Bank Report

Goldman platform hurdle (The Wall Street Journal Europe, 17 Sep 2007, Page 31)

2007-09-17T12:41:00.001+01:00

Goldman platform hurdle
By Luke Jeffs
The Wall Street Journal Europe
17 Sep 2007

THREE MONTHS AFTER Goldman Sachs Group Inc. launched its first European multibroker algorithmic trading offering, the bank is struggling to persuade its largest rivals to use its RediPlus service. At issue is the question of independence and whether... read more...

For Northern Rock, the options grow stark (The Wall Street Journal Europe, 17 Sep 2007, Page 3)

2007-09-17T12:19:00.001+01:00

For Northern Rock, the options grow stark
By Carrick Mollenkamp And Jason Singer —Joellen Perry contributed to this article
The Wall Street Journal Europe
17 Sep 2007

After a weekend of worried customers crowding branches to withdraw their deposits, U.K. bank Northern Rock PLC faces tough decisions on how to salvage its business. With U.K. television broadcasting scenes of lines at bank branches and screaming... read more...

Tech Tags: The Wall Street Journal Europe newspaper Leading The News

2007-08-22T18:18:00.001+01:00

Central banks keeping markets f lush with cash
By and in Frankfurt and in London
The Wall Street Journal Europe
22 Aug 2007

Amid persistent fears of a global credit crisis, central banks world-wide continued pumping cash into money markets. As expected, the European Central Bank gave cash-hungry institutions extra funds in its regular weekly refinancing operation... read more...

Tech Tags: The Wall Street Journal Europe newspaper Front Page

2007-07-24T17:48:00.001+01:00

Barclays turns to China
By Jason Dean in Beijing and Carrick Mollenkamp and Jason Singer in London
The Wall Street Journal Europe
24 Jul 2007

In reaching out to China to raise money, Barclays PLC is demonstrating an important shift in the flow of global capital. China Development Bank, a Chinese-government controlled lender, plans to invest as much as OE9.8 billion, or $13.6 billion, for a... read more...

Tech Tags: The Wall Street Journal Europe newspaper Front Page

2007-07-16T13:39:00.001+01:00

RBS readies new ABN offer
By Jason Singer And Carrick Mollenkamp
The Wall Street Journal Europe
16 Jul 2007

ATRIO OF BANKS led by Royal Bank of Scotland Group PLC plans to present a new, almost-all-cash bid for Dutch bank ABN Amro Holding NV as early as today and has asked ABN’s management and supervisory boards to recommend its offer, according to people... read more...

Tech Tags: The Wall Street Journal Europe newspaper Money & Investing

2007-07-10T19:17:00.001+01:00

Banking on commodities
By Rebecca Smith And Carrick Mollenkamp
The Wall Street Journal Europe
10 Jul 2007

SEMPRA ENERGY’S plan to form a joint venture for commodities trading with Royal Bank of Scotland Group PLC is the latest example of banks playing a larger role in markets previously dominated by energy companies. The joint venture is an attempt to... read more...

Tech Tags: The Wall Street Journal Europe newspaper European Markets Lineup

2007-07-02T13:24:00.001+01:00

ABN Amro aims to buy stake in Chinese lender
By Rick Carew —Rose Yu contributed to this article.
The Wall Street Journal Europe
02 Jul 2007

SHANGHAI—Dutch bank ABN Amro Holding NV hopes to take a strategic stake in Chinese regional lender Huishang Bank Co. and rapidly expand its own China network, ABN Amro Asia’s chief executive said Saturday. “We would be interested in starting a... read more...

Tech Tags: The Wall Street Journal Europe newspaper Money & Investing

2007-06-18T14:18:00.001+01:00

Chinese banks expand overseas
By Carolyn Cui —Damien Paletta contributed to this article.
The Wall Street Journal Europe
18 Jun 2007

NEW YORK—Chinese banks are stepping up their presence in the U.S., part of a broader move by China to integrate its financial system with the rest of the world. In April, Industrial & Commercial Bank of China, the country’s largest commercial bank by... read more...

Tech Tags: The Wall Street Journal Europe newspaper From Page One

2007-06-05T15:09:00.001+01:00

China’s new wealth lures private bankers
By Jason Leow —Zhou Yang and Shai Oster contributed to this article.
The Wall Street Journal Europe
05 Jun 2007

BEIJING—China’s growing legions of newly rich have spurred a niche that once would have been unthinkable in this Communist nation— private banking. Citigroup Inc.’s Citibank (China) Co. and Bank of China Ltd. have launched separate programs in what is... read more...

Tech Tags: The Wall Street Journal Europe newspaper Money & Investing

2007-05-28T19:45:00.001+01:00

The Profumo affair

The Business
26 May 2007

he board of ABN Amro must have been kicking their clogs in frustration as they watched Italy’s UniCredit announce and agree a takeover of Capitalia, a smaller domestic rival, for nearly €22bn (£15bn, $29.6bn) in just two weeks. To the great surprise of... read more...

Tech Tags: The Business newspaper Business Focus Italian Banks

2007-05-28T19:43:00.000+01:00

Fresh blow to RBS’s ABN Amro bid over Dutch central bank fears
HELEN DUNNE
The Business
26 May 2007

THE Dutch central bank is concerned that Royal Bank of Scotland may have insufficient financial resources to support ABN Amro while the consortium splits the banking group apart. It is believed that De Nederlandsche Bank’s (DNB) concerns are proving a... read more...

Tech Tags: The Business newspaper Editorial

2007-05-23T16:24:00.001+01:00

Japan’s bank revival moves slowly
By Yuka Hayashi
The Wall Street Journal Europe
23 May 2007

Tokyo ABOUT A YEAR AGO, Japan’s top three banks outlined ambitious plans to get back into growth mode. They had finally gotten rid of the bad-loan problems that had bogged them down for nearly a decade and were eager to boost their profitability so... read more...

