Archive for Banks & Finance

ABI leads attack on Myners over reform

Treasury minister Lord Myners’ radical plans for changes to financial regulation are “dangerous” and could result in a further loss of confidence in the market according to the Association of British Insurers ABI.

Asset Protection Agency hires ‘Grey panther’

One of the City regulator’s coterie of “grey panther” advisers has been placed in charge of the government agency being set up to insure almost £600bn of toxic bank assets.

Commerzbank ordered to pay £10m bonuses

Four City bankers have won a €12.6m £10.8m legal battle against Commerzbank after the bank tried to cut bonus and severance payments following its bailout by the German government.

Oak Hill forced to pump extra £100m into Firth Rixson

Oak Hill Capital Partners the American privateequity house has been forced to inject £100m of fresh equity into Firth Rixson the Sheffieldbased engineering firm as part of a tough renegotiation agreement with its lending banks.

Icelandic bank chief in £500m of hot water

There’s little sympathy in Reykjavik for the financial decline of Gudmundsson clan.

Fairfax expands operations in Middle East

Fairfax the international investment banking group has announced the expansion of its operations in the Middle East – days after opening two new companies in Britain.

Banking’s balancing act

Britain’s banks have never faced a results season like the one in prospect this week. With politicians breathing down their necks to push cheap credit to small business banks will be clambering over each other to prove they are making less profit from UK lending than rivals.

Banking reform ’should be more radical’ says Treasury minister Lord Myners

A government review of the banking industry is not thinking far enough “out of the box” says Treasury minister Lord Myners.

RBS contradicts Darling on business loans with new ads

Royal Bank of Scotland has launched an advertising campaign urging business customers to take advantage of their loan deals in a counterattack on the Government’s claims that the banks are refusing to lend.

Fight that could put paid to Wall Street’s 100m men

When Andrew Hall donated 2300 £1380 to Barack Obama’s “victory fund” on October 13 last year the 58yearold banker probably didn’t think much of it. The money – the maximum permitted donation by an individual under US federal election laws – though no doubt well intended was a drop in the ocean for the Britishborn oil trader.

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