Good banks leave their weak rivals behind November 10, 2009 THERE are three main messages from Barclays’ and HSBC’s results yesterday. British banks are divided into two groups: strong, private firms that have continued to generate profits during the crisis; and weak players that had to be bailed out. It is simply wrong to claim that all banks are the same. It is also clear [...]
Weak banks and miners pull FTSEdown by one per cent October 26, 2009 THE FTSE 100 share index ended 1 per cent lower yesterday, with mining and energy stocks suffering as the US dollar rose and commodity prices fell, while a sharp decline in ING put pressure on financials. The index ended down 50.83 points at 5,191.74, having risen as high as 5,281.12 earlier in the session. It [...]
Home builder fears drag on Wall Street October 26, 2009 US stocks fell for a second straight session last night as investors ditched home builders and financials on fears that a federal home buyer tax credit might be phased out, while commodity shares succumbed to pressure from the higher US dollar. Trading was choppy. Stocks initially started on firmer footing, with indexes up more than [...]
Dutch state seizes DSB Bank October 12, 2009 THE Dutch Central Bank (DNB) has seized control of floundering financial institution DSB Bank, after the firm’s consortium of lenders failed to agree on a rescue plan amid a slew of deposit withdrawals. The DNB went to a Dutch court to seek permission to take control of DSB, in the wake of mass withdrawals from [...]
Lack of stock propels house prices higher October 6, 2009 HOUSE prices in Britain experienced their first quarterly rise in two years in the three months to September, which saw the value of a UK home rise 2.8 per cent over the period, Halifax said yesterday in its monthly survey, citing increased demand and a shortage of properties for sale. Data from the mortgage lender [...]
Barclays eyes Standard Life banking arm October 4, 2009 BARCLAYS is set to enter exclusive talks which could see it snap up Standard Life’s banking division, after rival suitors walked away. The bank, led by chief executive John Varley, is expected to be granted exclusivity by the insurer later this week after it expressed strong interest in the arm, which has been valued at [...]
The US is down, but it is far from out September 30, 2009 THERE is nothing better for the soul than a visit to New York. London is the greatest City on earth; but the Big Apple comes a close second. America has suffered even more badly than Britain from the crisis: a greater number of homes have been repossessed, millions have lost their jobs and vast wealth [...]
Barclays eyes Standard Life Bank division September 28, 2009 BARCLAYS is eyeing a bid for the banking operations of insurance titan Standard Life, sources close to the situation said yesterday. The insurer is understood to have put its Standard Life Bank unit up for sale at a price of between £200m and £300m and people familiar with Barclays’ plans said that the business would [...]
Lord Turner’s criticisms damage City prospects September 27, 2009 The 2009 Party Conference season marks a critical moment in our electoral cycle – the next time the Parties reconvene in 2010 we will have a new government, be it Red, Blue or even Yellow. It is understandable that in the run-up to a General Election, politicians will seek to reflect the anger of the [...]
Baltic blues disperse as strength returns September 22, 2009 SINCE the start of the financial crisis, the Baltic states have cast a long shadow over their Scandinavian and Eastern European neighbours. Swedish banks, which lent heavily to the Baltic states in euros, now find themselves running a high risk of loan default. Sweden’s Swedbank, which is the Nordic bank most heavily exposed to the [...]