Tech Tags: The Wall Street Journal Europe newspaper Corporate News

2007-05-10T03:28:00.001+01:00

Bank of America sues ABN Amro

The Nation
07 May 2007

Bank of America sued ABN Amro at the weekend, saying the Dutch bank’s breach of a deal to sell a Chicago-based bank would cause “irreparable damage”. Bank of America filed suit in a federal court in New York seeking an injunction barring ABN Amro from... read more...

Tech Tags: The Nation newspaper BUSINESS WORLD

2007-04-23T15:29:00.001+01:00

ABN sale turns trickier
By Carrick Mollenkamp, Edward Taylor and Jason Singer
The Wall Street Journal Europe
23 Apr 2007

For months, plans for the world’s biggest bank merger unfolded at a stately pace between two European chieftains. After quietly polling other European banks, Rijkman Groenink, chief of the Netherlands’ ABN Amro Holding NV, settled on Britain’s... read more...

Tech Tags: The Wall Street Journal Europe newspaper Front Page

2007-04-19T13:25:00.000+01:00

Barclays plans for higher ABN Amro bid
HELEN DUNNE
The Business
21 Apr 2007

BARCLAYS has a “number of aces” up its sleeve that will enable the high street bank to offer a higher-than-expected price for ABN Amro, the Dutch bank that it is hopes to acquire, insiders claim. The terms of Barclays’ offer will be revealed early... read more...

Tech Tags: The Business newspaper Business News

Global transactions bulk up Deutsche Bank’s profits

2007-02-12T13:56:00.000Z

Global transactions bulk up Deutsche Bank’s profits

BY ARINDAM NAG OF DOW JONES NEWSWIRES

The Business

10 Feb 2007

Anyone tracking Deutsche Bank’s performance with an eye on a good long-term bet needs to look at a part of its business which generates few headlines: its global transactions business (GTB) is in the third year of a robust recovery, boasting a 66%... read more...

Tech Tags: The Business newspaper Global Briefing

Greek banks prepare for war

2007-02-12T13:54:00.000Z

Greek banks prepare for war

BY HELEN DUNNE

The Business

10 Feb 2007

THE GREEKS are better known for their tragedies than their farces; but the current € 6bn (4bn, $7.9bn) spat in its banking sector has unexpectedly emerged as the most exciting financial services battle in Europe. This unlikely tale began last month... read more...

Tech Tags: The Business newspaper Global Briefing

Markets cannot bank on rates holding

2007-02-05T12:49:00.000Z

Markets cannot bank on rates holding

Larry Elliott Economics editor

The Guardian

05 Feb 2007

Once bitten, twice shy. Having been caught napping by the Bank of England’s surprise increase in interest rates early in the new year, the City is a bit more circumspect this month. The smart money is on the Monetary Policy Committee (MPC) keeping its... read more...

Tech Tags: The Guardian newspaper Economics

Behind Citigroup’s Sears problem

2007-02-01T11:48:00.000Z

Behind Citigroup’s Sears problem

By Robin Sidel And Clint Riley

The Wall Street Journal Europe

31 Jan 2007

Citigroup Inc. went on a buying spree at Sears more than three years ago. Now, it needs other shoppers to do the same. Top executives of Citigroup, grappling with high expenses and disappointing performance in some businesses, are singling out the... read more...

Tech Tags: The Wall Street Journal Europe newspaper The International Investor

Muted German inflation may not prevent ECB from raising rates

2007-02-01T11:37:00.000Z

Muted German inflation may not prevent ECB from raising rates

By Joellen Perry

The Wall Street Journal Europe

31 Jan 2007

FRANKFURT—Lower oil prices helped offset a hefty tax increase to keep German inflation below expectations in January, a signal that inflation across the euro area could remain muted this month. Still, the data are unlikely to sway the European Central... read more...

Tech Tags: The Wall Street Journal Europe newspaper Economy & Politics

Sberbank offermay top $11 billion

2007-01-30T11:30:00.000Z

Sberbank offermay top $11 billion

By Andrew Langley

The Wall Street Journal Europe

30 Jan 2007

MOSCOW—OAO Sberbank launched a share offering that could bring in more than $11 billion to support retail-lending growth at the Russian state-controlled bank. The placement will consist of as many as 3.5 million new shares, although the Russian... read more...

Tech Tags: The Wall Street Journal Europe newspaper European Markets Lineup

How hedge fund’s crisis helped other firms profit

2007-01-30T11:23:00.000Z

How hedge fund’s crisis helped other firms profit

By Ann Davis, Gregory Zuckerman and Henny Sender

The Wall Street Journal Europe

30 Jan 2007

When Amaranth collapsed in the fall, after swiftly incurring a loss of more than $6 billion, it was the biggest hedge-fund failure ever. Now, as Amaranth investors slowly get back what is left of their money, it is becoming clear that the debacle also... read more...

Tech Tags: The Wall Street Journal Europe newspaper Front Page

Tightening the belt: At Citigroup, battle over expenses fueled ouster

2007-01-25T16:36:00.000Z

Tightening the belt: At Citigroup, battle over expenses fueled ouster

The Wall Street Journal Europe

25 Jan 2007

read more...

Tech Tags: The Wall Street Journal Europe newspaper Newsindepth

New rate hike in doubt as Bank reveals split

2007-01-25T16:04:00.000Z

New rate hike in doubt as Bank reveals split

Ashley Seager

The Guardian

25 Jan 2007

A further hike in interest rates in the near future was cast into doubt when it was revealed yesterday that the Bank of England’s monetary policy committee was split almost down the middle when it voted earlier this month to raise rates. Minutes of... read more...

