News

Istanbul aggressively increased its overnight lending rate to 12% from 7.75%

Leading article: A state-owned bank should be setting an ethical example

News that the Royal Bank of Scotland helped to raise bonds for Europe's last dictatorship earlier this year provides fresh, depressing confirmation of the curious ethics, or rather the lack of them, operating at the heart of what is in effect a state-owned bank. As this newspaper reports today, RBS has now agreed not to do any more deals aimed at alleviating the growing financial difficulties besetting the authoritarian regime of Alexander Lukashenko in Belarus. But this is cold comfort, as RBS has only budged in response to sustained pressure from human rights groups. In other words the bank appears to have been shamed into abandoning a policy it was otherwise content to continue with.

Market Report: Budget airlines tipped to fly whatever the weather

Things may have looked rather brighter on the blue-chip index last night after a volatile session finished with a major rally, but the possible effects of the worst-case scenario for the economy were still being mulled over in the City.

Firms chance their arm on two heads

Investors are wary, boards rarely go for it, but Deutsche Bank has hired joint CEOs. Nick Clark finds it may not be crazy

UBS to slash jobs in £1.5bn cost-cutting after profits nosedive

The European debt crisis dragged down investment banking profits at UBS and Deutsche Bank in the second quarter, forcing the Swiss bank to announce drastic cost cuts that will include significant job losses over the next three years and to scale back its longer-term profit expectations.

Deutsche Bank names new chief executives

Deutsche Bank has confirmed that Anshu Jain and Jürgen Fitschen will take over as co-chief executives at the bank when Josef Ackermann steps down next May.

Leo Kirch: Entrepreneur who built up one of Europe's largest media empires only to see it fall apart

From nothing Leo Kirch built up one of the largest film and television companies in Europe, employing nearly 10,000 people. Inevitably, he was compared to Rupert Murdoch and Silvio Berlusconi.

Rate rise before 2012 unlikely as inflation registers surprise fall

Inflation unexpectedly eased last month, reducing the chance of an interest-rate rise this year.

The Business On: Anshu Jain Head of Investment Banking, Deutsche Bank

In line for a promotion, we hear?

Investment Column: Results highlight Chemring's strengths

Safestore; Go-Ahead

Glencore disappoints despite rising profits

Glencore, the commodity-trading giant which began life as public company with a blockbuster listing last month, missed forecasts with its maiden results yesterday.

Business Diary: Deal or no deal gloom at LSE

Times are tough at the London Stock Exchange. A couple of months ago, the bourse thought it had pulled off a coup by announcing the takeover of TMX, the Canadian exchange. Within hours, the deal was left looking distinctly small fry after NYSE Euronext and Deutsche Bourse announced a mega merger, and now it looks as if it may not even get TMX thanks to a late bid from a rival in Canada. To add insult to injury, LSE officials were forced to spend the bank holiday weekend scrambling to deny rumours it is poised to do another deal following erroneous reports that it has bid for LCH Clearnet, the European clearing house.

Buyout firms pull float of vacuum firm Edwards due to market uncertainties

Edwards group, which supplies vacuum technology to a range of electronics and industrial groups, has pulled its float at the 11th hour, blaming uncertainty in the markets.

UK's soft bank rules 'dragging down' reform

Claims by British banking regulators that a lack of global agreement has prevented them from introducing tougher rules for the financial sector mask inaction that is dragging down standards in the rest of the world, a report warned today.

Business Diary: Turner hones his CV for Bank job

Adair Turner will be a busy Lord over the next couple of days. Tonight in a speech at Cass Business School, the chairman of the Financial Services Authority (FSA) is tackling the thorny issue of banks that are too big to fail and other challenges for financial stability. Tomorrow is his big set-piece event of the year, in which he sets out the FSA's views on macro-economic and financial trends. Come to think of it, these are just the mix of credentials you would need to become the next Bank of England Governor when Mervyn King steps down in 2013. The two-year job application starts here.

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