Sunday newspaper round-up: Tax fraud scandal, Royal Mail, Metro Bank
12th Nov 2023 20:09
(Sharecast News) - More claims against banks and individuals operating in the City linked to the so-called Cum-Ex case are likely. The tax fraud scandal - Europe's largest ever - is estimated to have cost German taxpayers alone almost £10bn. Among the lenders being investigated are Barclays, Bank of America Merrill Lynch, Morgan Stanley, BNP and Nomura, together with law firms and auditors. Last week, the Supreme Court ruled that Danish authorities could pursue an alleged £1.4bn Cum-Ex fraud in London. The decision may open the floodgates to to claims from regulators in other European countries. - Financial Mail on Sunday
Read moreMetro Bank daily flows returning to normal after capital injection
7th Nov 2023 10:37
(Sharecast News) - Metro Bank said in an update on Tuesday that its daily flows had returned to more normal ranges since it secured £325m in capital in early October.
Read moreLondon close: Stocks slip into red on growing Middle East concerns
9th Oct 2023 15:40
(Sharecast News) - London's financial markets closed in the red on Monday, relinquishing earlier gains as geopolitical tensions emanating from the Israel-Gaza conflict hit global sentiment.
Read moreMetro Bank announces £925m capital package, looking at mortgage sale
9th Oct 2023 07:23
(Sharecast News) - Metro Bank announced a robust capital and debt restructuring package totalling £925m on Monday, after a week of market chatter and reports around its capital position, although some current stakeholders will be taking a 40% haircut.
Read moreSunday newspaper round-up: Renewi, Metro Bank, New homes
8th Oct 2023 11:36
(Sharecast News) - Some of Renewi's major shareholders are divided as to whether the recycling company should engage with Australian suitor Macquarie. One major shareholder has told Renewi's board that it should not until Macquarie raised its £636m bid, but another top ten shareholder told The Sunday Times that it should talk to the Australian outfit anyways. Macquarie has until 26 October to make a firm offer. - The Sunday Times
Read moreMetro Bank begins talks over £3bn mortgage book sale - report
6th Oct 2023 09:21
(Sharecast News) - Metro Bank has reportedly begun talks about the sale of a £3bn chunk of its mortgage book as part of an increasingly urgent attempt to shore up its balance sheet.
Read moreMetro Bank considering up to £600m capital raise - reports
5th Oct 2023 07:33
(Sharecast News) - Metro Bank confirmed on Thursday that it is considering its refinancing options following reports it was looking to raise hundreds of millions of pounds from investors.
Read moreMetro Bank hits bump in quest for AIRB approval
12th Sep 2023 10:19
(Sharecast News) - Metro Bank updated the market on its capital planning on Tuesday, reporting that its application for the Advanced Internal Ratings-Based (AIRB) system in relation to residential mortgages had hit a bump.
Read moreMetro Bank hails second quarter of profitability, deposits fall
3rd May 2023 10:48
(Sharecast News) - Metro Bank said on Wednesday that it delivered a second quarter of underlying profitability in the first quarter, although deposits declined.
Read moreMetro Bank narrows full-year losses
2nd Mar 2023 09:29
(Sharecast News) - Metro Bank reported a narrowing of its annual losses on Thursday as it benefited from a rise in interest rates.
Read moreSunday newspaper round-up: Coal-fired power plants, Metro Bank, Asda
22nd Jan 2023 19:47
(Sharecast News) - National Grid has called on coal-fired power plants to prepare to supply power on Monday given that temperatures are expected to remain near zero even as wind speeds remain low. The notifications that they should be ready - if needed - were served to three coal units owned by Drax and EdF. The plants had been scheduled to close in September but that decision was pushed back until 2024 due to soaring gas prices in the wake of Russia's war on Ukraine. According to Bloomberg data, UK futures remain at over the twice the level typically seen at this time of the year. - The Sunday Telegraph
Read moreMetro Bank fined £10m for 2018 breach of FCA rules
12th Dec 2022 07:23
(Sharecast News) - The Financial Conduct Authority has fined Metro Bank £10m for breaching the listing rules by publishing incorrect information to investors, it announced on Monday.
Read moreMetro Bank back in the black in September
2nd Nov 2022 08:50
(Sharecast News) - Metro Bank moved back into the black in September despite current economic conditions, thanks to better margins and the lender's focus on cost discipline.
Read moreMetro Bank losses narrow as it announces new finance chief
28th Jul 2022 10:52
(Sharecast News) - Metro Bank reported growth of 31% in its total underlying revenue in its first half on Thursday, to £236.2m, which it put down to margin expansion and continued momentum in revenue growth, as lending was "optimised" for return on regulatory capital.
Read moreSix high street banks broke CMA information rules
22nd Jul 2022 11:07
(Sharecast News) - Six high street banks were found to have broken rules imposed by the Competition and Markets Authority under the Retail Banking Market Investigation Order 2017, it was revealed on Friday.
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