Posts Tagged ‘banking’

Buffett’s Latest Big Deal: 10 Million Shares of Goldman at No Cost

Warren Buffett has once again made an ingenious financial deal, one that not only benefits him and other Berkshire Hathaway (BRK-B) shareholders but also the counterparty involved. He plans to exchange warrants for 43.5 million Goldman Sachs (GS) shares that he received in a 2008 deal made during the financial crisis for 10 million shares of Goldman at no cost. That’s worth $1.47 billion at Goldman’s current price and it’s in addition to the 10% dividend Buffett’s been collecting all along on the original stake

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Taming the Barclays behemoth

Barclays' shares rose 7 per cent after chief executive Anthony Jenkins unveiled his vision for the future of the bank, including lower costs and higher dividends. Lex's Vincent Boland and Oliver Ralph discuss whether the bank's new business model is a big departure from its previous plans.

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Mario Draghi: Not time to give up austerity

The European Central Bank president is the FT's Person of the Year for 2012. Mr Draghi speaks to Financial Times editor Lionel Barber in his Frankfurt office about fiscal and banking union, the need to continue "painful austerity" and the controls on the ECB's actions. Related Articles: http://www.ft.com/intl/cms/s/0/4452ad3a-4549-11e2-858f-00144feabdc0.html http://www.ft.com/intl/cms/s/0/8fca75b8-4535-11e2-838f-00144feabdc0.html For more video content from the Financial Times visit http://www.FT.com/video

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FT Business: Australia ‘made its own luck’

Westpac, Australia's second biggest bank, has recorded a return on equity of over 15 per cent and looks well placed given its location near the heartland of Asian growth. Gail Kelly, Westpac's chief executive, talks to the FT's banking editor Patrick Jenkins about Australia's success and the outlook for Asia.

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FT Lex: HSBC – More Provisions for Past Mistakes

HSBC added $1.1bn to its provisions to cover US fines and UK compensation to those who have been mis-sold payment protection insurance, dragging down profits for the third quarter of the year. Lex's Vincent Boland and Oliver Ralph look at whether this is the end of the matter for the bank

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UBS cuts show way to rivals

UBS sent shockwaves through the global financial sector when it put bankers on special leave on the very day it confirmed 10,000 job cuts. Daniel Garrahan reports on why a new trend of restructuring could be just what investment banking needs. Related Article: http://www.ft.com/cms/s/0/8d14cbf0-2282-11e2-8edf-00144feabdc0.html

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FT Business: UBS cuts show way to rivals

UBS sent shockwaves through the global financial sector when it put bankers on special leave on the very day it confirmed 10,000 job cuts. Daniel Garrahan reports on why a new trend of restructuring could be just what investment banking needs. Related Article: http://www.ft.com/cms/s/0/8d14cbf0-2282-11e2-8edf-00144feabdc0.html

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FT Lex: Greece deteriorating

Greece's 2013 budget makes depressing reading as the country's economy continues to deteriorate at an alarming rate. Ahead of the parliamentary vote on the budget next week Lex's Oliver Ralph and Vincent Boland discuss what needs to be done about Greece's debt mountain. Related Articles: http://www.ft.com/cms/s/0/a048894c-234e-11e2-a46b-00144feabdc0.html http://www.ft.com/cms/s/3/189859f8-2422-11e2-9509-00144feabdc0.html

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Spanish spanners

The latest spanner in the works of the Spanish sovereign debt crisis is Catalonia's plan to hold a secession referendum. Myles Bradshaw, portfolio manager at Pimco, expects a compromise along a rocky road.

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Eurozone moves closer to banking union

Banking union is coming closer in the eurozone with Brussels proposing that the European Central Bank should oversee all 6,000 of the region's banks. Lex's Stuart Kirk and Richard Stovin-Bradford discuss the plan's practicality and what still needs to be done

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