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02/08/2010
Osborne Demands Banks 'Up Lending'
The Chancellor George Osborne has added to calls for banks to lend more to businesses in order to sustain the economic recovery.
The weekend move by the senior Cabinet member came just hours before a leading bank, HSBC reported pre-tax profits of $11.1bn (£7bn) for the first six months of 2010 - more than double its profits for the same time last year.
The bank said it was profitable in every region, except for North America where it saw losses of $80m.
In the UK, profits totalled $2.1bn - a rise of 26%.
The UK's other major banks Lloyds, Barclays and RBS are due to report their results later this week.
HSBC shareholders will receive a second dividend this year, totalling $1.4bn, in addition to the one announced earlier this year.
In a sign of the improving conditions in the banking sector, it said the amount of money set aside to cover bad loans had fallen to $7.5bn - the lowest level since the financial crisis began in 2008.
The Chancellor said the banks had an 'economic obligation' to lend to cash-strapped businesses and warned them that the Government 'will not tolerate banks piling the pressure' on small firms.
He hinted that they could be hit with legally binding lending targets if they decided to pour cash into obscene bonuses for bankers rather than injecting money into struggling firms.
(BMcC/GK)
The weekend move by the senior Cabinet member came just hours before a leading bank, HSBC reported pre-tax profits of $11.1bn (£7bn) for the first six months of 2010 - more than double its profits for the same time last year.
The bank said it was profitable in every region, except for North America where it saw losses of $80m.
In the UK, profits totalled $2.1bn - a rise of 26%.
The UK's other major banks Lloyds, Barclays and RBS are due to report their results later this week.
HSBC shareholders will receive a second dividend this year, totalling $1.4bn, in addition to the one announced earlier this year.
In a sign of the improving conditions in the banking sector, it said the amount of money set aside to cover bad loans had fallen to $7.5bn - the lowest level since the financial crisis began in 2008.
The Chancellor said the banks had an 'economic obligation' to lend to cash-strapped businesses and warned them that the Government 'will not tolerate banks piling the pressure' on small firms.
He hinted that they could be hit with legally binding lending targets if they decided to pour cash into obscene bonuses for bankers rather than injecting money into struggling firms.
(BMcC/GK)
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Easyjet Pre-Tax Profits Plummet
Budget Airline EasyJet have seen pre-tax profits plummet by 45% to £110m despite carrying 17.3% more passengers over the year. The firm aims to meet difficult future economic conditions by concentrating on offering passenger value, cutting costs, and saving cash. Orders for new planes will be reduced.
Easyjet Pre-Tax Profits Plummet
Budget Airline EasyJet have seen pre-tax profits plummet by 45% to £110m despite carrying 17.3% more passengers over the year. The firm aims to meet difficult future economic conditions by concentrating on offering passenger value, cutting costs, and saving cash. Orders for new planes will be reduced.
08 February 2011
Banks Levy Aims To Raise £800m In 'Fair Contribution'
Chancellor George Osborne hopes to raise an extra £800m for the Treasury by increasing the levy on banks' profits this year. He said the move will aim to raise £2.5bn in future years as "banks make a fair contribution to closing the deficit".
Banks Levy Aims To Raise £800m In 'Fair Contribution'
Chancellor George Osborne hopes to raise an extra £800m for the Treasury by increasing the levy on banks' profits this year. He said the move will aim to raise £2.5bn in future years as "banks make a fair contribution to closing the deficit".
15 June 2011
Osborne To Press Banks Ring-Fencing Option
Chancellor George Osborne is expected to push proposals ahead for banks to ring-fence retail from investment banking. In a speech planned to be delivered later he will say that plans must be in place were banks High Street branches, savings and loans would not be affected if their trading arms ran into difficulty.
Osborne To Press Banks Ring-Fencing Option
Chancellor George Osborne is expected to push proposals ahead for banks to ring-fence retail from investment banking. In a speech planned to be delivered later he will say that plans must be in place were banks High Street branches, savings and loans would not be affected if their trading arms ran into difficulty.
20 May 2011
Small Firms To Miss Out On Banks’ £2.5 Billion Fund
The Forum of Private business is warning that the vast majority of small businesses seeking affordable finance will miss out on a new £2.5 billion equity fund launched yesterday by the UK's largest banks and the British Bankers' Association (BBA).
Small Firms To Miss Out On Banks’ £2.5 Billion Fund
The Forum of Private business is warning that the vast majority of small businesses seeking affordable finance will miss out on a new £2.5 billion equity fund launched yesterday by the UK's largest banks and the British Bankers' Association (BBA).
16 August 2007
Stock Markets Fall As Debt Concerns Bite
Stock markets have experienced further falls as concerns persist over the effects of lending to high risk creditors. In trading yesterday, Wall Street saw falls of almost 1.3%, the Nikkei in Japan closed down just under 2% and Germany's DAX-30 dipped almost 2%. Among the largest fall was Hong Kong where 3.3% was wiped off share values.
Stock Markets Fall As Debt Concerns Bite
Stock markets have experienced further falls as concerns persist over the effects of lending to high risk creditors. In trading yesterday, Wall Street saw falls of almost 1.3%, the Nikkei in Japan closed down just under 2% and Germany's DAX-30 dipped almost 2%. Among the largest fall was Hong Kong where 3.3% was wiped off share values.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
