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Latest Finance News related to Bailout

Walking dead image
Source : BBC [Read Article] Sunday 16th of April 2017 08:34:11 AM
....Thousands exist in Japan and the issue is considered to be a reason why Japan's economy risks suffering from a third "lost decade". All Toshiba needs now is a bailout from the Innovation Network Corporation of Japan (INCJ) or the Enterprise Turnaround Initiative Corporation, two government-backed bodies that rescue ailing companies, for this to happen. ...
Greek gloom as economy stalls amid latest bout of EU wrangling image
Source : Guardian [Read Article] Saturday 8th of April 2017 03:00:05 PM
.... With the exception of pensioners – the great losers in Greece’s assault by austerity – anger has been replaced by malaise, the lassitude that strikes when loss becomes commonplace. Friday’s protest, one of more than 60 nationwide, came within hours of Europe escaping another dose of Greek drama after eurozone finance ministers announced that bailout talks – stalled as Athens bickered over the terms of its latest compliance review with lenders – could finally resume. ...
Greece agrees basic terms to unlock delayed bailout image
Source : BBC [Read Article] Friday 7th of April 2017 03:14:32 PM
. Eurozone finance ministers say they have agreed with Greece the main elements of a deal to unlock a delayed bailout payment. ...
Lloyds to shrink hundreds of UK branches to two staff image
Source : Guardian [Read Article] Monday 3rd of April 2017 06:29:14 PM
....The sale means more than £20bn has now been returned to government coffers since the lender’s £20. 3bn bailout at the height of the financial crisis in 2008. ...
Bombardier defers executive salary rises amid outcry image
Source : BBC [Read Article] Monday 3rd of April 2017 05:32:16 PM
....Quebec's government agreed to a CA$1. 34bn ($1bn; £800m) bailout in 2016, a year after it teetered on the edge of bankruptcy. ...
Serious Fraud Office boss warns big names to play ball – or else image
Source : Guardian [Read Article] Saturday 1st of April 2017 03:00:28 PM
....The SFO’s investigation centres on whether £2bn that Barclays lent to Qatar was then returned to the bank as part of the £7. 3bn bailout that saved Barclays at the height of the financial crisis. ...
The UK must not let this Brexit crisis go to waste. Nor must the EU image
Source : Guardian [Read Article] Friday 31st of March 2017 01:53:07 PM
.... That might have been true when the UK joined what was then the European Economic Community in 1973, but it is not the case today. Europe has taken longer to recover from the financial crisis than any other part of the developed world; four of its countries have needed emergency bailouts; one of its founder members, Italy, has seen living standards stagnate for two decades. ...
Government raises £11.8bn with Bradford & Bingley mortgage sale image
Source : Guardian [Read Article] Friday 31st of March 2017 09:15:51 AM
....“Any further sales will be subject to market conditions and ensuring value for money,” the Treasury said. Bradford & Bingley was effectively nationalised by the then Labour government in 2008 in a series of bailouts as banks and financial institutions were engulfed by the global financial crisis. ...
Tesco and Serious Fraud Office near to deal over accounting scandal image
Source : Guardian [Read Article] Monday 27th of March 2017 05:46:01 PM
....The SFO is also close to making a decision on whether to formally charge Barclays and former senior executives at the bank over a £7. 3bn bailout from the Middle East at the height of the financial crisis. ...
RBS and NatWest to shed 158 branches and more than 400 jobs image
Source : BBC [Read Article] Thursday 23rd of March 2017 04:03:12 PM
....After the closures 151 RBS and 856 NatWest branches will remain. RBS remains still majority-owned by taxpayers following its multi-billion government bailout almost a decade ago. ...
Bob Diamond in deal to buy stockbroker Panmure Gordon image
Source : BBC [Read Article] Friday 17th of March 2017 07:45:59 AM
....The deal, which he described as "transformational", catapulted Barclays into the top league of global investment banks. The bank declined a bailout by the UK government at the height of the credit crunch crisis and instead sold a large stake to foreign investors, mainly from Qatar and Abu Dhabi, to raise cash. ...
