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. Four former Barclays executives could face lengthy jail sentences after the Serious Fraud Office charged them and the bank with fraud over the way Barclays raised billions of pounds from Qatar at the height of the financial crisis. ... [Read full article on Guardian ]
Tuesday 20th of June 2017 06:48:09 AM
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....When a bonus cap was introduced by the European Union in 2013, limiting bonuses to one times salary or double if shareholders approved, the government refused to give the approval that would have allowed RBS to pay out more. The public anger sparked by the financial crisis forced greater disclosure from banks about the way they paid their top staff, particularly banks like Barclays that have large investment banking operations. ... [Read full article on Guardian ]
Tuesday 20th of June 2017 06:01:43 PM
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....Last year the bank shed more than 500 jobs as part of a plan to replace the staff giving investment tips with “robo-advisers”. The bank has been trying to cut costs since a £45bn government bailout nearly 10 years ago at the height of the financial crisis. ... [Read full article on Guardian ]
Sunday 25th of June 2017 03:48:43 PM
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....But the broader point about the public interest in the SFO pursuing this case seems crystal clear. The fact that the financial crisis of 2008 can feel a long time ago is irrelevant. ... [Read full article on Guardian ]
Tuesday 20th of June 2017 06:05:43 PM
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....The move comes after a five-year investigation into the bank’s £11. 8bn emergency fundraising at the height of the 2008 financial crisis, when it raised billions of pounds from Qatar. ... [Read full article on Guardian ]
Tuesday 20th of June 2017 02:17:46 PM
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Latest Finance News related to Financial Crisis

RBS to cut hundreds of UK jobs in move to India image
Source : Guardian [Read Article] Sunday 25th of June 2017 03:48:43 PM
....Last year the bank shed more than 500 jobs as part of a plan to replace the staff giving investment tips with “robo-advisers”. The bank has been trying to cut costs since a £45bn government bailout nearly 10 years ago at the height of the financial crisis. ...
SFO has clear public interest in pursuing Barclays case | Nils Pratley image
....But the broader point about the public interest in the SFO pursuing this case seems crystal clear. The fact that the financial crisis of 2008 can feel a long time ago is irrelevant. ...
Paul Myners: Barclays realised taxpayer bailout would hit bonuses image
Source : Guardian [Read Article] Tuesday 20th of June 2017 06:01:43 PM
....When a bonus cap was introduced by the European Union in 2013, limiting bonuses to one times salary or double if shareholders approved, the government refused to give the approval that would have allowed RBS to pay out more. The public anger sparked by the financial crisis forced greater disclosure from banks about the way they paid their top staff, particularly banks like Barclays that have large investment banking operations. ...
Senior Barclays bankers charged with fraud over credit crunch fundraising image
. Four former Barclays executives could face lengthy jail sentences after the Serious Fraud Office charged them and the bank with fraud over the way Barclays raised billions of pounds from Qatar at the height of the financial crisis. ...
Lloyds likely to extend compensation deadline over HBOS fraud scandal image
....Lloyds had pledged to do so by the end of June. The compensation is to come from £100m the bank has set aside for the victims of the fraud, which took place between 2003 and 2007 before it bought HBOS at the height of the financial crisis. ...
Barclays to learn if SFO will press charges over Qatari cash injections image
. Barclays and a number of its former executives are expected to learn this week whether the Serious Fraud Office intends to bring criminal charges in relation to emergency fundraising at the height of the financial crisis. ...
Brexiters have voted for a poverty even worse than austerity image
Source : Guardian [Read Article] Sunday 18th of June 2017 06:00:04 AM
....The vote against austerity was long overdue. Under Cameron and Osborne the Conservatives got away with blue murder in blaming the world financial crisis on Labour in general and Gordon Brown in particular. ...
Wealth gap rises as home ownership falls, says study image
Source : Guardian [Read Article] Saturday 17th of June 2017 07:06:21 PM
....A fall in home ownership is fuelling the return of rising wealth inequality across Britain, it has emerged. Booming house prices in the run-up to the financial crisis had led to a decade-long fall in the uneven distribution of the country’s wealth. ...
