Sun, 12 Oct, 2008
Treasury sources confirmed that the Government had drawn up plans to take on a majority stake in Royal Bank of Scotland and big holdings in Lloyds TSB, HBOS and Barclays under its £500bn plan to bail out the banking industry, says the Sunday Telegraph.
Fri, 10 Oct, 2008
Prime minister Gordon Brown denounced the "unacceptable" behaviour of the Icelandic authorities, who froze the accounts of hundreds of thousands of British savers, accusing them of taking illegal action. For his part, an angry Geir Haarde, his Icelandic counterpart, accused Britain of performing an "unfriendly act" against his country by using antiterrorist legislation to seize Icelandic accounts, reports the Times.
Thu, 09 Oct, 2008
Pressure was mounting on Sir Fred Goodwin to resign as chief executive of Royal Bank of Scotland (RBS) last night as the bank prepares to tap the Government's £500 billion rescue fund. The Government is thought to be reluctant to consent to RBS's participation in the bailout unless the chief executive relinquishes his role, says the Times.
Wed, 08 Oct, 2008
Taxpayers will be committed today to providing more than £50bn to bail out high street banks in an attempt to avert a cataclysmic failure of confidence. Alistair Darling was due to tell the City in an early morning announcement today that the sum will be available for "investment" in banks that have demanded help from the Government, writes the Times.
Tue, 07 Oct, 2008
The ongoing turmoil in global markets - and governments' measures to deal with it - dominated the business pages Tuesday morning.
Mon, 06 Oct, 2008
An emergency plan to pump billions of pounds of taxpayers' cash into Britain's banks emerged yesterday as the global financial crisis deepened.
Sun, 05 Oct, 2008
Hypo Real Estate was racing to find a way to save itself on Sunday after the German property lender revealed the collapse of a previous rescue plan. A consortium of banks that was to provide HRE with an emergency liquidity line had now declined to do so, says the FT.
Fri, 03 Oct, 2008
Royal Dutch Shell, Europe's largest energy company, has proposed a $1.2bn (£600m) takeover of Regal Petroleum, the oil and gas explorer trying to recover from a controversial past under former chief executive Frank Timis.
Thu, 02 Oct, 2008
The US House of Representatives was under growing pressure to pass the Bush administration's $700 billion financial rescue package after a modified version was overwhelmingly passed in the Senate last night.
Wed, 01 Oct, 2008
Prime minister Gordon Brown was personally fighting to save the proposed £12bn rescue by Lloyds TSB of savings bank HBOS last night amid growing doubts over the deal, reports the Times.
Tue, 30 Sep, 2008
US stocks suffered their worst one-day fall since the 1987 crash on Monday, after the House of Representatives shocked investors by voting to reject the Bush administration's $700bn bail-out plan.
Mon, 29 Sep, 2008
Santander, the Spanish banking giant and owner of Abbey National and Alliance & Leicester, has bought Bradford & Bingley's branch network and £21bn deposit book, leaving the Treasury to nationalise the failed mortgage lender's £50bn loan book, reports the Telegraph.
Sun, 28 Sep, 2008
News of the expected nationalisation of mortgage lender Bradford and Bingley dominated Sunday's business pages.
Fri, 26 Sep, 2008
JP Morgan Chase is to buy the bulk of US mortgage bank Washington Mutual's operations for $1.9bn after heavy losses on high-risk sub-prime mortgages bought the group to the brink of collapse.
Thu, 25 Sep, 2008
George W. Bush said the US was facing a "serious financial crisis" and risked a "long and painful recession" if Congress failed to pass his administration's proposed $700bn bail-out of Wall Street. In a televised address on Wednesday evening, the president said he had invited congressional leaders and both presidential candidates to the White House on Thursday in a bid to break the deadlock, says the FT.
Wed, 24 Sep, 2008
Lloyd Blankfein, chief executive of Goldman Sachs, last night said he planned to raise up to $12.5bn of new funds by selling a stake to Warren Buffett and tapping other institutional shareholders.
Tue, 23 Sep, 2008
One of Washington's senior senators urged the US Government last night to block the $700 billion (£378 billion) rescue package for the banks, which would be the biggest bailout since the Great Depression.