Tech Tags: The Guardian newspaper Financial

New rate hike in doubt as Bank reveals split

2007-01-25T16:03:00.000Z

Tech Tags: The Guardian newspaper Financial

Citigroup net drops 26%

2007-01-22T13:06:00.000Z

Citigroup net drops 26%

By Clint Riley

The Wall Street Journal Europe

22 Jan 2007

Citigroup Inc.’s chief said he expected to boost competitiveness at its investment bank this year and to rein in expenses after a relatively sluggish fourth quarter for the world’s largest financial institution by market value. Fourth-quarter net... read more...

Tech Tags: The Wall Street Journal Europe newspaper Corporate News Global Business Briefs

THE £40m BANKER

2007-01-22T12:47:00.000Z

THE 40m BANKER

HELEN DUNNE

The Business

20 Jan 2007

A BANKER at Barclays was paid at least 40m ( €61m, $79m) in 2005, making him the highest paid employee of a FTSE 100 company in history, The Business can reveal. Some insiders claim that Roger Jenkins, head of principal investing and private equity... read more...

Tech Tags: The Business newspaper Business News

Big is no longer beautiful for HSBC

2007-01-19T13:36:00.000Z

Big is no longer beautiful for HSBC

JON ASHWORTH AND ROSS TIEMAN

The Business

13 Jan 2007

THE words “Established bank. A few problems in America. Shares look cheap,” may look tempting to investors fancying a speculative punt – but not when the bank in question is HSBC, once considered as solid as the Hong Kong Peak beneath which its Asian... read more...

Tech Tags: The Business newspaper Global Briefing

Creditwoes chip at banks

2007-01-19T12:38:00.000Z

Creditwoes chip at banks

By Robin Sidel

The Wall Street Journal Europe

19 Jan 2007

Little cracks are starting to appear. Even as big U.S. banks crank out double-digit percentage gains in earnings, a longpredicted weakening in credit quality is showing up in their quarterly financial reports. Like their smaller brethren that began... read more...

Tech Tags: The Wall Street Journal Europe newspaper [ International Investment Funds The International

Surging higher: factory prices, wages and lending

2007-01-19T12:12:00.000Z

Surging higher: factory prices, wages and lending

Ashley Seager

The Guardian

19 Jan 2007

Further justification for last week’s interest rate rise by the Bank of England emerged yesterday as a key business survey showed surging demand across the economy and rising prices for firms’ goods. And today a survey from a leading pay specialist... read more...

Tech Tags: The Guardian newspaper Financial

Seeking cash, U.S. banks create post: deposit chief

2007-01-16T15:27:00.000Z

Seeking cash, U.S. banks create post: deposit chief

By Clint Riley

The Wall Street Journal Europe

16 Jan 2007

The U.S.’s banks and savings institutions are facing a severe deposit crunch. Total deposits as a percentage of assets on hand at the end of September at the U.S.’s more than 8,700 insured banks and thrifts reached the lowest level since the Federal... read more...

Tech Tags: The Wall Street Journal Europe newspaper Money & Investing

Banks’ role in LBO boom worries German official

2007-01-12T14:36:00.000Z

Banks’ role in LBO boom worries German official

By Edward Taylor

The Wall Street Journal Europe

12 Jan 2007

Germany’s top financial-markets regulator, echoing the worries of other financial regulators in Europe and the U.S., said there are increasing concerns about the risks that banks and others are taking as they help finance a historic leveraged-buyout... read more...

Tech Tags: The Wall Street Journal Europe newspaper Money& Investing

GLG and Deutsche Bank face fines over bond offer

2006-12-29T02:14:00.000Z

GLG and Deutsche Bank face fines over bond offer

By Alistair MacDonald

The Wall Street Journal Europe

28 Dec 2006

France’s markets regulator will fine hedge fund GLG Partners LP and Deutsche Bank AG for abuses arising out of a convertible-bond offer for French telecommunicationsequipment maker Alcatel SA, according to people familiar with the matter. The Autorite... read more...

Tech Tags: The Wall Street Journal Europe newspaper Leading The News

Syria solicits investment in its banks

2006-12-20T01:45:00.000Z

Syria solicits investment in its banks

By Nadim Issa

The Wall Street Journal Europe

19 Dec 2006

BEIRUT, Lebanon—Syria hopes to increase foreign investment by easing rules on overseas ownership of banks, but analysts warn that the country’s tense relationship with the West is likely to keep a lid on any inflows. Adib Mayaleh, governor of the... read more...

Tech Tags: The Wall Street Journal Europe newspaper Economy & Politics

Art troves add interest to Italy’s bank mergers

2006-12-19T03:14:00.000Z

Art troves add interest to Italy’s bank mergers

By Stacy Meichtry

The Wall Street Journal Europe

18 Dec 2006

A wave of mergers is sweeping through Italy’s staid banking sector, creating global powerhouses—of fine art. The merger between Sanpaolo IMI SpA and Banca Intesa SpA, announced in August, will forge one of Europe’s largest banks, with a combined... read more...

Tech Tags: The Wall Street Journal Europe newspaper Front Page

Lloyd’s stresses technology in bid to gain efficiency

2006-12-15T17:33:00.000Z

Lloyd’s stresses technology in bid to gain efficiency

By Ian McDonald

The Wall Street Journal Europe

15 Dec 2006

LONDON—Long criticized for slapdash business practices, the storied Lloyd’s insurance market says it will keep trying to make it cheaper and easier to buy and sell insurance over the next three years. That is the upshot from the London market’s... read more...

Tech Tags: The Wall Street Journal Europe newspaper Corporate News

Goldman Sachs unveils record earnings as the bonus season starts

2006-12-14T00:54:00.000Z

Goldman Sachs unveils record earnings as the bonus season starts

David Teather and Jill Treanor

The Guardian

13 Dec 2006

Goldman Sachs yesterday reported record earnings of $9.5bn (4.8bn) for 2006, almost as much as it had made in the previous two years combined and pointing to a bumper year for the City and Wall Street. The bank’s total compensation bill reached... read more...