Almost 1m UK bank customers will be forced to use new sort codes image
Source : Guardian [Read Article] Friday 16th of June 2017 06:15:07 PM
....Some changes will also need to go through the courts, starting later this year, to allow business to be transferred into the “ringfenced bank”, Proudman said. The rules are named after Sir John Vickers who recommended in 2011 that banks ringfence their high street operations from the riskier businesses after the financial crisis. ...
Duke of Westminster's property group to build 1,500 rental homes in London image
....Grosvenor Group has been hit by the downturn at the top end of the London housing market. It recently reported a steep fall in returns on its British and Irish property portfolio, its worst UK performance since the financial crisis. ...
Pay squeeze intensifies as wage growth falls further behind inflation image
Source : Guardian [Read Article] Wednesday 14th of June 2017 08:35:03 AM
....”. When adjusted for inflation, UK employees are now earning £15 less a week after tax and deductions than they were in March 2008, six months before the collapse of Lehman Brothers and the global financial crisis. ...
As with everything Brexit, the battle for the City will be messy | Nils Pratley image
.... It’s not hard to do, and it’s how the US operates. The entire thrust of international regulation since the financial crisis has been to improve transparency and LCH already dances to the tune of many different regulators. ...
Naomi Klein: ‘Trump is an idiot, but don’t underestimate how good he is at that’ image
....Beyond that he has, presumably wittingly, “surrounded himself with some of the world’s most expert crisis profiteers”. Men who have made billions out of meltdown and financial crisis, such as Wilbur Ross, the “king of bankruptcy” who is now secretary of commerce, or the various crash-plutocrats recruited from Goldman Sachs and elsewhere. ...
While Corbyn inspired the young, May was terrifying the old image
Source : Guardian [Read Article] Sunday 11th of June 2017 06:00:47 AM
.... This is not just a London problem,” he said. “Young people experienced the tightest pay squeeze in the wake of the financial crisis – with real pay falling by 13%. ...
Are cheap car loans the vehicle taking us to the next financial crash? image
Source : Guardian [Read Article] Saturday 10th of June 2017 03:00:29 PM
....“PCP car finance relies on the lenders’ ability to realise guaranteed future values, which can only happen in a strong used car market; but if hundreds of thousands of diesel drivers were to use consumer law to return their PCP-financed cars early – passing the early-termination losses back to the lenders – the cost would be so great that many finance companies wouldn’t be able to cope. It’s no exaggeration to speculate whether this could become the next financial crisis,” Empson said. ...
Democrats say Dodd-Frank repeal is 'wrong choice' image
Source : BBC [Read Article] Friday 9th of June 2017 08:42:41 PM
...."It's fitting that @realDonaldTrump is celebrating a bill that will harm service members, seniors, and families #WrongChoiceAct," Nancy Pelosi, the leader of Democrats in the House, tweeted in reply. Supporters say the bill, dubbed the Financial CHOICE Act, provides a simpler alternative to the oversight measures known as the Dodd-Frank Act, which passed in the wake of the financial crisis. ...
Republicans take aim at Dodd-Frank financial rules image
Source : BBC [Read Article] Thursday 8th of June 2017 02:18:10 PM
. A Republican push to overhaul US banking rules put in place after the 2008 financial crisis may be gaining momentum. ...
UK rents fall for first time since 2009, plus peer-to-peer lending left me in the red image
....Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed. UK house prices fall for third month in a row for first time since financial crisis. ...
China trade healthier than expected image
Source : BBC [Read Article] Thursday 8th of June 2017 08:22:28 AM
....Moody's Investors Service downgraded China's credit rating last month on concerns that its financial strength would be eroded in the coming years by rising debts. Much of China's growth since the financial crisis has come from massive government-led stimulus spending on infrastructure. ...
Santander and RBS haunted by ghost of financial crisis image
Source : Guardian [Read Article] Wednesday 7th of June 2017 06:00:26 PM
. The shadow of the 2008 financial crisis loomed over the banking sector again on Wednesday when a Spanish lender was rescued from collapse by Santander and Royal Bank of Scotland racked up a £1bn bill to end a legal battle sparked by the bailouts by UK taxpayers nearly a decade ago. ...