Letter bomb that exploded at Paris IMF office was sent from Greece image
Source : Guardian [Read Article] Thursday 16th of March 2017 11:48:58 AM
....He said there had been recent telephone threats, but it was not clear whether these were linked to the incident at the IMF’s offices. Greek anarchist groups have recently ratcheted up criticism of the demands made on Greece by the IMF as discussions continue between Athens and its international creditors on the disbursement of new loans under a bailout programme. ...
Greek activists target sales of homes seized over bad debts image
Source : Guardian [Read Article] Saturday 11th of March 2017 08:00:29 AM
.... Resistance to home foreclosures was a rallying cry of the leftist leader before he assumed power in January 2015. Tsipras’ decision to enforce some of the harshest austerity measures to date – the price of a third bailout programme to avert default and debt-stricken Greece exiting the eurozone – has exacted a heavy toll. ...
RBS awards nearly £16m of bonuses in shares to nine top executives image
Source : Guardian [Read Article] Wednesday 8th of March 2017 06:57:42 PM
....4m. Since RBS’s £45bn taxpayer bailout during the financial crisis, it has reported nine consecutive years of losses amounting to more than £58bn. ...
Greek farmers clash with riot police in Athens over austerity image
Source : Guardian [Read Article] Wednesday 8th of March 2017 05:16:48 PM
....But protesters say they are determined to ensure that Alexis Tsipras’s leftist-led administration reverses measures they claim threaten their survival. The government is seeking to complete bailout talks over controversial income and spending cuts with visiting inspectors representing Greece’s international creditors. ...
Key points of the budget 2017 – at a glance image
Source : Guardian [Read Article] Wednesday 8th of March 2017 12:41:30 PM
....RM: This is a fairly dramatic climbdown for Hammond, who was severely criticised after the autumn statement for barely mentioning the NHS or social care crisis. In the ensuing debate, he repeatedly insisted there was no need for a bailout of the social care system. ...
Greece desperate for growth strategy as public mood darkens image
Source : Guardian [Read Article] Sunday 5th of March 2017 04:54:18 PM
.... “Even if such demands are totally irrational,” he said, adding that Greece’s real problem was that it was primarily caught up in an ugly dispute between its lenders over what to do with a debt load close to 180% of GDP. The IMF has projected the pile will reach an “explosive” 275% of output if not relieved – a move that Germany, the biggest provider of bailout funds, refuses steadfastly to agree to. ...
‘Housing should be seen as a human right. Not a commodity’ | Patrick Butler image
....But on the whole, governments have been “too deferential” in the rise of financialised housing, she says. Many subsidise it through tax breaks and bank bailouts, while simultaneously slashing public spending on social housing programmes. ...
Austerity anguish image
Source : BBC [Read Article] Sunday 26th of February 2017 01:54:38 AM
....So the mood could hardly be bleaker as the Greek government prepares for another round in its apparently never-ending dance with its main international creditors - the eurozone and the IMF. Greece is hoping that the previous formula whereby it signed up to painful economic reforms in return for phased bailouts might now be relaxed. ...
Greece's prime minister defends deal with bailout creditors - as it happened image
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Royal Bank of Scotland losses more than treble to £7bn image
Source : BBC [Read Article] Friday 24th of February 2017 07:32:39 AM
....The bank - which is 72%-government owned - has racked up more than £50bn of losses since the £45. 5bn taxpayer bailout during the financial crisis. ...
RBS reports £7bn loss and says it will not make profit until 2018 image
Source : Guardian [Read Article] Friday 24th of February 2017 07:27:28 AM
....9bn set aside for looming fines and legal costs, largely related to a forthcoming penalty from the US Department of Justice (DoJ) for mis-selling toxic bonds in the run-up to the financial crisis. McEwan pointed the finger of blame for the continuing losses at the regime of former RBS boss Fred Goodwin, who was in charge of the bank when it needed a taxpayer bailout: “These costs are a stark reminder of what happens to a bank when things go wrong and you lose focus on the customer, as this bank did before the financial crisis. ...
