Banks granted liquidity boost September 16, 2011 A POTENTIALLY unlimited amount of dollar liquidity is to be injected into banking markets throughout the world, five central banks announced yesterday. It is hoped the measure will boost money markets in the wake of the Eurozone debt crisis. The Bank of England, European Central Bank (ECB), US Federal Reserve, Bank of Japan and Swiss [...]
FTSE extends gains after a bullish note boosts the banks September 16, 2011 BRITAIN’S leading shares rose yesterday after politicians and central bankers moved to shore up market confidence in the debt-ravaged Eurozone, with the FTSE 100 index breaking above an eight-week technical downtrend. The FTSE 100 ended up 2.1 per cent, or 110.52 points, at 5,337.54, extending the rally into a third straight day. Fresh support from [...]
It is time to investigate your options for financing your commercial needs September 15, 2011 HEAD OF TRADE AND WORKING CAPITAL, UK AND IRELAND, BARCLAYS CORPORATE IN THE current economic climate, efficient cash flow management must be at the top of the agenda for UK small and medium enterprises (SMEs). With the slowdown in the economy and increasingly high inflation, cashflow suffers, as customers take longer to pay their bills. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 14, 2011 FINANCIAL TIMES DEUTSCHE BÖRSE-NYSE DEAL TO SAVE EXTRA $1BN FOR CUSTOMERS Deutsche Börse and NYSE Euronext, the exchange operators planning to create the world’s largest bourse, have significantly raised their estimate of savings by banks from the deal, saying customers would save about $1bn more than previously estimated. VICKERS MEMBER CALLS FOR REPEAL OF BANK [...]
Lehman Bros bonus case fails September 14, 2011 A bankruptcy judge has denied Lehman Brothers Holdings’ attempt to recover $500m (£317m) it alleges was supposed to go toward employee bonuses from Barclays. Lehman had said Barclays never gave the money to the employees and should send it back to Lehman for the benefit of Lehman’s creditors. Wednesday’s ruling is the latest instance of [...]
Hong Kong: UK banks welcome September 13, 2011 BRITISH banks looking to move abroad would be welcome in Hong Kong, the country’s chief executive Donald Tsang said yesterday. Tsang said that he would “absolutely” be happy to see HSBC and Standard Chartered move their headquarters from the City. “If HSBC or Standard Chartered were to change headquarters it would not undermine their business [...]
Mitchells & Butlers turns down new bid September 13, 2011 MITCHELLS & Butlers shareholder Standard Life Investments yesterday branded Piedmont’s 230p per share possible offer “insulting” and accused it of destabilising the company, as the firm rejected the approach. David Cummings, SLI’s head of UK equities, lashed out at Piedmont owner Joe Lewis, claiming his attempt to buy the pub group outright was “wholly unsatisfactory”. [...]
ICB helps push UK bank debt costs higher September 13, 2011 UK BANKS have seen the cost of their debt jump following the release of the final report from the Independent Commission on Banking (ICB). Despite escaping the worst of the sell-off in European bank stocks yesterday, Britain’s lenders saw the yields on their long-term bonds rise after the ICB said that around a fifth of [...]
StanChart lines up for Barclays’ Indian assets September 13, 2011 STANDARD Chartered and SBI Card are competing to buy Barclays’ India credit cards business, sources with direct knowledge of the matter said, as the British bank looks to reduce its exposure to unsecured lending in the country. Barclays has about 200,000 card holders in India and the book value of the business is roughly 2bn [...]
Uncertainty casts a shadow over uptick September 13, 2011 BRITAIN’S top shares rose yesterday, led by banks which bounced back after recent weakness, although traders were dubious about the rally’s solidity due to persistent fears of a Greek debt default and a sharp rise in Italy’s borrowing costs. The UK benchmark index ended up 44.63 points, or 0.9 per cent, at 5,174.25, recovering from [...]