Tech Tags: The Guardian newspaper Financial

French challenge ECB on exchange-rate role

2006-12-12T13:57:00.000Z

French challenge ECB on exchange-rate role

By Geraldine Amiel

The Wall Street Journal Europe

12 Dec 2006

PARIS—French Prime Minister Dominique de Villepin said the European Central Bank’s responsibility for exchange rates requires clarification and should be coordinated with euro-zone governments. Challenging the ECB’s statutory policy independence, Mr.... read more...

Tech Tags: The Wall Street Journal Europe newspaper Economy & Politics

Speculation mounts over Barclays takeover

2006-12-09T10:57:00.000Z

Speculation mounts over Barclays takeover

Jill Treanor

The Guardian

09 Dec 2006

Barclays was the subject of intense speculation yesterday that it could be taken over by Bank of America for 60bn in what would be one of the biggest ever deals in the financial services industry. Even the move by outgoing Barclays chairman Matt... read more...

Tech Tags: The Guardian newspaper Financial

Bank of New York to acquire Mellon

2006-12-06T02:29:00.000Z

Bank of New York to acquire Mellon

By Simon Kennedy And David Enrich

The Wall Street Journal Europe

05 Dec 2006

NEW YORK— Bank of New York Co. has agreed to buy Mellon Financial Corp. for about $16.5 billion in stock in a deal that will create one of the world’s largest custodians of financial assets and a top 10 assetmanagement firm. Executives said the... read more...

Tech Tags: The Wall Street Journal Europe newspaper Leading The News

Banks hiding online fraud, say police

2006-12-06T01:08:00.000Z

Banks hiding online fraud, say police

Rupert Jones

The Guardian

05 Dec 2006

Banks and other financial institutions are deliberately failing to report incidents of online fraud to the police, possibly because they are worried about the potential damage to their reputations, a senior police officer said yesterday. The... read more...

Tech Tags: The Guardian newspaper Science

ABN Amro pays Vietnam for losses

2006-11-27T13:45:00.000Z

ABN Amro pays Vietnam for losses

By James Hookway

The Wall Street Journal Europe

27 Nov 2006

A B N A m ro H o l d i n g NV has p a i d $ 4 . 5 m i l l i o n t o a s t a te - owned Vietnamese bank to comp e n s a te i t f o r l o s s e s s u f f e re d d u r - i n g d i s p u te d f o re i g n - c u r re n c y t ra d e s w i t h t h e D u tc h... read more...

Tech Tags: The Wall Street Journal Europe newspaper European Markets Lineup

Deal would end banker’s trial

2006-11-27T13:26:00.000Z

Deal would end banker’s trial

By Edward Taylor

The Wall Street Journal Europe

27 Nov 2006

Deutsche Bank AG Chief Executive Josef Ackermann took a big step toward ending the uncertainty over his ability to lead Germany’s largest bank after reaching a proposed settlement with German prosecutors in a high-profile criminal trial over executive... read more...

Tech Tags: The Wall Street Journal Europe newspaper Corporate News

U.S., EU work to ease Swift bank-data concerns

2006-11-21T16:19:00.000Z

U.S., EU work to ease Swift bank-data concerns

By Glenn R. Simpson

The Wall Street Journal Europe

21 Nov 2006

BRUSSELS—As European privacy watchdogs step up their criticism of aU.S. counterterrorism program that monitors global banktransfer data, U.S. and European Union officials are quietly exploring ways to allay concerns over the program’s possible... read more...

Tech Tags: The Wall Street Journal Europe newspaper Leading The News

Banks warned of ‘end to the good times’

2006-11-16T19:44:00.000Z

Banks warned of ‘end to the good times’

Jill Treanor and Rupert Jones

The Guardian

16 Nov 2006

The City regulator issued a warning to the high street banks yesterday that the “clouds were already darkening” and urged them to prepare for the impact of rising unemployment and the knock-on effect on bad debts. The Financial Services Authority... read more...

Tech Tags: The Guardian newspaper Financial

Inflation steadies but Bank fears higher wage deals

2006-11-15T22:46:00.000Z

Inflation steadies but Bank fears higher wage deals

Ashley Seager

The Guardian

15 Nov 2006

The prospect of further interest rate rises in the next few months receded yesterday with official figures showing no change in the rate of inflation — defying City expectations that it would rise to its highest in a decade. The Office for National... read more...

Tech Tags: The Guardian newspaper Financial

RBS sets sights on China’s insurance market

2006-11-10T13:27:00.000Z

RBS sets sights on China’s insurance market

Phillip Inman Beijing

The Guardian

10 Nov 2006

Royal Bank of Scotland has expanded its joint venture with Bank of China to include general insurance, even though the bank admits it could be bought out after three years in spite of investing 900m. RBS is convinced a lucrative market for insurance... read more...

Tech Tags: The Guardian newspaper Financial

For investors, going beyond bonds pays dividends

2006-11-06T18:33:00.000Z

For investors, going beyond bonds pays dividends

By Michael A. Pollock

The Wall Street Journal Europe

06 Nov 2006

Income-focused investors long have gravitated to bond-focused mutual funds, and for good reason. Such funds offer ample yield and much less volatility than stocks. But to cope with inflation and cut the risk of outliving their assets, itmay make sense... read more...

Tech Tags: The Wall Street Journal Europe newspaper Mutual Funds Review

Abbey criticised for lending up to five times salary

2006-11-02T16:03:00.000Z

Abbey criticised for lending up to five times salary

Rupert Jones

The Guardian

02 Nov 2006

Debt charities and MPs condemned yesterday the leading mortgage lender Abbey’s decision to allow homebuyer couples to borrow up to five times their combined salaries. The bank said it was raising the amount it would lend to help more of those... read more...