Former IMF chief gets four years in jail for embezzlement in Spain image
Source : Guardian [Read Article] Thursday 23rd of February 2017 04:40:36 PM
....Rato, also a former a Spanish economy minister and deputy prime minister, was found guilty on Thursday of embezzlement, at the end of a five-month trial at Spain’s national court. He had been on trial with 64 other former executives and board members at Caja Madrid and Bankia banks, whose near collapse sparked an EU bailout of Spain’s financial sector. ...
Vauxhall job fears rise as Peugeot boss mentions 'speedy' savings image
Source : Guardian [Read Article] Thursday 23rd of February 2017 11:00:40 AM
....However, Tavares also hinted that if the deal goes ahead he would carry out a major restructuring. At PSA, which came close to bankruptcy in 2014 but was saved by a state-backed bailout and Chinese investment, he has overseen a cost-cutting plan that involved a pay freeze, a factory closure and thousands of job cuts. ...
Australia Post chief resigns despite bumper profits image
Source : BBC [Read Article] Thursday 23rd of February 2017 03:35:29 AM
....It said Mr Fahour had developed an entirely new strategy for the business, "focused on investing in the parcels and eCommerce business". "It was the right strategy which has placed the postal service on the path to a sustainable future and avoiding a taxpayer bailout," chairman John Stanhope said. ...
Greek debt: will EU and IMF finally offer light at the end of the tunnel? image
Source : Guardian [Read Article] Wednesday 22nd of February 2017 07:00:27 AM
....It could be a fateful meeting. Europe and the IMF have been at loggerheads for months over whether Greece will ever be able to repay its debts – a disagreement that has stopped the Washington-based fund from signing up to a €86bn-bailout programme crafted by EU leaders in July 2015. ...
Greece standoff over €86bn bailout eases after Brussels deal image
Source : Guardian [Read Article] Monday 20th of February 2017 07:44:42 PM
. Greece’s bailout inspectors are returning to Athens to seek changes to the country’s tax, pensions and labour market laws in a sign that the Greek prime minister, Alexis Tsipras, will give way to European pressure for deeper reforms. ...
Another Brexit downside: foreign giants in power grabs for famous British names image
....And a proposed deal announced by the chancellor on Friday – designed to free the bank from the necessity of having to divest 300 branches – has added to the strain on its fragile finances. To satisfy the penalty for state aid meted out by Brussels as a result of the bailout, RBS said it would need to take another £750m hit – indicating that the loss it reports on Friday will be close to a colossal £7bn. ...
‘From bad to worse’: Greece hurtles towards a final reckoning image
Source : Guardian [Read Article] Sunday 19th of February 2017 12:05:16 AM
....”. As Greece hurtles towards another full-blown confrontation with the creditors keeping it afloat, and as tensions over stalled bailout negotiations mount, it is a question many are asking. ...
Co-op Bank faces struggle to find owner with ethics – and deep pockets image
Source : Guardian [Read Article] Saturday 18th of February 2017 04:00:05 PM
....4 million, but the number of mortgage customers has increased to 225,000 from 175,000. In a week when Royal Bank of Scotland will reveal it has now racked up £55bn of losses since its 2008 bailout, the losses at the Co-op may appear comparatively small. ...
Treasury plan may allow RBS to avoid selling 300 branches image
Source : Guardian [Read Article] Friday 17th of February 2017 09:29:15 PM
....The new plan to meet state aid requirements will cost RBS £750m but remove a significant hurdle facing the bailed-out bank if it wins support in the EU. The disposal programme was imposed on RBS as part of its £45bn bailout, and the bank’s chief executive, Ross McEwan, insisted it would still allow it to comply with the commitment to increase competition for small business customers. ...
Trump's changed stance on Nato, will he sober up about IMF and WTO? | Barry Eichengreen image
.... In 2008, the Federal Reserve provided Brazil with a $30bn swap line to help it navigate the global financial crisis. But imagine the outrage with which Trump’s supporters would greet a “taxpayer bailout” of a foreign country or Mexican officials’ anger over having to secure assistance from the same Trump administration responsible for their country’s ills. ...
