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Black Day For Tesco As Profits Fall By 92%

Tesco’s profits for the first six months of 2014 have been nearly wiped out by the toxic combination of the recent accounting scandal and slumping sales at its declining UK store empire, The Guardian reported. In another dark day for the supermarket ...

Daily Headline - global.abi.org - 10/23/2014 - 21:21 - 0 comments

HSBC Says Building Firewalls to Cost Up to $3.2 Billion

HSBC Holdings Plc (HSBA) Chairman Douglas Flint said separating his bank’s securities arm from its consumer unit may cost as much as 2 billion pounds ($3.2 billion), Bloomberg News reported. “Ringfencing will cost one billion, two billion to implement, w ...

Daily Headline - global.abi.org - 10/21/2014 - 21:27 - 0 comments

RBS Task Force To Prep Debtors For Rate Hikes

Borrowers are not ready for higher interest rates and could struggle to pay the bills even with a small rise in repayments, RBS chief Ross McEwan warned yesterday. Most RBS and NatWest mortgage borrowers had never experienced an interest rate rise, he sa ...

Daily Headline - global.abi.org - 10/16/2014 - 22:19 - 0 comments

Slaughters, Clifford Chance Among Firms Sealing £2.3 Billion Debt Restructuring For Punch Taverns

Slaughter and May, Clifford Chance (CC) and Hogan Lovells have won advisory roles on pubs giant Punch Taverns’ £2.3bn debt refinancing, LegalWeek reported. Punch, which began talks on its restructuring nearly two years ago, received the approval need ...

Daily Headline - global.abi.org - 10/15/2014 - 22:19 - 0 comments

2 HSBC Directors May Leave Over New British Rules on Banking

Two independent directors on the board that oversees HSBC’s British business may leave the bank over stricter rules aimed at holding bankers more accountable for reckless actions that may lead to the failure of a lender, according to a person with direct ...

Daily Headline - global.abi.org - 10/07/2014 - 19:56 - 0 comments

R3 Calls On Next Government To Commit To Insolvency Reforms

R3 has called for reforms to legal funding for insolvency cases, returning money from rogue directors to creditors, the treatment of small business creditors in football insolvencies, the government's approach to being a creditor in insolvencies and ...

Daily Headline - global.abi.org - 10/07/2014 - 19:57 - 0 comments

A Former Banker Pleads Guilty in British Libor Case

A former senior banker at a leading British bank became the first person in Britain to plead guilty to a criminal charge in a continuing inquiry into the manipulation of a global benchmark interest rate, the International New York Times DealBook blog ...

Daily Headline - global.abi.org - 10/07/2014 - 19:58 - 0 comments

UK Lender Wonga Writes Off Debt For 330,000 Customers

UK short-term lender Wonga is writing off the debt of around 330,000 customers worth about 220 million pounds ($356 million), after being forced to overhaul its lending practices by Britain's financial regulator, Reuters reported. The Financial Cond ...

Daily Headline - global.abi.org - 10/02/2014 - 21:52 - 0 comments

British And German Factories See Sharp Slowdown In Manufacturing

Factories in Britain and Germany suffered a sharp slowdown in September, raising fears that economic recovery is losing momentum against a backdrop of global political turmoil and the flagging eurozone economy, The Guardian reported. In the UK growth ...

Daily Headline - global.abi.org - 10/01/2014 - 20:57 - 0 comments

R.B.S. Expects Fewer Charges for Bad Loans in 2014

The Royal Bank of Scotland said Tuesday that its outlook continues to improve as the British lender benefits from further declines in charges for bad loans, the International New York Times DealBook blog reported. The bank, which is 81 percent owned ...

Daily Headline - global.abi.org - 09/30/2014 - 23:04 - 0 comments

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