HEARD ON THE STREET: UK Levy Not Too Taxing For Banks
22nd Jun 2010 19:13
By Simon Nixon A DOW JONES COLUMN Following an election in which bank-bashing figured prominently, the U.K. banking sector can count itself lucky with the coalition government's emergency budget. Although Chancellor George Osborne is pushing ahead unilaterally with a bank levy, it is only ex
Read moreUK Banks Hit With New Tax, But Escape Harsher Measures
22nd Jun 2010 17:29
By Patricia Kowsmann Of DOW JONES NEWSWIRES LONDON (Dow Jones)--U.K. banks escaped new taxes on profits and remuneration, but a widely expected levy on their balance sheets that could provide an extra GBP2 billion a year to the government raised warnings from the sector, which said the U.K.
Read moreFTSE 100 movers: Lloyds heads risers
22nd Jun 2010 16:54
Lloyds Banking is heading the risers on the Footsie despite the bank levy, which will be introduced alongside similar taxes in France and Germany. There was a positive reaction to Costa Coffee owner Whitbread's trading update. Premier Inn and Costa Coffee were the star performers for the hotel and
Read moreMARKET TALK: UK Bank Levy Better Than Feared - Oriel
22nd Jun 2010 16:15
1515 GMT [Dow Jones] The newly-announced U.K. bank levy to raise roughly GBP2B is better than feared, says Oriel Securities analyst Mike Trippitt. Oriel sees Barclays (BCS) having a relatively large exposure because of its big balance sheet, with Standard Chartered (STAN.LN) and HSBC Holdings (HBC)
Read moreUK MARKET TALK ROUNDUP: BROKERS COMMENTS
22nd Jun 2010 16:15
Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, [email protected] Contact us in London. +44-20-7842-9464 [email protected] 1515 GMT [Dow Jones] The newly-announced U.K. bank levy to raise roughly GBP2B is better than feared, says Oriel Securities a
Read moreUPDATE: Alliance & Leicester Plans GBP3B Private RMBS Issue
22nd Jun 2010 15:28
Adds background -By Mark Brown Dow Jones Newswires LONDON (Dow Jones)--U.K. lender Alliance & Leicester, owned by Spain's Banco Santander SA (STD), will issue GBP3 billion of residential mortgage-backed securities via its Fosse program, the bank said Tuesday. The bank is planning to
Read moreUK Bank Shares Gain Ground After Bank Levy News
22nd Jun 2010 15:22
By Patricia Kowsmann Of DOW JONES NEWSWIRES LONDON (Dow Jones)--U.K. bank shares gained ground Tuesday after the government's widely expected levy on the sector proved to be lower than expected, although industry groups warned it could still make U.K. banks less competitive than their foreig
Read moreLondon afternoon: Market takes tax hikes on chin
22nd Jun 2010 14:17
Footsie is still in the red after chancellor George Osborne's first Budget, which contained a huge raft of tax and benefit changes, most of which will raise revenue for the government. VAT is going up from 17.5% to 20%, capital gains tax is rising to a flat rate of 28% while the banks and building
Read moreUK Bank Group Warns New Levy Could Make UK Less Competitive
22nd Jun 2010 13:50
By Patricia Kowsmann Of DOW JONES NEWSWIRES LONDON (Dow Jones)--The British Bankers' Association warned Tuesday that the U.K. government's move to impose a tax on banks could make the U.K. banking sector less competitive, and said it will work with authorities to ensure the levy won't affect
Read moreMARKET TALK: Banks Rise After Bank Levy Not As Bad As Feared
22nd Jun 2010 13:43
1243 GMT [Dow Jones] The FTSE 350 banks index comes off lows and Lloyds Banking Group storms higher, as the UK Chancellor brings his budget speech to a close. A trader says the bank levy announced in the budget will raise just GBP2bn a year, not upwards of GBP3B as had been speculated in some public
Read moreEffective Regulation, Not Tax, Key To Reducing Bank Risk-AFME
22nd Jun 2010 13:36
By Patricia Kowsmann Of DOW JONES NEWSWIRES LONDON (Dow Jones)--The Association for Financial Markets in Europe said Tuesday that while it welcomed more details on the tax that the U.K. government will impose on the banks, effective regulation remains the most important tool to avoid future
Read moreMedia Square Gets New Three-Year, GBP26.6M Banking Facility
21st Jun 2010 07:26
LONDON (Dow Jones)--Marketing communications group Media Square PLC (MSQ.LN) Monday said it has agreed new three-year, GBP26.6 million banking facilities with Bank of Scotland, part of Lloyds Banking Group PLC (LLOY.LN). Chairman Roger Parry said the new facility, which includes long-term debt
Read morePRESS RELEASE: Moody's Assigns Definitive Aaa Ratings To Royal Bank Of Scotland's Mortgage Covered Bonds
18th Jun 2010 12:12
The following is a press release from Moody's Investors Service: EUR1.25 billion of debt securities affected London, 18 June 2010 -- Moody's Investors Service has assigned definitive long-term ratings of Aaa to Series 1 of the mortgage covered bonds issued by The Royal Bank of Scotland plc (RBS
Read moreLondon close: Seventh day of gains for Footsie
17th Jun 2010 16:46
London's blue chips rose for the seventh day running as BP took some comfort from the $20bn deal agreed with US president Obama. Banks also rallied on the new plans for City regulation set out yesterday. This afternoon, the coalition government also axed 12 projects costing £2bn, suspended another
Read more2nd UPDATE: UK Axes GBP80 Mln Sheffield Nuclear Industry Loan
17th Jun 2010 15:38
(Adds details and quotes from business secretary and analyst.) By Selina Williams Of DOW JONES NEWSWIRES LONDON (Dow Jones)--The U.K. government Thursday axed an GBP80 million loan to Sheffield Forgemasters International Ltd. for equipment to make the large forgings for nuclear power sta
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