Some RBS investors still refuse settlement image
Source : BBC [Read Article] Wednesday 7th of June 2017 11:29:00 AM
....However, it was adjourned and the parties began discussions over reaching a settlement. The dispute centres on RBS's decision, during the financial crisis, to ask shareholders for billions of pounds worth of funds after it bought Dutch rival ABN Amro. ...
OECD predicts fastest global growth in six years image
Source : BBC [Read Article] Wednesday 7th of June 2017 09:21:03 AM
....He warned that the improved outlook could be damaged by protectionism and it was not strong enough to satisfy people's expectations for a better standard of living or greater equality. Growth continues to fall short of rates seen before the 2008-09 financial crisis. ...
Australia records 103rd successive quarter of recession-free economy image
Source : Guardian [Read Article] Wednesday 7th of June 2017 03:33:36 AM
....7% over the 12 months to the end of March. It marks the slowest pace of annual growth since late 2009, in the aftermath of the global financial crisis. ...
Fred Goodwin escapes high court appearance as RBS settles lawsuit image
Source : Guardian [Read Article] Tuesday 6th of June 2017 11:50:13 AM
. Fred Goodwin has escaped being summoned to the high court to explain his actions during the 2008 financial crisis, after disgruntled shareholders finally reached a settlement with Royal Bank of Scotland. ...
RBS reaches settlement with shareholders image
Source : BBC [Read Article] Tuesday 6th of June 2017 10:37:18 AM
. RBS has finally reached a £200m settlement with investors who say they were duped into handing £12bn to the bank during the financial crisis. ...
Average UK rents fall for first time in more than seven years image
Source : Guardian [Read Article] Tuesday 6th of June 2017 05:01:14 AM
....Some commentators have suggested that tenant demand has been falling, particularly in London, possibly as a result of Brexit, while others have said a weaker sales market had prompted some homeowners to let out their homes rather than putting them up for sale. On 1 June, Nationwide said house prices had fallen for the third month in a row, for the first time since the height of the financial crisis in 2009. ...
If you want to get technical, recession records are nothing to brag about | Greg Jericho image
....But if that were so, then at 105 consecutive quarters, Australia still has half a year to go to equal the record. But even worse, the Netherlands only went into a recession during the global financial crisis in December 2008 – when its GDP fell 0. ...
WPP needs a big name to follow Sir Martin Sorrell image
Source : Guardian [Read Article] Sunday 4th of June 2017 06:00:16 AM
....Huge investment banks once made fortunes from such floats: they calmed investor nerves by (perhaps) taking some risk themselves and parking Takyorneekapov’s stake on their own balance sheet. The fallout from the financial crisis means large institutions can’t do that now – but smaller shops can. ...
Let’s hope a hung parliament can halt the Brexit disaster image
Source : Guardian [Read Article] Sunday 4th of June 2017 05:59:15 AM
....The second factor is a decline to barely recognisable levels in the annual increase in economic productivity. As the economist Simon Wren-Lewis has pointed out, this goes back, like so many other economic and social problems, to the 2007-09 financial crisis. ...
Rise in housebuilding boosts construction sector in May image
Source : BBC [Read Article] Friday 2nd of June 2017 11:39:01 AM
.... . Building society Nationwide said house prices had fallen for a third consecutive in May - the longest run of decline since 2009, just after the financial crisis. ...
Sandbanks is priciest seaside town in UK, plus the worst mobile providers image
....Serious Fraud Office warns of £120m pension scam. UK house prices fall for third month in a row for first time since financial crisis. ...
Trade union membership has plunged to all-time low, says ONS image
Source : Guardian [Read Article] Thursday 1st of June 2017 10:43:25 AM
.... O’Grady urged young people to join a union, arguing that it was likely to improve terms and conditions. In an era of stagnation in wages – the Institute for Fiscal Studies expects average real earnings to be no higher in 2022 than they were before the financial crisis, a situation it describes as “unprecedented” – it was more important than ever for people to join a union, she added. ...