Tech Tags: The Guardian newspaper Financial

Bush Appointee Said to Reject Advice on Endangered Species (The Washington Post, 30 Oct 2006, Page A3)

2006-10-30T21:45:00.000Z

Bush Appointee Said to Reject Advice on Endangered Species

By Juliet Eilperin

The Washington Post

30 Oct 2006

A senior Bush political appointee at the Interior Department has rejected staff scientists’ recommendations to protect imperiled animals and plants under the Endangered Species Act at least six times in the past three years, documents show. In... read more...

Tech Tags: The Washington Post newspaper National News

Union accuses bank of making hollow claims about ethics

2006-10-26T16:56:00.000+01:00

Union accuses bank of making hollow claims about ethics

Phillip Inman

The Guardian

26 Oct 2006

Goldman Sachs was accused yesterday of making hollow claims about its ethical standards after the firm awarded a select band of top bankers multi-million-pound payouts while refusing to pay cleaners little more than the minimum wage. The investment... read more...

Tech Tags: The Guardian newspaper Financial

Japan market grows ripe for management buyouts

2006-10-25T16:20:00.000+01:00

Japan market grows ripe for management buyouts

By Andrew Morse

The Wall Street Journal Europe

25 Oct 2006

Tokyo HE SALARY man is becoming a buyout artist. Japan, long known for its legions of low-profile corporate executives, has become one of the world’s fastest-growing markets for management buyouts, a strategy used by executives to take their companies... read more...

Tech Tags: The Wall Street Journal Europe newspaper European Markets Lineup

Deutsche Bank CEO set for retrial

2006-10-23T04:02:00.000+01:00

Deutsche Bank CEO set for retrial
By Edward Taylor
The Wall Street Journal Europe
23 Oct 2006

The retrial later this week of Deutsche Bank AG Chief Executive Josef Ackermann on criminal charges that he abused his position as a director of another German company again brings to the fore the differences between U.S. and German practices on... read more...

Tech Tags: The Wall Street Journal Europe newspaper Front Page

Banker to the world’s poor wins Nobel peace prize

2006-10-16T13:22:00.000+01:00

Banker to the world’s poor wins Nobel peace prize
Randeep Ramesh South Asia correspondent
The Guardian
14 Oct 2006

A Bangladeshi economist yesterday won the Nobel peace prize for helping to lift millions out of poverty by lending tiny amounts of money directly to the neediest people on the planet. Muhammad Yunus, the microcredit pioneer, and the bank he founded in... read more...

Tech Tags: The Guardian newspaper International

Lavish spending, lack of deals hurt HSBC’s foray into M&A

2006-10-05T05:20:00.000+01:00

Lavish spending, lack of deals hurt HSBC’s foray into M&A
By Carrick Mollenkamp
The Wall Street Journal Europe
05 Oct 2006

JLondon UST BEFORE Christmas 2004, John Studzinski, the co-head ofHSBCHoldings PLC’snew investment bank, warned his bankers how intensely they needed to chase big deals to transform the company into a top global player. “There has to be an element of... read more...

Tech Tags: The Wall Street Journal Europe newspaper Front Page

Poland’s bank chief rips budget

2006-09-29T06:44:00.000+01:00

Poland’s bank chief rips budget
By Joellen Perry
The Wall Street Journal Europe
29 Sep 2006

Capping more than a week of political turmoil in Poland, the country’s central-bank chief lambasted thegovernment’sdraft2007budget— which projects a deficit—as one of “irresponsibility and populism.” The incident highlights increasing tensions among... read more...

Tech Tags: The Wall Street Journal Europe newspaper Leading The News

U.S. stocks simmer down after approaching record

2006-09-28T07:10:00.000+01:00

U.S. stocks simmer down after approaching record

The Wall Street Journal Europe
28 Sep 2006

A WALL STREET JOURNAL NEWS ROUNDUP FTER GETTING within two points of its highest closing level ever yesterday, the Dow Jones Industrial Average wavered on two old fears: oil prices and the Federal Reserve. In late trading in New York, the Dow was up... read more...

Tech Tags: The Wall Street Journal Europe newspaper European Markets Lineup

Success in the City powers Britain’s boom

2006-09-26T05:36:00.000+01:00

Success in the City powers Britain’s boom
Angela Balakrishnan
The Guardian
26 Sep 2006

Britain’s financial sector is booming and made up just under a tenth of the country’s economy last year, according to a report published yesterday. Financial services account for 8.5% of the UK economy, up from 5.5% five years ago, International... read more...

Tech Tags: The Guardian newspaper Financial

Bank Names Kozlov’s Replacement

2006-09-25T07:05:00.000+01:00

Bank Names Kozlov’s Replacement
By Gleb Bryanski REUTERS
Moscow Times
22 Sep 2006

Gennady Melikyan, a Central Bank deputy chairman, has been appointed head of its banking supervision committee, replacing Andrei Kozlov, who was shot dead earlier this month, the bank said Thursday. Melikyan will take over Kozlov’s powers of... read more...

Tech Tags: Moscow Times newspaper Bus Iness

Macquarie Bank (MBL) $63.41

2006-09-19T18:12:00.000+01:00

Macquarie Bank (MBL) $63.41

Australian
20 Sep 2006

LOPPING the heads off tall poppies is a proud Australian tradition, so it must be especially galling for the detractors of Macquarie Bank that every time they try to knock down the Millionaires Factory it bounces back with another profit... read more...

Tech Tags: Australian newspaper Marketplace Business

Foreign banks in Vietnam detail fears

2006-09-18T08:50:00.000+01:00

Foreign banks in Vietnam detail fears
By James Hookway
The Wall Street Journal Europe
18 Sep 2006

Major foreign banks in Vietnam have expressed concern to the country’s central bank over the threatened criminal prosecution of several ABN Amro Holding NV staff in connection with a currency-trading dispute, a development that has tainted the... read more...

