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Swiss SWX abandons London

December 1, 2008

Pressure on European exchanges stepped up again this month, as SIX Group, operator of the Swiss exchange, announced it is to shut down SWX Europe, its London-based blue-chip market, and consolidate operations on its Zurich platform.

Lead news: US ditches plan to buy up toxic assets

December 1, 2008

The US government sent shockwaves through the financial community last month when it announced that it no longer planned to buy so-called toxic assets from banks.

Lead News: Recession looms amid frenzied rescue efforts

November 3, 2008

The world teetered on the edge of recession last month as governments across the world pumped billions into their banking systems to avoid a collapse.

News in brief

October 6, 2008

The world’s main central banks have announced an emergency $180bn injection of dollar liquidity in the latest attempt to halt the escalating global financial market crisis. The US Federal Reserve said it was making available the extra funding to overnight and longer-term money markets. In a joint statement, the European Central Bank, the Bank of Japan, the Bank of England, the Bank of Canada and Swiss National Bank pledged they would ­continue to work closely together and will take app­ropriate steps to address the ongoing pressures.

Lead News: Crisis transforms list of biggest banks

October 6, 2008

The recent developments of the US subprime-fuelled credit crisis are dramatically reshaping the US and UK banking scene.

News in brief

September 1, 2008

Industrial and Commercial Bank of China has announced a 57% net profit, increased in the first half to Rmb64.9bn ($9.5bn), on the back of higher fee income and widening government-set interest rate margins. ICBC is 5% owned by Goldman Sachs. The result is the largest first-half profit of any bank in the world, and the bank is the world’s largest in terms of market capitalisation. HSBC’s first-half results put it in second place, with about $2bn less than the Chinese bank.

Lead News: Lehman Brothers ‘fails to agree’ on 50% sale of bank

September 1, 2008

Lehman Brothers has held secret talks to sell up to 50% of the bank to South Korean and Chinese parties but failed to reach an agreement with either, according to the Financial Times.

SIEMENS FINANCIAL SERVICES REPORT: Putting capital to work

August 4, 2008

SFS report identifies frozen capital in private sector business.

MAIN NEWS:Treasury gives unprecedented support to Fannie and Freddie

August 4, 2008

The US Treasury has offered a package of unprecedented ­support to failing mortgage groups Fannie Mae and ­Freddie Mac. The package includes an exceptional extension of the Federal Reserve’s supervisory authority over them.

RETAIL BANKING RESEARCH STUDY: The future for PoS interchange fees

July 1, 2008

RBR study investigates landscape of PoS interchange fees; Celent report identifies concerns about SEPA progress.

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