Banks lead FTSE fight back July 19, 2011 The FTSE 100 fought back on opening today with banks recovering some of the ground they lost yesterday after the Eurozone debt crisis and US economic uncertainty sapped confidence. Following a grim session the financial sector found its feet today, clawing back losses which were partly triggered by analysts criticising European bank stress tests. Barclays [...]
DEBT CRISIS ESCALATES July 18, 2011 ITALY suspended trading in government and corporate bonds yesterday as the release of the EU’s stress tests plunged the region deeper into a crisis that some analysts are comparing to the fall of Lehman Brothers. The panic saw billions wiped off the value of Europe’s banks and interest rates on Italian ten-year debt climb above [...]
Markets see fiscal union as the solution July 18, 2011 EUROZONE negotiations showed no sign of a breakthrough yesterday in the run-up to Thursday’s crunch talks on a new Greek bailout, with markets increasingly convinced that only a full fiscal union with region-wide euro-bonds will stop the crisis spreading. Politicians, led by Germany, have been in deadlock with the European Central Bank (ECB) for weeks [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 18, 2011 FINANCIAL TIMES VIRGIN GROUP NAMES NEW CO-CEOS Richard Branson’s Virgin Group has announced a management reshuffle. Stephen Murphy, chief executive since 2004, will step down at the end of the year to take an advisory position in the group. He will be replaced by co-chief executives: David Baxby, head of Virgin Asia-Pacific and the aviation [...]
Stress tests denounced by analysts as backward-looking and inconsistent July 18, 2011 THE EU’s second round of stress tests precipitated a sharp fall in European bank shares yesterday after being slammed as “frustrating” and full of “widespread anomalies”. Analysts were scathing about the European Banking Authority’s (EBA) first ever tests, keeping price recommendations unchanged and saying that the exercise was effectively useless as a tool for distinguishing [...]
Debenhams in debt pile refinancing July 18, 2011 DEBENHAMS has refinanced its credit facility at reduced interest rates. Lenders for the department store chain’s £650m facility, made up of a £250m long term loan and £400m in revolving credit, have reduced the group’s cash interest rate by 0.50 per cent to four per cent. The lenders Barclays Capital, Lloyds Banking Group and Royal [...]
When it makes sense for the Top Dog to pitch July 18, 2011 FEW need reminding how treacherous current conditions in Europe’s equity markets are. Russia’s Valinor recently became the 25th pulled listing in Europe, Middle East and Africa so far this year and a 15 per cent downwards repricing of the Spanish bank Bankia yesterday underlined the fragility of investor appetite for new issues. So it is [...]
FTSE drops sharply as banks suffer in wake of stress tests July 18, 2011 BRITAIN’S top shares fell sharply yesterday after the results of stress tests on European banks were met with disappointment over their credibility while investors were also fearful over the threat of a US default on the nation’s debt. The banking sector index sunk to a two-year low as money managers and traders cast doubts over [...]
Stocks slump as sovereign debt fears intensify July 18, 2011 Feeble bank stress tests in Europe and looming sovereign debt worries pushed UK stocks into a downward spiral today and left the FTSE 100 at a two-week low. More than 90 per cent of the European banks tested against stress scenarios passed, with a capital shortfall of only €2.5bn (£) – but markets rejected the [...]
FTSE dragged down by Eurozone and US debt worries July 18, 2011 Banking shares led the FTSE 100 down this morning as the eurozone crisis drained confidence from investors while fears over the US credit rating also cast a shadow. The Greek debt crisis deepened as Eurozone leaders continued to thrash out options to save the country’s economy. Officials proposed a range of schemes for Europe’s bailout [...]