Quantitative easing may need to be extended, Charles Bean says
Central banks may have to provide more economic support amid a fragile global recovery, the deputy governor of the Bank of England has warned.
Charles… more...
The UK economy faces a “choppy recovery” over the next two years, the governor of the Bank of England, Mervyn King, has warned.
His comments came as the Bank lowered its economic growth forecast and said inflation would stay higher for longer than previously forecast.
The Bank now expects the economy to grow by less than 3% in 2011, down from its previous forecast of nearer 3.5%… more...
HSBC made most of its money through investment banking in the first half of the year
The UK’s biggest bank HSBC has reported pre-tax profits of $11.1bn
Seven of the 91 European banks that underwent stress tests have failed the healthchecks, the Committee of European Banking Supervisors (CEBS) has said.
They include five Spanish banks - Diada, Espiga, Banca Civica, Unnim and Cajasur. The other two were Germany’s Hypo Real Estate and Greece’s ATEbank.
The tests assessed banks’ ability to survive future economic shocks.
The seven banks would need a total of 3.5bn… more...
High street banks are braced for a gruelling round of annual meetings as shareholders consider rebellion against pay packages for their top bosses.
Investors in Royal Bank of Scotland (RBS) have been warned by trade body the Association of British Insurers (ABI) that they need to make a “careful considered judgment” before voting on bank pay plans, which include new bonus arrangements for chief executive Stephen Hester.
Shareholders… more...