UK house prices fall for third month in a row for first time since financial crisis image
. House prices in Britain have fallen for the third month in a row, for the first time since the height of the financial crisis in 2009. ...
Tory plans mean no one will be left to build homes | Michael Thirkettle image
.... These high-skilled tradesmen and women are far removed from the stereotype of the unskilled, low-wage worker undercutting British employees’ conditions and wages. Skilled workers from EU countries are filling a significant gap: the construction industry employs 320,000 fewer workers than it did a decade ago before the financial crisis and recession hit. ...
Banks 'rebuilding reputation' after crash image
Source : BBC [Read Article] Wednesday 31st of May 2017 11:03:44 PM
. UK banks are starting to rebuild their reputation following the financial crisis with a marked improvement in the last two years, a survey suggests. ...
Ireland set to sell 25% of Allied Irish Banks image
Source : BBC [Read Article] Wednesday 31st of May 2017 10:46:21 AM
. Ireland is to sell 25% of Allied Irish Banks back to the public, eight years after it was rescued during the financial crisis. ...
Hollywood and TV put the squeeze on UK's low-budget film-makers image
Source : Guardian [Read Article] Wednesday 31st of May 2017 08:22:26 AM
....6bn feature film market, remain rocksteady, with just under 20 films produced in 2015. “After the last financial crisis money dried up and the major Hollywood studios ended up cutting loads of their production slates and increased budgets pretty much for franchises and superhero stuff,” says David Hancock, a film analyst at IHS Markit. ...
Goldman Sachs condemned for buoying Venezuela with $2.8bn bond purchase image
....”. Venezuela is in the midst of the worst financial crisis in its history and has been rocked by months of violent demonstrations that have led to at least 55 deaths. ...
Higher inflation drives down real wages for British workers image
Source : Guardian [Read Article] Tuesday 30th of May 2017 12:48:46 PM
.... “But several factors are likely to keep constraining pay growth in our view,” he added. The recent return to falling real wages compounds the pain for British workers who suffered years of declining living standards in the wake of the financial crisis. ...
Why help to buy is no help at all to the economy | Jeffrey Frankel image
Source : Guardian [Read Article] Tuesday 30th of May 2017 09:54:25 AM
. At the end of the first quarter, according to the Federal Reserve Bank of New York, American consumer debt for the first time exceeded its previous peak (in dollars), reached in the third quarter of 2008, just as the global financial crisis erupted. ...
Greece warns recovery threatened if debt deal is blocked at next talks image
....Greece on Monday issued a panic warning that its recovery would be thrown into doubt if Brussels blocked a debt deal at the next meeting of euro area finance ministers. Fearing that Germany will insist on delays to an agreement until at least after elections in September, Athens’ finance minister hinted that the beleaguered nation could be plunged deeper into recession after seeing its economy contract by more than 25% since the start of its financial crisis. ...
RBS investors ready to settle share sale legal dispute image
Source : BBC [Read Article] Monday 29th of May 2017 10:24:46 AM
....However, it was adjourned and the parties began discussions over reaching a settlement. The dispute centres on RBS's decision, during the financial crisis, to ask shareholders for billions of pounds worth of funds after it bought Dutch rival ABN Amro. ...
Tax on test: do Britons pay more than most? image
Source : Guardian [Read Article] Saturday 27th of May 2017 06:00:20 AM
.... Unlike the UK’s £11,500 personal allowance, the Irish don’t have one in the same sense – rather a tax credit that reduces their bill by €3,300. After the financial crisis struck, the government brought in the emergency universal social charge, which starts at 2. ...
SFO delays decision again on charging Barclays over 2008 fundraising image
.... The Conservative party manifesto outlined plans to roll the SFO into the National Crime Agency, in an attempt to “improving intelligence sharing and bolstering the investigation of serious fraud, money laundering and financial crime”. The investigation, according to disclosures by Barclays, focuses on commercial arrangements between the bank and Qatar Holding – an investment vehicle for the Gulf state – which bought shares in Barclays during two fundraisings at the height of the financial crisis. ...