Tech Tags: The Wall Street Journal Europe newspaper Money & Investing

Putin orders crackdown after banker’s murder

2006-09-18T08:29:00.000+01:00

Putin orders crackdown after banker’s murder
By Gregory L. White
The Wall Street Journal Europe
18 Sep 2006

MOSCOW—President Vladimir Putin ordered stepped-up efforts to root out economic crime and corruption, saying last week’s brazen murder of a top central-bank official is a sign of rising tensions in that fight. The contract-style killing of Andrei... read more...

Tech Tags: The Wall Street Journal Europe newspaper Leading The News

HSBC tightens rules on customer credit

2006-09-12T10:00:00.000+01:00

HSBC tightens rules on customer credit

The Guardian
12 Sep 2006

HSBC yesterday signalled the end of easy credit as it announced a clampdown on customers who regularly go into the red on their current accounts. Britain’s biggest bank is changing its rules on overdrafts in order to rein in customers it believes are... read more...

Tech Tags: The Guardian newspaper Front Page

Watchdog threatens £1bn ‘overcharging’ by banks

2006-09-08T06:00:00.000+01:00

Watchdog threatens 1bn ‘overcharging’ by banks
Phillip Inman
The Guardian
08 Sep 2006

Bank profits worth more than 1bn a year were at risk yesterday after the Office of Fair Trading (OFT) threatened to slash by half the account fees and penalty charges that banks levy on customers. An OFT investigation into the level of bank charges... read more...

Tech Tags: The Guardian newspaper Financial

Asian Development Bank raises its growth outlook for region

2006-09-07T09:48:00.000+01:00

Asian Development Bank raises its growth outlook for region
By Cris Larano
The Wall Street Journal Europe
07 Sep 2006

MANILA—The economy of developing Asia is expected to expand at a pace faster than initially expected this year and next as growth in China and India fuel the region’s economic expansion, the Asian Development Bank said. The Manila bank said the... read more...

Tech Tags: The Wall Street Journal Europe newspaper Economy & Politics

Deutsche Postbank to join DAX

2006-09-07T09:14:00.000+01:00

Deutsche Postbank to join DAX

The Wall Street Journal Europe
07 Sep 2006

REUTERS NEWS SERVICE German bank Deutsche Postbank AG will replace drug maker ScheringAGin the country’s stockmarket indexDAX, exchange operator Deutsche Brse said. Schering had to leave theDAXof Germany’s top-30 companies and will be demoted to the... read more...

Tech Tags: The Wall Street Journal Europe newspaper The International Investor

Sweden’s central bank increases interest rates

2006-08-31T10:37:00.000+01:00

Sweden’s central bank increases interest rates
By Carlo Piovano And Terence Roth
The Wall Street Journal Europe
31 Aug 2006

STOCKHOLM— Sweden’s Riksbank raised its interest rate by 0.25 percentage point to 2.50% and signaled more increases after evidence of brisk economic growth this summer. The central bank dismissed calls by a prominent think tank for it to leave rates... read more...

Tech Tags: The Wall Street Journal Europe newspaper The International Investor

Investors flee hedge fund amid decline in returns

2006-08-31T10:36:00.000+01:00

Investors flee hedge fund amid decline in returns
By Gregory Zuckerman
The Wall Street Journal Europe
31 Aug 2006

Investors have withdrawn$1 billion from Ritchie Capital Management LLC in the past year, amid disappointing returns and criticism over its use of separate accounts to hold certain investments, according to people close to the matter. Now, with $2... read more...

Tech Tags: The Wall Street Journal Europe newspaper Money & Investing

National Post, 24 Aug 2006. Pages 2 - 3

2006-08-24T13:11:00.000+01:00

Daily Mail
24 Aug 2006

Citigroup acquires TD’s capital markets wing

2006-08-22T05:46:00.000+01:00

Citigroup acquires TD’s capital markets wing
NEW YORK
Windsor Star
22 Aug 2006

Citigroup Inc., the biggest U.S. bank, bought TD Waterhouse Group Inc.’s capital-markets arm to trade small shares that aren’t listed with major marketplaces such as the New York Stock Exchange. Terms weren’t disclosed. The purchase brings 23... read more...

Tech Tags: Windsor Star newspaper Scoreboard

Dollar lacks clear direction

2006-08-21T05:14:00.000+01:00

Dollar lacks clear direction
By Isabelle Lindenmayer
The Wall Street Journal Europe
21 Aug 2006

The U.S. dollar seems to be having something of a commitment problem. A thin summer market and the euro’s inability to push past recent highs on the back of dollar-negative data have caused investors to shy away from driving the dollar in a clear... read more...

Tech Tags: The Wall Street Journal Europe newspaper INVESTING

Wall Street firms near exchange deal (The Wall Street Journal Europe, 17 Aug 2006, Page 21)

2006-08-17T07:16:00.000+01:00

Wall Street firms near exchange deal
By Aaron Lucchetti
The Wall Street Journal Europe
17 Aug 2006

A consortium of Wall Street firms, including Citigroup Inc., Bear Stearns Cos. and Credit Suisse Group, is close to buying 50% of the all-electronic National Stock Exchange— making it the latest example of brokerage houses putting their money behind... read more...

Tech Tags: The Wall Street Journal Europe newspaper Money & Investing

Breakingviews: UBS’s big fix

2006-08-16T06:45:00.000+01:00

Breakingviews: UBS’s big fix

The Wall Street Journal Europe
16 Aug 2006

nesses like M&A has clouded the clarity of mission that once set the firm apart and primed its progenitors to manage America’s finances. Though Mr. Paulson, and now Mr. Steel, are following tradition with their moves toWashington, it’s not clear how... read more...

