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Archive for November 2014

AIB lays blame on markets as it stalls bond sale

AIB put a planned bond deal on hold yesterday, blaming a deterioration in the markets after the plan to issue the new 10-year mortgage-backed debt was announced less than 24 hours earlier. Investors and traders had been waiting for the deal – expected to be up to €1bn in size – to price yesterday. The…

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Bank culture ‘will take generation to change’, says report

Ulster Bank

A “toxic” and “aggressive” culture inside British banks that led to scandals such as mis-selling will take a generation to change, a report says. A culture that was decades in the making will take years to unwind, the joint study by Cass Business School and think tank New City Agenda concludes. It estimates that poor…

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RBS struggles against never-ending fines

Royal Bank of Scotland

The Royal Bank of Scotland is in the process of looking for a new chairman. Whoever it is will need a strong stomach. Thursday’s £56m fine from the Financial Conduct Authority and the Bank of England over the spectacular 2012 computer blow-up is the latest in a series of punishments for failure and misconduct stretching…

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Japan’s economy makes surprise fall into recession

Japan’s economy unexpectedly shrank for the second consecutive quarter, leaving the world’s third largest economy in technical recession. Gross domestic product (GDP) fell at an annualised 1.6% from July to September, compared with forecasts of a 2.1% rise. That followed a revised 7.3% contraction in the second quarter, which was the biggest fall since the March 2011…

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Global economy warning lights are flashing, says PM

global economy

“Red warning lights” are once again flashing over the state of the global economy, the prime minister has said. Speaking after the G20 meeting of world leaders, David Cameron said a “dangerous backdrop of instability” threatened Britain’s recovery, and “we should stick to our long-term plan”. In a Guardian article, he warned of the impact…

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SMEs at… risk from vulture funds, warns Musgrave’s…independent.ie

loan

One of the country’s biggest wholesale and retail groups has warned that small and medium enterprises (SMEs) must be protected when banks sell on loans to international funds. Changes are “urgently needed”, according to Musgrave Group, which operates the SuperValu and Centra chains, often in partnership with independent franchise owners. Those independent retailers are being…

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Ulster Bank to remain under control of RBS- Source BBC News

Ulster Bank

RBS will retain control of Ulster Bank and said it has a good market position that can deliver attractive returns. RBS had been carrying out a review that could have seen the Ulster Bank business in the Republic of Ireland sold off. Ross McEwan, RBS chief executive, said: “We have confirmed today that Ulster Bank…

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