No time should be wasted asking them to reform – just do it
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Tuesday 17 March 2009
Outlook Barclays Bank keeps pulling rabbits out of the hat in order to avoid throwing in its lot with the British taxpayer. Last autumn, when everyone assumed it would have to sell a chunk of equity to the state to boost its capital strength, it instead managed to do a deal – albeit a controversial one – with the Middle East. And now the sale of iShares, its exchange-traded fund business, may enable it to avoid participation in the asset protection scheme.
Friday 20 February 2009
Outlook A couple of years ago, when it looked as if we were app-roaching the top of the cycle, I asked a number of property companies how they expected to cope in a downturn. Remember, many commercial property developers had been completely wiped out in the recession of the early 1990s.
Wednesday 18 February 2009
Indebted companies worried about refinancing loans are increasingly turning to deals known as “forward start” facilities, which allow them to secure long-term debt without the banks having to pay new money up front.
Sunday 08 February 2009
Tuesday 03 February 2009
Barclays Bank faced a new challenge yesterday as credit ratings agency Moody’s cut its rating by two full notches, leading to a one-tenth fall in its share price. As well as falls in stock making fundraising through rights issues harder, a lower credit rating tends to make borrowing more expensive. The ratings agency cut Barclays’ rating to Aa3 on expectations the bank has not yet finished writing down the value of its assets.
Tuesday 03 February 2009
It was snow joke for traders in the City yesterday, as many took one look at the weather conditions and stayed at home. They were not the only things grounded by the bad weather, as the snow scuppered British Airways' share price as well as its planes.
Saturday 31 January 2009
It's your own time you're wasting, son
Niall Ferguson has obviously learnt a trick or two about dealing with unruly students during his many years in academia. The economic historian's lecture yesterday was fascinating stuff, but one audience memberclearly had his mind on other things, tapping wilfully away on hisBlackberry for much of the seminar. Unfazed, Ferguson addressed the miscreant directly. "I don't care how important whatever you're writing on that Blackberry is," Ferguson told him. "It won't be as important as what I'm about to say."
Saturday 31 January 2009
British business leaders here in Davos want to see the formation of a "B20" of global business and banking bosses to develop a dialogue with governments over financial reform, writes Jeremy Warner.
Friday 30 January 2009
To dinner with Barclays Bank atthe Schatzalp Hotel, a formersanitarium high above Davos made famous as the scene of Thomas Mann's classic novel The Magic Mountain. In typically rumbustious form, the guest speaker, Boris Johnson, congratulates Marcus Agius, the Barclays chairman, for defying the mood of austerity bypersisting with the dinner, and declares himself one of the last defenders of the free market system left in politics. Wearing his London Mayor's hat, he invites all foreigners to take advantage of the weak pound to buy assets in London, pointing out that a year ago a copy of the Evening Standard cost 50p. Today you could buy the whole thing for the same price, complete with 300 journalists. Boris headed back down to Davos in the only proper way – by toboggan. Your intrepid reporter can testify to the terrifying speed with which he completed the run.
Wednesday 28 January 2009
The world's elite talking shop certainly has plenty to discuss this year. More so than perhaps any other event, Davos has come to epitomise the free market, globalisation agenda, yet unfettered global financial markets now stand accused of having brought the world economy to its knees. Uppermost on participants' minds this year – where did it all go wrong, and how to fix it? And perhaps too, some painful inner reflection. Were we not partly, or even wholly, to blame? There will certainly be no shortage of opinion among the wealthy, powerful and brainy gathered in this Swiss alpine retreat for the World Economic Forum annual meeting, but will there be answers?
Wednesday 14 January 2009
Barclays Bank announced 2,100 job cuts in investment banking and wealth management last night, at the end of another miserable day for the jobs market.
Monday 12 January 2009
Saturday 20 December 2008
The credit crunch will last for up to two more years, the boss of Barclays bank believes.
Thursday 18 December 2008
The Premier League could be looking for a new sponsor in 2010 after Barclays bank began a review of its worldwide sports deals.
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