Greece defies creditors over more cuts as economy shrinks unexpectedly image
Source : Guardian [Read Article] Tuesday 14th of February 2017 07:57:17 PM
....3% after exceeding its 2016 fiscal targets “significantly”. The setback came as prime minister Alexis Tsipras’ lefist-led coalition said it would not consent to additional austerity beyond the cuts the country had already agreed to administer under its third, EU-led bailout programme. ...
Markets hit new highs over Trump's change of tone on Japan and China image
Source : Guardian [Read Article] Monday 13th of February 2017 06:01:07 PM
.... This latest gain meant that the combined value of the companies on the S&P 500 exceeded $20tn (£16tn) for the first time. Meanwhile the European commission’s raised forecasts for Europe’s economies helped to push German and French stock markets sharply higher despite the continuing concerns about forthcoming elections in both countries, as well as the renewed uncertainty over the Greek bailout programme. ...
Instead of draining the swamp, Trump has become Wall Street’s best buddy | Will Hutton image
.... It is still astounding how close to disaster high finance brought the US and global economy in 2008. It provoked a vast bailout, and the recovery that followed has been one of the most anaemic sort, during which the wages of average Americans have scarcely grown. ...
Greece hopeful of imminent EU debt  deal     despite German warning image
Source : Guardian [Read Article] Thursday 9th of February 2017 07:53:55 PM
....Athens is in a familiar stand-off with the German finance ministry as it seeks easier repayment terms on its €330bn (£280bn) debt pile, which the International Monetary Fund has described as unsustainable and explosive. The IMF has so far declined to get involved in the latest Greek rescue effort, a three-year EU bailout worth €86bn set to run until August 2018. ...
Trump envoy says Greece is now more likely to leave the euro image
Source : Guardian [Read Article] Wednesday 8th of February 2017 03:10:19 PM
.... I would also say that this probably should have been instigated four years ago, and probably it would have been easier or simpler to do,” Malloch said in the interview with the show’s chief anchor, Alexis Papahelas. Seven years of arduous austerity – the price of the international bailout – had been so bad for the country that it was questionable whether what came next could possibly be worse, Malloch said. ...
Greece's debt costs rise sharply as worries grow over IMF role image
Source : Guardian [Read Article] Tuesday 7th of February 2017 06:26:16 PM
....The Washington-based fund has made repeated warnings that Greece’s debt burden of about €330bn (£280bn) is unsustainable despite the government pushing through spending cuts and tax increases that have badly hit popularity ratings for the government of prime minister Alexis Tsipras. The IMF declined to join other international lenders – the European Central Bank and the European Union – in funding the country’s third bailout, agreed in August 2015, and it is currently deciding whether to take part in a new chunk of rescue funds needed by mid-2018. ...
Lloyds apologises for 'distress' caused by £245m HBOS loan scam image
Source : Guardian [Read Article] Tuesday 7th of February 2017 12:45:49 PM
....Kerevan, an SNP MP, said he now wanted to ensure that the compensation system was robust. Taxpayers own just under 5% of the shares in Lloyds, which received a £20bn bailout during its takeover of HBOS. ...
Greek borrowing costs rise after IMF reveals bailout split – as it happened image
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RBS boss to unveil more cuts after receiving pay worth £3m in 2016 image
Source : Guardian [Read Article] Sunday 5th of February 2017 03:06:15 PM
....1bn hit towards the bill). He also needs to spin out 315 branches to meet the terms imposed by the EU at the time of RBS’s bailout. ...
Greek debt crisis: an existentialist drama with no good end in sight | Larry Elliott image
.... Its financial position has become so parlous and its credit-rating so poor that it needs financial help to get by. It is currently on its third bailout. ...
Sir Andrew Witty nears his last Glaxo goodbye image
Source : Guardian [Read Article] Sunday 5th of February 2017 07:00:07 AM
....It was called to the high court on Friday because it had blocked access to documents relating to its legal battle with financier Amanda Staveley. (She’s arguing the many millions she was paid for helping save the bank from a taxpayer bailout should have been more. ...
Grexit? Greece again on the brink as debt crisis threatens break with EU image
Source : Guardian [Read Article] Friday 3rd of February 2017 02:36:32 PM
....As always, time is of the essence. Shored up by a third EU-led bailout, Athens was told this week that further rescue funds would not be forthcoming until it concluded a compliance review of terms attached to the €86bn (£74bn) aid package. ...
