Category Archives: Banking

Greece debt crisis: Athens stock market ends 16% lower as manufacturing plunges – live

Greek factory output falls to record low in JulyMarket falls more than 20% as bourse reopens after five-week shutdownBank and finance shares collapse by as much as 30%Lenders meet Greek labour ministerChina woes deepen on manufacturing slowdown 5.30pm …
Continue reading

Related posts:

  1. Beijing vows to prop up China’s stock market after greatest losses since 2007
  2. Emergency measures fail to halt China’s stock market nosedive
  3. Greek PM: We will get debt relief in November – live updates
Posted in Banking, Business, Currencies, Economics, Euro, Europe, European banks, European Central Bank, European monetary union, European Union, Eurozone crisis, Financial sector, Greece, Stock markets, World news | Comments Off

HSBC profits rise 10% but $1.5bn in misconduct charges dent bank figures

Global banking group made pretax profits of $13.6bn in the first six months of the year despite ‘a challenging global market’

HSBC was hit by $1.5bn (£1bn) of charges in the first half of the year for fines and penalties relating to misconduct of the past and said it was pressing on with making structural changes required by UK regulators.

Continue reading…



Continue reading

Related posts:

  1. Rolls-Royce profits cut in half as jet engine demand plummets
  2. Hong Kong bra protest after woman jailed for ‘breast assault’
  3. Mozambique: Rhino Horns Seized in Hong Kong
Posted in Asia Pacific, Banking, Business, chinese economy, Hong Kong, HSBC, UK news, World news | Comments Off

Bank lending to business forecast to rise in 2015

Annual investment could rise by 0.25% over the year despite a dip in June – the first annual increase since the pre-crisis peak in 2008

Business lending by Britain’s banks remains on track to rise in 2015, despite falling sharply in June, according to a new forecast from the EY Item Club.

Boosting business investment is seen as an essential factor in restoring Britain’s shaky productivity record and putting the economic recovery on a sustainable footing.

Continue reading…



Continue reading

Related posts:

  1. Tsipras defends Greek bailout deal in showdown with party rebels – business live
  2. Anglo Irish Bank officials jailed for offences related to financial crash
  3. UK GDP growth figures released – business live
Posted in Banking, Business, Financial sector, Insurance industry, Small business, World news | Comments Off

Anglo Irish Bank officials jailed for offences related to financial crash

The three ex-employees are the first bankers to be imprisoned for actions that helped turn the Celtic Tiger boom to bust

Three officials from the bank that almost bankrupted Ireland have become the first bankers to be jailed for offences related to the Republic’s financial crash.

The failure of Anglo Irish Bank, which became synonymous with the casino-style lending practices that drove Ireland’s “Celtic Tiger” boom and subsequent bust, cost the state €30bn (£21bn), part of what forced the government to seek a bailout from the European Union and the International Monetary Fund.

Continue reading…



Continue reading

No related posts.

Posted in Anglo Irish Bank, Banking, Business, Economics, Europe, Financial crisis, Financial sector, Ireland, World news | Comments Off

Tsipras defends Greek bailout deal in showdown with party rebels – business live

12.05pm BST

We’ve also had Irish GDP figures today. Ireland’s economy grew 1.4% in the first quarter, revised up from 1.2%. Growth in 2014 was revised higher to 5.2% from 4.8% – the highest growth rate since 2007 and the best performance in the European Union.

Ireland’s central bank upgraded its forecasts, predicting expansion of more than 4% for 2015 and 2016, which would make the country the best-performing economy in the EU again.

11.43am BST

For the back story, it is worth reading the New Yorker’s excellent profile of the flamboyant former Greek finance minister Yanis Varoufakis, entitled The Greek Warrior.

Continue reading…



Continue reading

No related posts.

Posted in Banking, Business, Centrica, Eurozone crisis, Greece, Royal Dutch Shell, World news | Comments Off

Barclays makes further provision for scandals and cuts costs

Bank sets aside a further £600m for payment protection insurance mis-selling as it reports a 25% rise in first-half profits

Barclays set aside £1.8bn in the first half of the year to compensate customers for a string of mis-selling scandals and fines.

The figure was revealed as John McFarlane, the chairman who is standing in as chief executive following the ousting of Antony Jenkins earlier this month, pledged to accelerate the disposal of risky businesses, cut costs at the scandal-hit bank and also scale back the dividend policy.

Continue reading…



Continue reading

No related posts.

Posted in Antony Jenkins, Banking, Barclays, Business, Financial sector, World news | Comments Off

Brussels rejects Yanis Varoufakis’ claims that troika controlled Greek tax system

Allegations of covert scheme described as ‘simply not true’ by European commission as Alexis Tsipras looks to conclude third bailout deal with creditors

The European commission has denounced as “false and unfounded” claims by Greece’s former finance minister Yanis Varoufakis that international creditors had exclusive control over the country’s tax system.

Brussels slammed the suggestion that external supervision of the Greek tax revenue agency forced Varoufakis to consider hacking the ministry’s computers as part of a secret plan to devise a parallel payment system for the nation.

Continue reading…



Continue reading

No related posts.

Posted in Banking, Business, Currencies, Economics, Euro, Europe, European banks, European Central Bank, European monetary union, European Union, Eurozone crisis, Financial crisis, Financial sector, Greece, syriza, World news, Yanis Varoufakis | Comments Off