IFS to voters: you have a choice between the 'undeliverable' or 'unworkable' image
.... A state of flux is IFS-speak for complete shambles. Labour lost its hard-won economic credibility by virtue of being in power during the global financial crisis and has struggled to get it back. ...
English house-building at highest for a decade image
Source : BBC [Read Article] Thursday 25th of May 2017 11:42:17 AM
....The Department of Communities and Local Government (DCLG) said 162,880 homes were started in 2016/17, with 147,960 completed. Both numbers represent the highest number of new builds since the start of the financial crisis in 2007/08. ...
TUC urges government to help boost pay as debt nears record levels image
Source : Guardian [Read Article] Thursday 25th of May 2017 05:01:19 AM
. The TUC has urged the next government to take action to boost pay as it warned that borrowing to top up wages was poised to breach the record levels hit just before the financial crisis of a decade ago. ...
TUC warns household debt will rise to £15,000 by 2020 image
Source : Daily Express [Read Article] Thursday 25th of May 2017 12:00:00 AM
. The TUC said wages have not recovered from the financial crisis, pushing the economy into the "danger zone". ...
Dollar slips after cautious Fed minutes image
Source : BBC [Read Article] Wednesday 24th of May 2017 08:05:38 PM
.... . Amid the housing and financial crisis, the Federal Reserve lowered interest rates to boost the economy. ...
The economy is stagnant because people fear for the future | Robert Shiller image
.... After former US Treasury secretary Lawrence Summers used the term in a November 2013 speech at the International Monetary Fund, the New York Times columnist Paul Krugman picked it up, and it went viral from there. Although secular stagnation became a meme five years after the 2008 financial crisis, the term itself is much older. ...
London economy subsidises rest of UK, ONS figures show image
Source : Guardian [Read Article] Tuesday 23rd of May 2017 10:26:10 AM
.... Scotland, which has seen its public finances badly affected by the plunge in global oil prices, ran a deficit of £2,830 a head. The ONS figures show that London has recovered rapidly from the financial crisis of 2007-08, which wiped out the region’s fiscal surplus of close to £25bn a year. ...
How can Macron unite Europe? He could start with its armies | Hans-Werner Sinn image
.... But now a reality check is in order, because we do not yet know how the president intends to restore the French economy. The country has an unemployment rate of nearly 10% and its manufacturing sector is 12% below the level before the 2008 global financial crisis. ...
'Ordinary' people image
Source : BBC [Read Article] Monday 22nd of May 2017 11:27:59 PM
....The wider picture for earnings is not so positive. The UK experienced a pay squeeze following the financial crisis of 2008, with wages growing more slowly than prices for five years. ...
Australians aren't being paid for their productivity. Get set for an industrial relations war | Greg Jericho image
.... In April, the per capita weekly hours worked was just 21:. This fall is just part of a long running disjoint since the global financial crisis between hours worked and the percentage of adults who are employed:. ...
RBS court battle with investors adjourned image
Source : BBC [Read Article] Monday 22nd of May 2017 12:12:00 AM
....". Mr Goodwin, who was stripped of his knighthood in 2012, oversaw the multi-billion-pound deal to buy Dutch rival ABN Amro at the height of the financial crisis in 2007, which led to the RBS bailout. ...
RBS shareholders take battle over cash call to high court image
Source : Guardian [Read Article] Sunday 21st of May 2017 01:03:31 PM
. A £520m case is scheduled to begin in the high court on Monday that will scrutinise the months leading up to Royal Bank of Scotland’s £45bn bailout at the height of the financial crisis. ...
Car loans, low rates, second mortgages: all the ingredients for a new credit crunch image
....With the regulators afraid to “pull the punch bowl away in the middle of the party”, as former Bank governor Lord King put it as he surveyed the wreckage caused by the 2008 crash, those at risk must fear another credit crunch looming into view. Try as they might, the UK’s two big high street lenders cannot put the financial crisis behind them. ...
Five minute guide to investing in the UK's big banks image
Source : Daily Express [Read Article] Sunday 21st of May 2017 12:01:00 AM
....AJ Bell investment director Russ Mould says that even after accounting for the £3. 6billion cost of borrowing funds for the bailout, taxpayers are slightly ahead: “This is well beyond the expectations of many at the height of the financial crisis. ...
