Banking industry
The French bank Credit Lyonnais has paid $4 million to the United States Government to avoid criminal charges related to its role in backing Italian financier Giancarlo Parretti's takeover of Metro-Goldwyn-Mayer (MGM) in 1990. The settlement was announced as Federal prosecutors unsealed a 94-page indictment against Parretti and
Banking industry
The Federal Reserve, led by Chairman Alan Greenspan, has decided to maintain interest rates at their current level while adopting a tightening bias. This move is aimed at gauging the impact of the two rate increases implemented this summer as the US economy continues to show strong growth, with consumer
Banking industry
A recent Tankan survey of business confidence in Japan has reported a positive outcome, with a third consecutive quarter of improvement. The survey, which polled over 9,000 companies, showed a significant increase in the diffusion index for large manufacturers, while pessimism among mid-size and small manufacturers fell. The results
Banking industry
Halifax, a leading UK lender, has reportedly declined to participate in the bidding auction for National Westminster Bank or the insurer, Legal & General, following Bank of Scotland's hostile bid for NatWest. The $22 billion bid from BoS has sparked speculation about potential rival offers from other UK
Banking industry
The threat of a hostile takeover bid by Bank of Scotland has sparked a frenzy of market activity, with Abbey National and Halifax emerging as potential white knights to mount a rival bid for National Westminster Bank. Sources close to the two mortgage banks indicate that they are well-placed to
Banking industry
Japan, still grappling with a recession that has seen GDP shrink by 3.3% since 1997, faces a critical conundrum: a strong yen that threatens to undo recent economic gains, particularly in the tradeable goods sector. The yen's appreciation of 43% against a trade-weighted currency basket and 41%
Banking industry
The yen-dollar exchange rate is a critical price sensitive in the world economy, with significant implications for the economic recovery of Japan and the global economy. As the Group of Seven industrialized countries meet in Washington this weekend, they are aware that the yen's surge against the dollar
Banking industry
European central bankers are again expressing discordant views on the euro's exchange rate, sparking a debate over the European Central Bank's (ECB) policy on exchange rates. Bundesbank president Ernst Welteke recently stated that the current euro exchange rate of $1.05 is "appropriate," while
Banking industry
Ecuador's struggles with debt have worsened, with the country facing a potential default on its Brady bonds. The government's decision to miss the first payment date and restructure the bonds has put it at odds with private sector bondholders. Behind the scenes, the US Treasury and
Banking industry
NatWest's bid for Legal & General Group PLC has sparked investor skepticism due to concerns over the bank's ability to make Continental-style bank-insurance mergers profitable in Britain. Despite this, NatWest executives are confident that the takeover will lead to significant cost savings and new business opportunities
Banking industry
NatWest Bank today confirmed that its $10.75 billion takeover offer for Legal & General has been accepted by the insurance group's board. The move creates a combined group worth $30 billion, making it the UK's third-largest life assurance company, employing 76,000. This acquisition accelerates
Banking industry
The Consumers' Association has launched a scathing attack on major banks, accusing them of selling poor value products to customers. A survey by the Association's magazine Which? found that consumers who opt for mortgages or savings packages from the biggest banks are wasting hundreds or even thousands