Tech Tags: The Wall Street Journal Europe newspaper Money & Investing

Deutsche Bank chief returns investment push to Germany

2006-08-15T06:08:00.000+01:00

Deutsche Bank chief returns investment push to Germany
By Edward Taylor
The Wall Street Journal Europe
15 Aug 2006

As he prepares to be retried on criminal charges in a German court, Chief Executive Josef Ackermann has been putting the “Deutsche” back in Deutsche Bank AG. During his four years as head of Germany’s biggest bank by market value, Mr. Ackermann had... read more...

Tech Tags: The Wall Street Journal Europe newspaper Front Page

McCartneys hire royal couple’s divorce lawyers (Globe and Mail, 09 Aug 2006, Page A3)

2006-08-14T11:22:00.000+01:00

McCartneys hire royal couple’s divorce lawyers
BY MIKE COLLETT-WHITE, LONDON
Globe and Mail
09 Aug 2006

Sir Paul McCartney and his estranged wife Heather Mills McCartney have raised the stakes in their increasingly acrimonious divorce battle, hiring the same two lawyers who represented Prince Charles and Diana, Princess of Wales, when they split up in... read more...

Tech Tags: Globe and Mail newspaper Front Page

ING, Fortis profits rise; Aegon’s net declines 12%

2006-08-11T09:20:00.000+01:00

ING, Fortis profits rise; Aegon’s net declines 12%
By Nicolas Parasie
The Wall Street Journal Europe
11 Aug 2006

Two of Europe’s largest bankandinsurance companies, ING Groep NV and Fortis NV, reported sharp increases in second-quarter results, while smaller life insurer Aegon NV posted an expected drop in net profit. All three companies benefited from strong... read more...

Tech Tags: The Wall Street Journal Europe newspaper CORPORATE NEWS

Citigroup is fined for plot to waive fund sales fees

2006-08-11T09:15:00.000+01:00

Citigroup is fined for plot to waive fund sales fees
By Clint Riley
The Wall Street Journal Europe
11 Aug 2006

NEWYORK—The National Association of Securities Dealers fined Citigroup Inc.’s retail-brokerage unit $1.1 million for its role in a plot to waive mutual-fund sales charges by using false disability claims. The financial-services company was ordered to... read more...

Tech Tags: The Wall Street Journal Europe newspaper INDEX TO BUSINESSES INDEX TO PEOPLE LEADING THE NE

Whatever Fed does today, someone will be unhappy Higher interest rates help some, hurt others, but inflation hurts all (USA Today, 08 Aug 2006, Page 6A)

2006-08-08T08:21:00.000+01:00

Whatever Fed does today, someone will be unhappy Higher interest rates help some, hurt others, but inflation hurts all
By Barbara Hagenbaugh USA TODAY
USA Today
08 Aug 2006

WASHINGTON — Many consumers are hoping the Federal Reserve will declare an end today to its twoyear campaign of increasing interest rates, effectively closing a period of rising borrowing costs for everything from mortgages to credit cards. But then... read more...

Tech Tags: USA Today newspaper World

Barclays profit jumps on investment banking

2006-08-04T08:56:00.001+01:00

Barclays profit jumps on investment banking

Hindustan Times
04 Aug 2006

London: Barclays Plc, Britain's third-biggest bank, reported a better than expected 37 per cent rise in halfyear profits on Thursday, as a buoyant performance by its investment banking arm countered a big rise in bad debts. Barclays made a pretax... read more...

Tech Tags: Hindustan Times newspaper Htsport

Barclays profit jumps on investment banking

2006-08-04T08:56:00.000+01:00

Tech Tags: Hindustan Times newspaper Htsport

New HBOS boss announces £2.65bn profits

2006-08-02T12:56:00.000+01:00

New HBOS boss announces 2.65bn profits
Fiona Walsh
The Guardian
02 Aug 2006

Britain is rediscovering the savings habit, according to Andy Hornby, the youthful new chief executive of HBOS. Reporting better-than-expected firsthalf profits yesterday, Mr Hornby said HBOS had attracted new savings of 4bn, double the total in the... read more...

House price rise adds to pressure on Bank to increase rates

2006-08-02T12:55:00.001+01:00

House price rise adds to pressure on Bank to increase rates
Larry Elliott Economics editor
The Guardian
02 Aug 2006

Rising house prices and slower industrial growth provided a fresh dilemma for the seven current members of the Bank of England’s monetary policy committee as they began a two-day meeting this morning to decide interest rates. Ahead of what is seen in... read more...

House price rise adds to pressure on Bank to increase rates

2006-08-02T12:55:00.000+01:00

Profitable HSBC headed into Japan

2006-08-01T13:09:00.000+01:00

Profitable HSBC headed into Japan

The Province
01 Aug 2006

LONDON— Banking group HSBC Holdings PLC reported a 15-percent rise in its profit for the first half yesterday, as it said its expansion into emerging markets was showing results. HSBC, which operates in Britain, Europe, Asia and the Americas, said it... read more...

Banks make record profits but bad debts soar

2006-07-31T07:03:00.000+01:00

Banks make record profits but bad debts soar
Fiona Walsh
The Guardian
31 Jul 2006

Britain’s Big Five banks will this week enjoy another record reporting season, but their first-half figures are also expected to show a significant increase in bad debt charges as the industry pays the price of the consumer borrowing spree. HSBC... read more...

France’s top M&A banks seek more clout abroad

2006-07-28T07:09:00.000+01:00

France’s top M&A banks seek more clout abroad
By Michael Wang
The Wall Street Journal Europe
28 Jul 2006

LONDON—A red-hot French mergers-and-acquisitions market has helped BNP Paribas and Socit Gnrale, the country’s two largest banks, make big inroads in the lucrative advisory business. The challenge now for the pair is to parlay that newly gained... read more...