Ex-RBS boss Fred Goodwin returns to spotlight in £520m court battle image
.... It will be the first time Goodwin has been forced to publicly account for the bank’s £45bn taxpayer bailout since politicians on the Treasury select committee questioned him in February 2009. It will also be the first time senior bankers have been questioned about their role during the financial crisis in a London court. ...
Brazil's stock market plunges after corruption claims image
Source : BBC [Read Article] Thursday 18th of May 2017 04:31:38 PM
....Trading was delayed in Sao Paulo's stock exchange and once it opened, the circuit breaker stopped all operations within just a few minutes. That has not happened since the global financial crisis of 2008. ...
RBS settlement has left business couple feeling 'gutted' image
Source : BBC [Read Article] Thursday 18th of May 2017 01:48:53 PM
....That year they took on an insurance product called an interest rate swap that was designed to protect against the impact of rising rates on their repayments. But during the financial crisis interest rates plunged to record lows which meant the company incurred extra heavy repayments. ...
Lloyds reaches landmark as government sells final shares image
Source : Guardian [Read Article] Tuesday 16th of May 2017 04:45:44 PM
....3bn bailout of the high street lender. It will be confirmed on Wednesday that the Treasury has finally extricated itself from its shareholding in the bank – owner of Halifax, Bank of Scotland and Scottish Widows –which it rescued during at the depths of the financial crisis. ...
Labour gambles on tax and spend – but will the public back it? | Larry Elliott image
.... It has been many a year since one of the two main political parties has gone into an election on a platform that is unashamed about the virtues of tax and spend. The document sketches out a picture of Britain in which the size of the state is bigger – apart from during the special circumstances of the financial crisis – than at any time since the 1980s. ...
EU countries to decide on Singapore trade deal image
Source : BBC [Read Article] Tuesday 16th of May 2017 09:52:08 AM
....US President Donald Trump's "America First" agenda has made a TTIP deal look even more remote. The shock of the 2008 financial crisis fuelled protectionism in the US and Europe. ...
Reality Check: What's been going on with pay? image
Source : BBC [Read Article] Monday 15th of May 2017 02:49:56 PM
....The claim: Workers' living standards have been falling far too fast for far too long. Reality Check verdict: Average pay adjusted for prices has been rising for the past couple of years, but is still below the level it was 10 years ago, before the financial crisis. ...
Is Labour's manifesto living in fantasy land? Quite the opposite | Larry Elliott image
....Fantasy Island was not exactly a bestseller but it sold reasonably well. The reason for that (apart, obviously, from the book’s razor-sharp analysis and polished prose) was that the biggest financial crisis in a century erupted within two months of its publication and a month after Blair’s departure from Downing Street. ...
How real books have trumped ebooks image
Source : Guardian [Read Article] Sunday 14th of May 2017 07:00:10 AM
.... It’s hard to know whether to read these books or caress them. Book covers looked very different a decade ago when the appearance of e-readers seemed to flummox a publishing industry reeling from the financial crisis and Amazon’s rampant colonisation of the market. ...
Battle ground image
Source : BBC [Read Article] Sunday 14th of May 2017 01:14:58 AM
General election 2017: 'Robin Hood tax' on City pledged by Labour image
....The Conservatives described Labour's plans as "a total shambles". Shadow chancellor John McDonnell said Labour's plans to increase taxes on City transactions would be a "Robin Hood tax" that would "make the financial sector pay its fair share" after the damage caused by the financial crisis. ...
Great bed and power shower: is this really a budget hotel? image
Source : Guardian [Read Article] Saturday 13th of May 2017 03:00:03 PM
....Research commissioned by GTMC, which represents major travel management companies in the UK, shows that mid-range and budget hotels accounted for more business trips than luxury hotels last year. Paul Wait, chief executive of GTMC, says business travel “dropped off a cliff” in 2008 at the height of the financial crisis, but has recovered steadily since then and is not far off pre-crisis levels. ...

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