Greece has three weeks to deal with 'potentially disastrous' debt image
Source : Guardian [Read Article] Sunday 29th of January 2017 07:07:40 PM
....”. Central to the impasse is the enduring argument among lenders over Athens’ ability to achieve fiscal targets once its latest bailout programme expires in 2018. ...
After the Italian job, BT boss must make sure success doesn’t blow up in his face image
....In reality this makes no difference to its savers and borrowers, but it is another illustration of how long it can take to make repairs to a bank that has run into trouble. RBS, for instance, will next month report its ninth consecutive annual loss – its has already reported losses of more than £50bn since its 2008 bailout – and is a long way from being able to break free from state ownership. ...
Does the Imperial revolt herald a new health warning for executive greed? image
Source : Guardian [Read Article] Thursday 26th of January 2017 01:29:10 PM
....The UK state’s 72% stake in Royal Bank of Scotland is for the long term, said Chancellor Philip Hammond, as if we hadn’t noticed. Next year will mark a decade since the bailout and, aside from a sliver of stock George Osborne got away, we’re stuck with what we’ve got – a bank whose shares are half the price we paid. ...
Well-paid bosses should not get knighthoods – says Sir Philip Hampton image
Source : Guardian [Read Article] Tuesday 24th of January 2017 06:22:08 PM
.... The billionaire was awarded his knighthood in 2006 for services to retail. Fred Goodwin, who ran RBS until its £45bn taxpayer bailout in 2008, was stripped of his knighthood in 2012. ...
'The swamp is Goldman Sachs': how the bank is rewarded for putting profits over people image
.... Even as Roosevelt railed that “government by organized money is just as dangerous as government by organized mob”, Weinberg helped raise money to put him in the White House. Goldman Sachs wasn’t the only bank to have a close relationship with government, but its closeness with the halls of power stands out from FDR through to Bill Clinton, who took Robert Rubin to run the treasury, and George W Bush, who picked Hank Paulsen as his treasury secretary, a man widely criticized for handing bailout dollars to his cronies after the 2008 crash. ...
Obama's legacy image
Source : BBC [Read Article] Friday 13th of January 2017 12:03:44 AM
Fiat Chrysler used software to cheat diesel emissions testing, EPA alleges image
Source : Guardian [Read Article] Thursday 12th of January 2017 05:16:43 PM
....Sergio Marchionne, CEO of Fiat Chrysler, objected to comparisons of Volkswagen and Fiat Chrysler, suggesting that conflating the two was evidence of a different kind of unlawful emission: Anyone who compares Fiat to VW “is smoking illegal material,” Marchionne told Reuters. The jibe is a favorite of Marchionne’s, who accused Mormon former presidential candidate Mitt Romney of the same for objecting to the auto industry bailout. ...
RBS investors call for governance changes to improve transparency image
Source : Guardian [Read Article] Friday 30th of December 2016 08:06:35 AM
....In April 2008, RBS asked existing shareholders to inject £12bn into the company to strengthen its reserves after the bank had splurged £49bn to acquire the Dutch bank ABN Amro. The deal proved toxic and, just months later, the value of RBS shares plunged 90% and the government stepped in with a £45bn bailout. ...
Brexit, strikes and pay revolts: the year in business image
Source : Guardian [Read Article] Wednesday 28th of December 2016 06:00:27 AM
.... Until these are resolved, the Treasury will struggle to sell off its 73% stake in the bank. In February, RBS will announce its ninth consecutive year of losses – which have already topped £50bn since its bailout. ...
Monte dei Paschi shortfall €8bn, ECB says image
Source : Guardian [Read Article] Tuesday 27th of December 2016 11:44:28 AM
....Monte dei Paschi said the ECB had told it that the €8. 8bn bailout figure was determined by the results of stress tests that the bank failed this summer. ...
Monte dei Paschi sees funding gap grow image
Source : BBC [Read Article] Tuesday 27th of December 2016 08:24:18 AM
....Analysis: Theo Leggett, business correspondent. Monte dei Paschi (MPS) has formally requested a bailout from the Italian government - but it is far from a done deal. ...