Central bankers worry more about instability than inflation

2006-07-28T07:07:00.000+01:00

Central bankers worry more about instability than inflation

The Wall Street Journal Europe
28 Jul 2006

CENTRAL BANKERS SEEM to have gone all timid. Growth is strong and inflation is rising across the wealthy part of the world. Yet the authorities have been increasing interest rates at a remarkably measured pace, so much so that the race between rates... read more...

Citigroup’s chief defends strategy as rivals advance

2006-07-27T17:21:00.000+01:00

Citigroup’s chief defends strategy as rivals advance
By Clint Riley
The Wall Street Journal Europe
27 Jul 2006

AT THE START of 2005, Citigroup Inc. Chief Executive Officer Charles Prince made controlling expenses inside the global bank he took over 18 months earlier one of his top priorities. Mr. Prince pledged to investors that in addition to repairing the... read more...

Hedge-fund relations to banks may be too close for comfort

2006-07-27T17:15:00.000+01:00

Hedge-fund relations to banks may be too close for comfort
By Henny Sender And Anita Raghavan
The Wall Street Journal Europe
27 Jul 2006

IN LATE 2002, the manager of MarshallWace LLP, a large London hedge-fund firm, received twoimportantphonecallsfromaninvestment bank that was about to unveil a client’s offering of securities. Such an offering would be of keen interest to investors. It... read more...

Merrill wears many hats in hospital deal

2006-07-26T18:53:00.000+01:00

Merrill wears many hats in hospital deal
By Randall Smith
The Wall Street Journal Europe
26 Jul 2006

Merrill Lynch & Co.’s investment in the $21 billion buyout of longtime client HCA Inc. shows how theWall Street financier aims to profit from its network of investment bankers advising hundreds of U.S. corporations—as it tries to navigate conflicts... read more...

Stocks Soar on Rate Hopes

2006-07-23T18:36:00.000+01:00

Stocks Soar on Rate Hopes
By Walter Hamilton
Los Angeles Times
20 Jul 2006

The stock market streaked higher Wednesday after comments from Federal Reserve Chairman Ben S. Bernanke renewed hope on Wall Street that the central bank would soon stop raising interest rates. The market also got a boost from a third straight day of... read more...

Home Office ensures NatWest Three must stay in US

2006-07-22T13:13:00.000+01:00

Home Office ensures NatWest Three must stay in US
Andrew Clark
The Guardian
22 Jul 2006

A Texas judge has rejected international bail for the so-called NatWest Three after the Home Office intervened by informing the US authorities that it could do little to supervise the former bankers if they returned to Britain ahead of their... read more...

JPMorgan Chase, Bank of America beat estimates

2006-07-22T12:55:00.000+01:00

JPMorgan Chase, Bank of America beat estimates
BY EILEEN ALT POWELL Associated Press
Miami Herald
20 Jul 2006

NEW YORK — Two of the nation’s largest banks — Bank of America and JPMorgan Chase — reported secondquarter earnings above Wall Street expectations, with strength in investment banking and asset management offsetting interest rate pressures on their... read more...

ECB trade-settlement proposal must battle numerous obstacles

2006-07-21T11:28:00.000+01:00

ECB trade-settlement proposal must battle numerous obstacles

The Wall Street Journal Europe
21 Jul 2006

REUTERS NEWS SERVICE FRANKFURT—The EuropeanCentral Bank’s proposal to take over settling a big chunk of stock and bond trades in the euro zone is a radical step to boost financial market integration but it faces huge obstacles, industry officials... read more...

Big U.S. companies sit on a mountain of cash

2006-07-21T11:25:00.000+01:00

Big U.S. companies sit on a mountain of cash
By Ian McDonald
The Wall Street Journal Europe
21 Jul 2006

AMERICANS ARE carrying record levels of debt. Big U.S. companies, on the other hand, have never been so flush with cash. Years of record earnings growth have allowed many of the biggest names in business to sock away money or use cash to buy back... read more...

Money talks

2006-07-21T11:22:00.000+01:00

Mac split to avoid regulation

2006-07-20T20:03:00.000+01:00

Mac split to avoid regulation
Robert Clow Meetings
Australian
21 Jul 2006

MACQUARIE Bank wants to free its burgeoning funds factory business from cumbersome domestic banking regulation as it charts a 15th straight year of record profits. More than eight months out from the end of its financial year, chief executive Allan... read more...

Two big U.S. banks surprise the Street

2006-07-20T20:01:00.000+01:00

Two big U.S. banks surprise the Street
EILEEN ALT POWELL ASSOCIATED PRESS
Toronto Star
20 Jul 2006

NEW YORK— Two of the largest banks in the United States — Bank of America Corp. and JPMorgan Chase & Co. — reported second-quarter earnings above Wall Street expectations, with strength in investment banking and asset management offsetting... read more...

RBS criticised for social impact of global lending

2006-07-19T04:44:00.000+01:00

RBS criticised for social impact of global lending
SIMON BAIN simon.bain@theherald.co.uk
The Herald
19 Jul 2006

ROYAL Bank of Scotland has “buried its head in the sand” over the social and environmental impacts of several controversial global lending projects, an environmental watchdog said yesterday. The London-based Platform group, which monitors the impacts... read more...

NatWest three face up to 9 years in jail

2006-07-18T09:23:00.000+01:00

NatWest three face up to 9 years in jail
CATHERINE MACLEOD UK POLITICAL EDITOR catherine.macleod@theherald.co.uk
The Herald
18 Jul 2006

THE three former NatWest employees extradited to the US from the UK last week to face seven charges of fraud will spend between seven and nine years in jail if convicted. During the campaign against the extradition, friends ofGary Mulgrew, David... read more...