Banking industry
In a blow to savers, taxpayer-owned banks have slashed interest rates on savings accounts nearly seven times faster than the Bank of England, research has revealed. Among those cutting rates the quickest are NatWest, part of the bailed-out Royal Bank of Scotland, and Northern Rock, which was effectively nationalized in
Banking industry
The last week's trading session was marred by a pessimistic mood, largely driven by disappointing forecasts from major banks and continued uncertainty in the energy market. Despite a late-day rally led by tech stocks and financials, the overall market sentiment remained downbeat, with declining issues outnumbering advancing ones
Banking industry
Former Deputy Prime Minister John Prescott has stepped up demands for a police investigation into claims of fraud at the Royal Bank of Scotland (RBS), where Sir Fred Goodwin was the former chief executive. Prescott believes Goodwin should be stripped of his knighthood and made to "pay the consequences&
Banking industry
The Royal Bank of Scotland was on the brink of nationalisation yesterday after a dramatic 70 per cent collapse in its share price, overshadowing a bailout package for lenders announced by Prime Minister Gordon Brown. The bank was left reeling by annual losses of £28 billion, the largest in British
Banking industry
Academics argue that few mergers and acquisitions live up to their promise, with as many as 60% of deals failing to deliver strategic benefits or boost the value of the acquiring company's shares. However, some impressive examples of disastrous deals are worthy of note. Royal Bank of Scotland&
Banking industry
Wall Street's volatile session ended with a sigh of relief as investors rallied on the strength of rising oil prices, despite concerns over the banking sector and its worsening recession. The Dow Jones Industrial Average surged 68.73 to 8,281.22, while the Nasdaq and S&
Banking industry
Select Comfort Corp. (NASDAQ: SCSS) is facing tough sales trends in the mattress industry, which is characterized by a lack of demand for high-quality but expensive bedding. Despite struggling sales, the company is focusing on reducing costs, closing stores, and preserving cash. Meanwhile, the credit markets are beginning to thaw,
Banking industry
The Philippine government has decided to increase its overseas borrowing cap to $1.5 billion this year from $500 million last year. National Treasurer Roberto Tan stated that the government is in the process of selecting underwriters for the sale of bonds to offshore investors, with five banks, including Citigroup,
Banking industry
In recent reports, several major companies have secured large debt financing packages to support their various business activities. The financing agreements, which involve banks and other financial institutions, have been disclosed in official documents and reveal total debt amounts of over $5.5 billion. Key Takeaways: * American Electric Power secured
Banking industry
The stock market collapse of 2008 was one of the worst in history, wiping out $7 trillion of shareholder wealth in the US alone. The Dow Jones industrial average plummeted 4,488.43 points, or 33.8 percent, its most punishing loss since 1931. Stocks in the BRIC economies, including
Banking industry
Japan's economy may contract by 6.5 percent on an annual basis in the fourth quarter, according to a report by Bank of America Corp. This would be the steepest decline since the 1998 Asian financial crisis and a sales-tax increase led to a 7.5 percent drop.
Banking industry
The Reserve Bank of India, led by Governor Y V Reddy, has cautioned that volatile exchange rates may not significantly disrupt India's business environment due to the time-consuming process of opening or closing a business in the country. Reddy emphasized that India's real sector responses to
