Royal Bank of Scotland Group needs to find up to 8 billion pounds ($11.3 billion) if it is to subscribe to a state-backed insurance scheme designed to cap any losses on toxic assets, The Daily Telegraph newspaper reported. Nobody at RBS was immediately available to comment on the report, which said the bank was struggling to find a way ... [full story]
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Royal Bank of Scotland Group needs to find up to 8 billion pounds ($11.3 billion) if it is to subscribe to a state-backed insurance scheme designed to cap any losses on toxic assets, The Daily Telegraph newspaper reported. Nobody at RBS was immediately available to comment on the report, which said the bank was struggling to find a way ... [full story]
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An investment expert has claimed that the large losses incurred by banks through sub-prime lending and credit write-downs are manageable and can be absorbed. Simon Ward, of New Star Asset management, said that based on previous recessions, banks may be able to put aside as much as £400 billion from capital reserves and future profits to pay off their ... [full story]
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The Securities and Exchange Board of India has issued notices to 26 companies and its directors, on failure to redress investor grievances. Market regulator said on Jan 23, it has been receiving large number of complaints from investors with respect to companies including AEC Enterprises, Bhuvan Tripura Industries, Binaca Synthetic Resins, Chicago Software Industries, Garden Silk Mills, Nexus ... [full story]
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Friday isn't looking good. Stock futures plunged in early trading Friday after the U.K. Government said the British economy had entered into a recession much sharper than originally expected. Global markets were down more than 2% in all countries in both Europe and Asia. General Electric (GE: 13.459, 0, 0%), a Dow member and one of the most ... [full story]
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Asset Reconstruction Co (India) Ltd (Arcil), which picks up distressed assets in the country, will create a $600 million-fund by March to bring back confidence in the financial market, a top company official said here. "Arcil will pump in 20 percent of the amount and the rest will be given by five to six foreign investors and seven ... [full story]
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Oil and Natural Gas Corp (ONGC) will invest $5.3 billion in developing gas finds in two of its eastern offshore Krishna Godavari basin blocks to produce 25 million standard cubic meters per day of gas by 2013. “The Directorate-General of Hydrocarbons has approved our appraisal plan for the gas discoveries in deep-sea block KG-DWN-98/2. We plan to drill six ... [full story]
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Stocks opened higher in line with Asian peers with oil & gas and banking stocks leading advances. All sectoral indices were trading in the positive terrain. National Stock Exchange’s benchmark Nifty rose 30.85 points or 1.06 per cent at 2947.70. Bombay Stock Exchange’s 30-share Sensex climbed 84.32 points or 0.88 per cent to 9653.04 from Wednesday’s close. Investors ... [full story]
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Swiss bank UBS AG confirmed that it will get a loan of two billion Swiss francs ($1.81 billion) from the covered-bond bank of Swiss mortgage institutions, in a deal facilitated by the Swiss National Bank. The covered-bond bank, or Pfandbriefbank, will sell a privately placed covered bond to three Swiss retail banks: Zürcher Kantonalbank, Postfinance and the Raiffeisen group ... [full story]
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Citigroup is combining its corporate and investment banking businesses, in a bid to streamline and cut costs, a person briefed in the matter said on Tuesday. Citigroup, built over two decades through a series of acquisitions, is struggling to break down divisions between businesses. Corporate banking, which would provide clients with services including loans and foreign exchange trading, historically ... [full story]
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Seera Investment Bank has successfully concluded the acquisition of UK-based BWA Water Additives. Following the successful completion of its leveraged buying, a team of senior management of Seera, a Sharia-compliant Bahrain-based investment bank, concluded a visit to the company's headquarters in Manchester. A number of high-level meetings were held with BWA's executives and a comprehensive overview and a ... [full story]
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Barclays has become the first British bank to secure cheap money under a new £24bn European fund to provide small businesses with affordable loans. In addition, Royal Bank of Scotland, owner of market leader NatWest, has guaranteed that from December it will not withdraw overdraft facilities or increase their price unless there has been a deterioration in a customer's risk ... [full story]
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Wainwright Bank & Trust Co. said Thursday that the U.S. government has approved a $22 million investment in its securities as part of a federal plan to boost capital in financial institutions and spur lending. The bank, which describes itself as a socially progressive company, said the U.S. Treasury has given preliminary approval to purchase preferred stock and warrants ... [full story]
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Commercial International Bank , Egypt's largest publicly traded lender, posted its smallest quarterly profit this year, missing an analyst's expectations, as investment income tumbled. The company said its third quarter net profit was 351.1 million Egyptian pounds ($63.5 mln), up 25 percent from the same period last year. Investment bank CI Capital had forecast a net profit of 397 ... [full story]
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The worldwide financial crisis will take a heavier toll on global banks and brokers than previously expected, pushing investment banking revenues down by 50 percent to 60 percent from 2007 levels, Standard & Poor's said on Thursday. Despite sweeping government interventions, many parts of the financial markets remain closed for now and restoring confidence will be a "long-term process," ... [full story]
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Spanish banking giant Banco Santander SA plans to invest 2.6 billion Brazilian reais ($1.2 billion) in Brazil during the next two years as part of its plans to expand its business by 15%, Santander Chairman Emilio Botín said Friday. [Botin, Emilio] Emilio Botin Speaking here, Mr. Botín said the company's aim is to become Brazil's largest private bank ... [full story]
