his policies secured those low rates. Firstly, the level of [...]
The challenge to banks: Who will lead on service? November 29, 2011 WITH Virgin Money’s purchase of Northern Rock, hopes have been raised of a customer service revolution in the UK’s retail banking sector. Someone certainly needs to step up to the plate. Who dares to be different for the customer? That is the challenge waiting to be met. And it can be. The malaise is deep. [...]
FTSE down as storm clouds surround Osborne November 29, 2011 The FTSE opened down as stuttering UK growth cast a shadow over chancellor George Osborne’s Autumn statement on the economy to be delivered later today. Grim forecasts on growth from the OECD yesterday painted a bleak picture as the UK struggles to get its economic recovery into gear. The government has already indicated that billions [...]
Thomas Cook soars on new banking deal November 28, 2011 Shares in Thomas Cook soared yesterday after the announcement of a new £200m bank facility to help secure the troubled tour operator’s survival. The travel firm’s banking syndicate – led by Barclays, HSBC, RBS and UniCredit – has agreed to replace the £100m short-term facility announced last Monday with this new provision, available until 30 [...]
Firms doubt government can boost low confidence November 28, 2011 CONFIDENCE is plummeting among businesses, leading to falling investment and increasing the risk of an economic contraction, according to surveys published yesterday by Barclays Corporate and by Lloyds Bank corporate markets. Lloyds’ business barometer showed a net balance of 20 per cent feel pessimistic about the future, up from 15 per cent in October’s study. [...]
FTSE rallies on hopes action is coming over Eurozone debt November 28, 2011 BRITAINS’S top share index rallied yesterday as financial and basic resources stocks advanced, helped by hopes that Eurozone leaders were moving closer to action to stem a debt crisis in the region. London’s blue chips added 148.11 points in its second consecutive day of gains after nine straight sessions of declines, as equities across Europe [...]
Banks lift markets after Italy IMF bailout claims November 28, 2011 Banking shares helped fuel rises on the FTSE 100 in early trading as reports in Italy suggested that the beleaguered country is to receive an aid package from the international Monetary Fund (IMF). The package would help shore up Italy’s finances by up to €600bn (£515.8bn), newspaper La Stampa said. But the IMF distanced itself [...]
Pension funds look to invest November 27, 2011 TALKS are beginning to work out how the government can harness tens of billions of pounds in pensions funds’ cash to boost infrastructure spending, the Treasury and pensions industry announced yesterday. A memorandum of understanding was signed by the Treasury, the National Association of Pension Funds (NAPF) and the Pension Protection Fund (PPF) signalling that [...]