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Sunday Papers: RBS pays more than €30m over interest rate swaps

And Aviva is preparing to sell its US division after receiving approaches for the business it bought for £1.8 billion in 2006.

 
Sunday Papers: RBS pays more than €30m over interest rate swaps

Top stories

  • The Sunday Telegraph: Royal Bank of Scotland has paid more than €30 million to a businessman who claimed the bank mis-sold him an interest rate swap.
  • The Sunday Telegraph: The co-founder of the Michelin-starred Chinese restaurant Hakkasan has claimed Royal Bank of Scotland mis-sold him an interest rate swap that has cost him nearly £200,000 in extra payments.
  • The Sunday Telegraph: Aviva is preparing to sell its US division after receiving approaches for the business it bought for £1.8 billion in 2006.
  • The Sunday Telegraph: The crisis-hit support services group Mouchel is battling to secure its future as it tries to agree a rescue restructuring agreement with banks.
  • The Sunday Telegraph: HSBC is expected to make a $200 million provision for costs after the bank was forced to apologise for failing to combat money laundering in its US operations.
  • The Sunday Telegraph: Mario Draghi, president of the European Central Bank, will meet the head of Germany's Bundesbank in an effort to gain support for his controversial bond purchase plan.

Business and economics

  • The Sunday Telegraph: A full-blown sovereign bail-out of Spain would be economically and politically impossible and cost up to €650 billion, an in-depth study has warned.
  • The Sunday Telegraph: George Osborne, the Chancellor, has claimed that the reconfirmation of Britain's gold-plated AAA by a key credit rating agency shows that the "world has confidence" in the Coalition's deficit-reduction plan.
  • The Sunday Telegraph: Weir Group, the most heavily shorted stock in the FTSE 100, saw a ray of hope for its share price this weekend after the number of investors shorting the stock declined.
  • The Sunday Telegraph: JP Morgan has shaken up its top management team with a raft of appointments that could lead to a successor being groomed to take over from Jamie Dimon.
  • The Sunday Telegraph: Troubled bookmaker Ladbrokes will further delay the launch of its revamped website until the end of the year amid fears it is heading for its lowest digital profits since 2004.
  • The Sunday Telegraph: Weeks of rain have boosted Next’s online business, Directory, as shoppers shunned the high street and turned to their computers for their latest fashion purchases.
  • The Independent on Sunday: Next will launch an own-language website in China this autumn, as the fashion retailer seeks to capitalise on booming online revenues.
  • The Sunday Telegraph: Apple executives have held talks with senior Twitter bosses about possibly buying a stake in the microblogging site, according to reports in the US.
  • The Sunday Telegraph: Economists and business leaders have urged the Bank of England to slash interest rates to nearly 0% in a bid to kick-start Britain’s stalled recovery.
  • The Independent on Sunday: The Bank of England will finally turn on the taps in its £80 billion scheme to boost lending to credit-starved firms this week as rate-setters ponder more action to tackle the UK's double-dip recession.
  • Mail on Sunday: Drax, the operator of Britain’s largest coal-fired power station, has revealed that converting it into Europe’s biggest biomass plant will cost as much as £700 million.
  • Mail on Sunday: CitizenCard, the not-for-profit company that issues Government-approved proof of age cards for teenagers, has launched the first photo ID card which incorporates a Visa prepaid card.

Share tips, comment and bids

  • The Sunday Telegraph: The company behind Bullion By Post, the UK's biggest internet gold and silver dealer, could be up for sale after appointing Grant Thornton to provide strategic sales advice.
  • The Sunday Telegraph: The chairman of the online lending site Wonga, Robin Klein, has called on the City to do more to encourage technology companies to float in London if Britain wants to take full advantage of its growing digital sector.
  • The Sunday Telegraph (Comment): UK's bad GDP figures are only half the story. Which picture of the UK economy should we believe?
  • The Sunday Telegraph (Comment): Call it right and Russia will be BP’s pot of gold. One of the risks of wrestling a bear is that they have a tendency to give you a bloody nose.
  • The Sunday Telegraph (Comment): Jim Rogers, co-founder of the Quantum Fund with George Soros and the entertaining author of a couple of On the Road-style investment books, understands the power of a headline.
  • The Observer (Comment): In the wake of the Olympic torch have come some of China's biggest companies, attracted by Britain's openness to foreign investment and buying up some very well-known names.
  • The Observer (Comment): With the boost to construction and surge in visitors it brings, the Games would seem certain to lift the UK back into growth. But data from previous hosts suggests the opposite is true.
  • The Independent on Sunday (Comment): Barclays and most of Wall Street's banks are backing Mitt Romney to be president as he will keep the status quo. But investors are shunning them.
  • Mail on Sunday (Comment): The Government is right to seek outside investment but it must look to fulfil its pledge of taking a torch to red rape and offering tax incentives to encourage UK firms to spend their cash pile on infrastructure projects.
  • Mail on Sunday (Midas share tips): Buy Central Asia Metals.

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