Monte dei Paschi bailout shouldn't be seen as a done deal, says ECB member image
Source : Guardian [Read Article] Monday 26th of December 2016 05:32:18 PM
. A bailout of struggling Italian bank Monte dei Paschi should not be seen as a done deal, a key European Central Bank policymaker has said. ...
Italy approves bailout for Monte dei Paschi image
Source : BBC [Read Article] Friday 23rd of December 2016 01:12:18 AM
. Italy's cabinet has approved a state-bailout for the country's third-largest bank, Monte dei Paschi di Siena. ...
Italian cabinet gives green light to Monte dei Paschi di Siena bailout image
Source : Guardian [Read Article] Thursday 22nd of December 2016 02:09:24 PM
. The Italian government has agreed to a bailout of Monte dei Paschi di Siena (MPS) after the world’s oldest bank admitted that it had failed to raise €5bn (£4. ...
State rescue looms for Monte dei Paschi image
Source : BBC [Read Article] Thursday 22nd of December 2016 09:25:10 AM
....8bn) to support the bank sector. But a state bailout would mean thousands of ordinary retail investors could face losses. ...
Italy's Monte dei Paschi shares hit record low as bailout looms – business live image
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Italy's political class should be very alarmed if MPS needs state bailout image
Source : Guardian [Read Article] Wednesday 21st of December 2016 07:38:35 PM
. Monte dei Paschi di Siena’s attempt to float itself off the rocks with private capital appears doomed and a state-sponsored bailout looks inevitable. ...
Italy to bail out Monte dei Paschi di Siena bank with €20bn rescue fund image
Source : Guardian [Read Article] Wednesday 21st of December 2016 07:14:28 PM
. A €20bn (£17bn) rescue fund for Italy’s banking sector has been approved by the country’s parliament, heralding a bailout of the world’s oldest bank, Monte dei Paschi di Siena (MPS). ...
Italy approves a €20bn bailout plan for its banks image
Source : BBC [Read Article] Wednesday 21st of December 2016 11:31:34 AM
....The Italian parliament has approved a government plan for a possible €20bn (£16. 8bn) bailout of the country's banks. ...
Lloyds's MBNA deal: good for the bank, bad for competition | Nils Pratley image
Source : Guardian [Read Article] Wednesday 21st of December 2016 12:01:02 AM
.... The first is to applaud Lloyds’ escape from the hell of restructuring and provisioning. The bank hadn’t made an acquisition since the miserable crisis-era grab of HBOS, the deal that came with a state-sponsored bailout. ...
Italy seeks 20bn euros for banks as Monte dei Paschi flounders image
Source : BBC [Read Article] Tuesday 20th of December 2016 12:54:43 AM
....The country's third-largest bank needs to raise €5bn in fresh capital by the end of the month. If Monte dei Paschi cannot arrange a private sector bailout, a state rescue may come as early as this week. ...
Banks may groan – but Andrew Tyrie is right to launch a new inquiry image
Source : Guardian [Read Article] Monday 19th of December 2016 07:05:55 PM
.... But that debate needs to be settled once and for all, preferably before the next crisis arrives. Second, the current crisis in the Italian banking industry is a reminder that talk of state-funded bailouts has not been banished forever, at least in the eurozone. ...
Moody's voices concern at 'material delay' in Greece debt relief talks image
Source : Guardian [Read Article] Monday 19th of December 2016 06:43:19 PM
....5% of Greece’s GDP – but were made without consultation with the country’s creditors. Hardliners in Brussels and in Berlin were outraged by Tsipras’s decision, seen as evidence of backsliding on a commitment made in August 2015 to keep to a tough programme of economic reforms in return for an €86bn bailout. ...
MPs to test rules aimed at insuring against UK bank bailouts image
Source : Guardian [Read Article] Monday 19th of December 2016 10:57:39 AM
. The banking sector is to face fresh scrutiny from MPs, who are embarking on a new inquiry to examine rules put in place after the financial crisis in 2008 to prevent further billion-pound taxpayer bailouts. ...

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