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Chancellor George Osborne is expected to face opposition from Treasury civil servants over his plans to sell the government's stake in part-nationalised lender RBS to the public, reports The Times. Senior officials are said to be against the idea, saying that they are over-complex and have raised co
Read moreThomas Cook still has a long flight ahead of it, but the new Captain at the controls seems to have stabilised the craft. In fact, things now look normal. Above all, the company needs to sharply improve the experience of its customers, quite a challenge. However, the 1.6bn pound capital restructurin
Read moreThe FTSE 100 rallied in afternoon trade after some better-than-expected economic data from the States, pushing the index to new five-and-a-half-year highs. A strong surge so far this month has now lifted London's equity benchmark to within touching distance of the 2007 high of 6,751. The Footsie ha
Read moreBanks were making a strong rise after UBS lifted its rating for the global banking sector from 'underweight' to 'overweight', saying that the operating environment is beginning to improve. In a research report titled 'Post-crisis banking', UBS said that the tone of its Global FID conference earlier
Read moreLloyds Banking Group's shares advanced Friday to a level which the government considers high enough to exceed the break-even point for a sale of its stake in the company. The state-backed lender rose 3.02% to 62.75p at 13:57, above the government's 61.2p break-even price. Industry sources and anal
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By Aimee Donnellan LONDON, May 17 (IFR) - Why would a Swiss bank selling what appears to be a vanilla Tier 2 CoCo bond need 13 lead managers? Distribution? Sound advice from a wide range of industry experts? Or could it just be a simple case of reciprocity? The few banks that weren't
Read more* Shares reach 63.3 pence, above 61.2 pence break-even level * UK has not set timetable for share sale * CEO says bank will return to profit this year * Treasury declines comment (Adds comment by analyst, source comment on sale process) By Matt Scuffham LONDON, May
Read moreAfter a subdued start, the FTSE 100 pushed into positive territory ahead of the opening bell in New York with financials leading the rise after a broker upgrade. The Footsie breached the 6,700 mark yesterday for the first time since mid-2007 after 10 consecutive sessions in the blue, before falling
Read moreUBS has lifted its rating for the global banking sector from 'underweight' to 'overweight', saying that the operating environment is beginning to improve. In a research report titled 'Post-crisis banking', UBS said that the tone of its Global FID conference earlier this week was "neutral to slightl
Read moreLONDON, May 17 (Reuters) - Shares in state-backed Lloyds Banking Group on Friday hit the level which the government regards as breakeven on its 20.5 billion pound ($31.4 billion) rescue of the bank. Lloyds shares hit 61.3 pence at 0719 GMT, their highest level for over two years. Industry a
Read moreBy Tom Bill LONDON, May 17 (Reuters) - Almost a quarter of commercial property loans in Britain are higher in value than the underlying real estate, a study showed on Friday, highlighting the toxic legacy of reckless lending before the financial crash. The figure grew to 23 percent at
Read moreThe FTSE 100 has finally ended its long-running winning streak after poor economic data from the States dampened stocks by the close of trade on Thursday. Markets were relatively rangebound for most of the session today, teetering around a five-and-a-half-year high of 6,700 following 10 consecutive
Read more* Bank will return to profitability this year - CEO * Bank to pay dividends as soon as possible - Chairman * Shares closing on break-even level for government * Bank awaiting clarity from regulator on capital position By Matt Scuffham EDINBURGH, May 16 (Reuters) - Br
Read moreLONDON, May 16 (Reuters) - State-backed Lloyds Banking Group said on Thursday that 95.91 percent of shareholders at its annual general meeting approved its executive pay plan in 2012. Lloyds also said 98.7 percent backed a resolution enabling it to issue capital convertible instruments.
Read moreThe Chairman of Lloyds Banking Group, Win Bischoff, said the company hopes to restart dividend payments as soon as possible. Bishoff, who this week revealed he would retire in a year's time, also said the government will be able to sell its shares in the part-nationalised bank "over time". "Once r
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