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Four leading European banks have set aside a combined pot of £7.45bn to cover six-month staff costs - including discretionary bonuses - for 72,000 investment bankers, many of them employed in the City of London, according to Guardian research. With the near collapse of the financial system putting pay for bankers on the political agenda, the investment banking division ... [full story]
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Alistair Darling today urged the banks to use a £4bn package of support from the European Investment Bank to help small and medium-sized businesses through the credit crunch. At Commons question time this morning, the chancellor said: "It doesn't mean that everyone who comes through the front door of a bank gets what they want on the terms they ... [full story]
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With sources of credit still largely frozen, banks borrowed a record amount from the Federal Reserve in the past week, according to Fed data released Thursday. The Fed reported that commercial banks borrowed a record $111.9 billion a day, on average, from the Federal Reserve's emergency lending window over the past week. That's up $6.1 billion from the $105.8 ... [full story]
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Morocco's Banques Populaires Group BCP.CS, one of Morocco's biggest banking groups, said on Friday it will buy a 50.1 percent stake in Upline Group, the country's second largest independent investment bank. "BCP group and Upline Group have signed a protocal of accord on Oct. 29, 2008 with the aim of forging together a strategic partnership in investment banking," BCP ... [full story]
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The Economic Crimes Division of Attorney General Bill McCollum’s office has taken legal action or opened investigation on 10 companies in a new statewide consumer protection initiative to target improper tactics in the state’s debt relief industry. All the companies involved purportedly offered debt relief services, including credit counseling, credit repair, debt management and credit card rate reduction services. ... [full story]
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Wells Fargo & Co. is likely to sell or pare the investment-banking business it's acquiring in the purchase of Wachovia Corp., analysts say. The unit is likely to be ``significantly downsized after the acquisition,'' Standard & Poor's said in an Oct. 10 report. Charlotte, North Carolina-based Wachovia's corporate and investment-banking division employs more than 6,000 people and contributed about ... [full story]
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The Swiss government is to inject 6 billion francs (€3.9 billion) into the country’s largest bank UBS. Shares in UBS AG recovered from sharp early falls as investors weighed up the latest example of the dramatic impact of the credit crunch on leading banks. UBS will get a 6 billion francs capital injection from the Swiss government and ... [full story]
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The Times of India reports that HDFC Bank is set to launch Investment Banking services and has obtained the requisite licenses from SEBI. After 14 years of success in other segments of the banking industry, the Bank plans to leverage its strong client base in the wholesale banking business to compete with established biggies like ICICI Bank and Kotak ... [full story]
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The path to a high-powered career in investment banking suddenly is full of roadblocks for MBA students who have seen Wall Street drastically reshaped while they sit in the classroom. Just as many were eyeing a job market where starting salaries can far exceed $100,000, an era of giant investment banks came to a crashing end and the need ... [full story]
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John Thain, the Merrill Lynch & Co Inc chief executive who engineered the firm's sale to Bank of America Corp, will head investment banking, securities and wealth management at the new company -- at least for now. But analysts don't expect Thain, who has now led two major Wall Street companies, to remain in his new job for long. ... [full story]
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The Securities and Exchange Commission failed to adequately supervise investment bank Bear Stearns and limit the amount of risk it took on, according to a report by the agency's internal watchdog issued on Friday. Bear Stearns, starved of cash as customers and other banks doubted its solvency, was sold to JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock ... [full story]
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Investment banking giants have taken a beating in recent weeks, due to the sub-prime crisis and subsequent credit crunch. But recent moves by Japanese banks to snap up assets of struggling banks show that there is still a market for their services. This was underlined this week by Nomura's acquisition of Lehman Brother's operations in Asia and Europe. ... [full story]
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Morgan Stanley, Goldman give up investment bank status * Congress aims for bailout bill by week's end * Morgan sets deal with Japanese bank; shares jump * Lehman operations in Asia and Europe in buyers' sights (Adds Japanese banks to buy stake in Morgan Stanley) By Christian Plumb and Mark Felsenthal NEW YORK, Sept 22 (Reuters) - Goldman Sachs ... [full story]
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Shares of investment banks tumbled Thursday morning as investors remained concerned about the ability of Lehman Brothers Holdings Inc. to execute its plans to raise fresh capital. Lehman Brothers shares fell $2.92, or 40.2 percent, to $4.33. On Wednesday morning, Lehman said it plans to sell a majority stake in its investment management unit, spin off commercial real ... [full story]
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A clutch of leading investment banks have been accused of creating devices to allow offshore hedge funds and their investors to avoid paying millions of dollars of US taxes. The allegations - made in a report for a US Senate committee - imply that a number of banks actively worked with hedge funds in order to construct schemes that ... [full story]
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Shares of investment banks rose Friday afternoon despite a fall in the broader market as the government said personal incomes fell last month while consumer spending slowed. Worries about troubles at major U.S. investment banks, which have been among the hardest hit companies over the past year amid the credit crisis, have often been a main culprit in the ... [full story]
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