All Entries in the "Business News" Category
Bank of England economist: economy already started to recover
An economist who is set to join the Bank of England’s rate-setting body has said that there are signs that the UK economy has already started to recover. David Miles, Morgan Stanley’s chief UK economist has been speaking to the Western Mail newspaper, where he told them “The worst of the recession may well be [...]
Abbey, Alliance & Leicester (A&L) and Nationwide credit ratings downgraded
Moody’s has downgraded the credit ratings of Santander owned Abbey and Alliance & Leicester (A&L). The company reassessed the banks owned by the Spanish Santander group along with a number of other UK building societies, such as Nationwide.
Government's stake in RBS now 70 per cent
The UK government has now raised its stake in RBS (Royal Bank of Scotland) (LON:RBS) to 70 per cent. The comes after the bank has completed a swap of preference shares which was held by the government for ordinary shares.
HSBC, Citigroup, Santander and Barclays accused of aiding corrupt regimes
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It is hard to imagine that some of the world’s largest banks would be involved in some of the world’s most corrupt regimes, but that is just what Global Witness is accusing HSBC (NYSE:HBC), Citigroup (NYSE:C), Banco Santander SA (SAO:SANB3) and Barclays (LON:BARC) of.
RBS forces construction company collapse: 500 jobs lost
RBS (Royal Bank of Scotland), (LON:RBS) have been blamed for the collapse of construction company, Wrekin. The company has been forced to lay off 500 workers after RBS demanded that Wrekin repay its £2.8 million overdraft.
RBS Chief’s £1.6 Million Pension: Taxpayer’s Foot Bill
If you thought the size of Sir Fred Goodwin’s £703,000 pension was big, then think again. Royal Bank of Scotland (RBS) (LON:RBS) chief, Larry Fish’s is to receive £1.6million, that is more than twice the amount of Sir Fred’s.
HSBC Holdings Plc's Hong Kong Stock Plunge
Yesterday saw HSBC Holdings Plc’s (HKG:0005) stock holdings in Hong Kong fall by 24 per cent, this has now prompted a government probe. The stock exchange is also considering bringing forward changes to its end-of-day trading process. This morning shares have since rallied 15 per cent.
Royal Bank of Scotland (RBS) plans to leave up to 36 countries
With all the financial troubles facing Royal Bank of Scotland (RBS) (LON:RBS), it was only a matter of time before they started to close branches. The bank has decided that more drastic action is needed, which is why they plan to leave up to 36 countries.
Lloyds Banking Group: Staff find out who receives £80m bonuses
Today is the day when staff at Lloyds Banking Group (LON:LLOY) find out who will receive £80 million in bonuses. Members of the majority taxpayer-owned Lloyds board have said that they will forgo their payments; the bank has said that staff will get on average £17,000 each.staff who received bonuses would be those earning on [...]
Bank of England's quantitative easing: Will it work?
Today has seen the Bank of England take a couple of measures that they hope will kick start the economy, the first is by reducing the interest rate to 0.5 per cent. The second and more daring is to move into quantitative easing, and many analysts, business leaders and economists have welcomed the move.
RBS pension row forces Sir Fred Goodwin to leave UK
It has been reported that Sir Fred Goodwin, the former RBS (LON:RBS) chief executive is planning on leaving the UK and moving abroad for a few months. Goodwin it seems cannot take the pressure of the current protests of his £16.9 million pension fund.
Former Northern Rock chief executive received £109,000 pension top-up
It has been revealed that former chief executive of Northern Rock (PINK:NHRKF), Adam Applegarth received a boost of £109,000 to his pension fund after being sacked after the bank had collapsed. The top up formed part of Applegarth’s severance package, which has now taken his pension pot to £2.7 million.
Goodwin's RBS pension row heats up: McKillop and Scott in lawsuit threat
UK Financial Investments, who helps to manage the Government’s bank stakes, are thinking of taking legal action against Sir Tom McKillop, the former chairman of Royal Bank of Scotland (LON:RBS), as well as independent director Bob Scott for approving the £8 million pension top-up for Sir Fred Goodwin.
HSBC to cut 6,100 jobs following 62% decline in profits
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HSBC Holdings plc (LON:HSBA) are cutting 6,100 jobs in the US from their troubled US consumer lending business. The bank has taken this decision following a drop in profits of 62%, although they are still one of the most profitable banks.
HSBC £12.5 billion rights issue causes shares to fall
HSBC Holdings plc (LON:HSBA) have seen their shares fall by 9.3 per cent this morning, this is a direct result of the banks plans to ask investors for £12.5 billion so that they can strengthen their balance sheet. This cash injection is needed following a 62 per cent fall in profit in 2008.