Banking
FeedMEPs to control EU super-regulator
Chris Wheal
Sep 3rd 2010
Filed under: Economy, Investing, Financial Crisis, Insurance, Banking
Brussels MEPs have voted to create almighty super-regulators overpowering national regulators such as the UK's Financial Services Authority (FSA). The EU supervisory authorities (ESAs) and the European Systemic Risk Board (ESRB) should be up and running by January 2011. The MEPs are rejoicing at their power. Industry is rightly scared. Standard Life adds to job loss woes
David Burrows
Sep 3rd 2010
Filed under: Financial Crisis, Banking
Standard Life is the latest in the financial services sector to announce major redundancies with 500 jobs to go across the organisation in the next 15 months.
Whilst there may have been hires at the top end of the banking ladder as investment banks have started to hire again, in general the financial services sector is continuing to witness the mass cull predicted post credit crisis.
Can bank really expect sympathy?
David Burrows
Sep 2nd 2010
Filed under: Financial Crisis, Banking
It is hard to have too much sympathy for US bank Lehman Brothers, even if strictly speaking they were 'let down' by the Fed and the SEC.
Former Lehman Brothers head Dick Fuld is painting a picture of the Wall Street investment bank as a 'victim' but for many that may prove very difficult to take seriously.
Darling admits bonus supertax failed
Adrian Holliday
Sep 2nd 2010
Filed under: Economy, Personal Finance, Financial Crisis, Banking , Retail
Ex-chancellor Alistair Darling has admitted the 50% bankers' bonus tax failed. At a financial conference yesterday Darling told an audience that many bankers were "very good at getting out of these things". Given that Credit Suisse sprang a surprise round of bonuses on 400 of its top London bankers, Darling's timing was right on the money.UK lending continues to deteriorate
Adrian Holliday
Aug 31st 2010
Filed under: Debt, Economy, Mortgages, News , Banking
UK lending remains mired in trouble. Total net UK lending fell off a cliff in July, plummeting to just £86m compared to £518m in June, according to new Bank of England figures. The new credit data is amongst the worst ever recorded since records began in 1993.UK dividends bounce back at last
Adrian Holliday
Aug 30th 2010
Filed under: Economy, Investing, Personal Finance, Banking
Inflation-busting dividends are back. Given historically low interest rates and worryingly high living costs, that's good news. Many companies reporting last week hiked dividends. And companies reporting this week - amongst them McBride, Bunzl and Hays - are likely to continue the trend.RBS Insurance shuts offices too late
Chris Wheal
Aug 27th 2010
Filed under: Financial Crisis, Insurance, Banking
RBS Insurance – the Direct Line and Churchill brands - is to close 14 offices around the UK. Major cities of Glasgow, Cardiff, Manchester and Birmingham will be hit. It is part of RBS's slimming down of the business ready for sale. But it also demonstrates just how badly run these firms have been.Accounting standards in war of words
Chris Wheal
Aug 26th 2010
Filed under: Economy, Financial Crisis, Banking
Accounting rule setters at the Accounting Standards Board (ASB) have denied allegations by one of their Urgent Issues Task Force (ITF) sub-committee members that banks have been using dodgy accounting for the last five years. ASB chairman Ian Mackintosh has slated maverick complainer Tim Bush. It's war among the grey suits.Polly Peck tycoon prepares for UK trial
Adrian Holliday
Aug 26th 2010
Filed under: Company, Investing, Banking
The Serious Fraud Office (SFO) will shortly roll out the welcome mat out at Luton airport for fugitive Polly Peck tycoon Asil Nadir. Now almost 70, Nadir will land in a Turkish jet and then be electronically tagged. Back to argue his innocence against false accounting allegations, it's a bizarre twist to a saga that saw Nadir's £2bn FTSE-100 business obliterated back in 1990.Ireland suffers new S&P downgrade
Adrian Holliday
Aug 25th 2010
Filed under: Debt, Economy, Banking
S&P has slashed Ireland's credit rating to AA- on the back of worries that bailing out its troubled banks could hit €50bn. Ireland's creditworthiness is still ahead of Italy, Portugal and Greece. But the news has caused a livid response from Ireland's business community.More UK corporates threaten to quit UK
Adrian Holliday
Aug 25th 2010
UK business red tape is increasing as are tax burdens - and up to 20% of UK big companies are considering quitting the UK as a consequence. The results are from an Inland Revenue-commissioned report by public policy researchers TNS-BMRB, originally ordered under the Brown Labour government.M&S mends City ties with new chairman
Adrian Holliday
Aug 24th 2010
Filed under: Company, Investing, Banking , Retail
Will new chairman Robert Swannell help M&S sell more cardies and tuna mayonnaise wholemeal sandwiches? The 59-year-old ex-banker and Citigroup vice-president is liked by the City despite being a relative unknown in the FTSE-100 pantheon. He's also a battle-hardened veteran of boardroom deals. He's no out-and-out retail expert yet though. That's what CEO Marc Bolland is for.SME lending gets pricier and tighter
Adrian Holliday
Aug 24th 2010
Filed under: Debt, Economy, Small Business, Banking
The spat continues between banks and SMEs: SMEs say banks won't lend and that remaining credit is too expensive. Banks says demand has withered. But a new survey from the Institute of Chartered Accountants in England and Wales (ICAEW) says many businesses can't borrow because the criteria is too tight.Why is HSBC on an African quest?
David Burrows
Aug 24th 2010
What is behind HSBC's attempt to buy a controlling stake in South Africa's Nedbank? A firm foothold in Africa and an even stronger position in the emerging markets generally, would seem to be the key motivating factor.
Bovis back in profit but nerves remain
Adrian Holliday
Aug 23rd 2010
Filed under: Company, Debt, Economy, Banking , Property
Housebuilder Bovis Homes has revealed a £3.5m pre-tax profit for the first six months of the year compared to an £8.6m loss in 2009. Bovis is the first of several housebuilders to report this week. Although the figures appear positive, the outlook isn't great though.
