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Tuesday newspaper round-up: RBS, Barclays, HBOS, Abbey, Nationwide
Thu, 20 Nov, 2008
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Tuesday newspaper round-up: RBS, Barclays, HBOS, Abbey, Nationwide
Tue, 14 Oct 2008, 06:09:00
More Chart Options
Related Market Prices
Name
Value
Percent
Change
Royal Bank of Scotland Group
46.00p
+8.75%
Barclays
127.70p
-1.47%
HBOS
72.00p
+11.98%
Taylor Wimpey
8.71p
-6.24%
Royal Bank of Scotland Scots C rg Prf.
0.00p
+0.00%
LLOYDS BK. 10 5/8% SUB LN STK 2008
0.00p
+0.00%
Royal Bank of Scotland 5.5% Cum. Prf.
0.00p
+0.00%
Lloyds TSB Stlg Step-up Non-Vtg Cum Pfd Secs
0.00p
+0.00%
Royal Bank of Scotland 11% Cum. Prf
0.00p
+0.00%
Lloyds TSB Euro Step-up Non Cum Pfd Secs
0.00p
+0.00%
Royal Bank of Scotland Ser 1 Non Cumulative $ Preference $0.01
0.00p
+0.00%
Royal Bank of Scot. ARG Non-Cum. A
0.00p
+0.00%
Royal Bank of Scotland Ser 2 Non Cumulative $ Preference $0.01
0.00p
+0.00%
Royal Bank of Scotland Scotserb B
0.00p
+0.00%
Royal Bank of Scot Prfg Cat. II
0.00p
+0.00%
Halifax 12% Perp Sub Bds
11000.00p
+0.00%
Halifax 13 5/8% Perp Sub Bds
12500.00p
+0.00%
Halifax 8 3/4% Perp Sub Bds
8500.00p
+0.00%
HBOS 9 1/4% Non-Cumulative Irrd Preference Shares £1
92.50p
-0.00%
HBOS 9 3/4% Non-Cumulative Irrd Preference Shares £1
96.25p
-0.77%
HBOS Fxd to Fltg Rte Non-cum Pref Shares
0.00p
+0.00%
HBOS PLC Non Cum 6.0884% Prf GBP1
58250.00p
+0.00%
HBOS 6.475% Non-Cum Pref Shrs
65.00p
-1.52%
Lloyds TSB FRN Non-Cum Pref Shares
0.00p
+0.00%
Lloyds TSB Group
125.30p
+5.74%
Related Articles
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Thu, 20 Nov 2008
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Thu, 20 Nov 2008
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Thu, 20 Nov 2008
London midday: Insurers rattled by equity sell-off
Thu, 20 Nov 2008
London mid-morning: Footsie under the weather
Thu, 20 Nov 2008
Thousands of jobs are under threat as
Royal Bank of Scotland
(RBS) slims down its global markets and investment banking division as part of the price of the Government's £20bn capital injection. RBS has agreed to "a significant downsizing of capital-intensive businesses" within the division, which employs 25,000 people, most of them in Britain. It has also agreed to reduce proprietary risk, suggesting that proprietary traders could be under threat, reports the Times.
The Telegraph reports that RBS has abandoned its risk-taking strategy of the past eight years which helped it become one of the world's biggest banks and said it would concentrate on conservative lines of business. The move - forced on RBS by the Government as part of its £20bn bail-out - will see the bank dramatically cut its corporate banking business. The bank is also set to embark on sweeping asset sales, which could include the disposal of parts of ABN Amro the acquisition of last year which has contributed to its current dire circumstances.
Barclays
chief executive John Varley has warned that government ownership of rival banks will leave them "hobbled" and at risk of losing key employees as the bank unveiled plans to raise £6.5bn in new capital from the private sector. Mr Varley said he was "quietly confident" that Barclays would be able to push through its own fundraising without government support, claiming the bank already had an agreement "in principle" with an existing shareholder to contribute £1bn, the Telegraph reports.
Abbey
and
Nationwide
became the latest banks to increase their capital ratios yesterday as part of the Government's plan to increase confidence in the sector. Santander, the Spanish owner of Abbey, said it had injected £1bn into Abbey from elsewhere in the group, taking its forecast tier one capital ratio for the year end to about 9.25% from 8%. Santander, which bought Alliance & Leicester and took over the deposits of Bradford & Bingley last month, said it had no intention of taking up the Government's offer of extra capital, according to the Independent.
The British Government became one of the biggest banks in the world yesterday. For the first time in history, the banking system of a major Western economy has been placed, in effect, under state control. The decision by the Government to spend £37bn to take large stakes in the Royal Bank of Scotland Group, which owns NatWest, and the soon-to-be-merged Lloyds TSB and Halifax Bank of Scotland combined, puts the bulk of the UK's activities in banking activities in the public sector, writes the Independent.
President Bush
is today expected to unveil firm plans to use $250bn worth of US taxpayer funds to seize stakes in nine of America's biggest banks as part of a move to stabilize the US banking system. The proposal to use part of Washington's $700 bn rescue fund to buy bank stock is expected to be announced by the White House today, writes the Times.
Toscafund Asset Management, the London hedge fund planning a restructuring after big losses this year, has sold its 10% stake in
Taylor Wimpey
, the country's biggest housebuilder. Tosca, run by Tiger Management alumnus Martin Hughes, sold the stake as it slims down to focus on its best positions. Taylor Wimpey shares have tumbled 90% this year and closed down 14.5%, or 3p, to 17¾p on Monday, writes the Financial Times.
The retail tycoon
Sir Philip Green
was finessing his bid to grab up to 10% of the UK retail market by purchasing the debt of Baugur, the beleaguered Icelandic investor, reports the Independent. Last night, the billionaire Sir Philip told the newspaper that he was still "waiting to hear back" from the Icelandic government on his offer to buy more than £1bn of Baugur's debt in a deal that could ultimately transform the ownership dynamics of the UK high street.
The
Japanese government
Tuesday unveiled measures to shore up its financial markets after the weekend's G7 finance ministers' meeting. "While Japan's financial sector remains relatively stable and sufficient safety nets are already in place, I will continue to monitor on a heightened alert the impact of the recent rapid fall in the stock markets on Japan's financial sector and real economy," said Shoichi Nakagawa, the finance minister and minister of state for financial services, according to the Financial Times.
Waste Management
, the largest waste removal company in the US, has pulled out of a $6.73bn hostile bid for
Republic Services
, the third largest, saying that credit market turmoil made it impossible to secure appropriate financing. The withdrawal of Waste Management's takeover attempt, after it earlier had two offers rejected, opens the way for Republic to complete its merger with
Allied Waste
, the second-largest trash hauler, writes the Financial Times.
Related Newspaper Articles:
Bail-out to change the face of banking
-
Telegraph
Markets soar as the world acts to rescue banks
-
Times
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