You are here: Home - Investing -

Wednesday newspaper round-up: BoE, ENRC, Co-op Bank…

Written by:
Osborne hits back after Mervyn King accuses No.10 of applying political pressure; Co-operative bank shareholders to block lender's debt restructuring plans; ENRC boss warns staff of sell-off...

Chancellor George Osborne has hit back after Bank of England Governor Mervyn King said Downing Street had applied political pressure on behalf of banks, The Telegraph reported. Osborne defended anyone’s right to lobby for lighter regulation. He did not deny claims that he and Number 10 lobbied the central bank’s Prudential Regulation Authority at the directive of the banks.

The Chief Executive of Eurasian Natural Resources Corp. (ENRC) has warned staff that a plan to take the company private by a consortium of its founders and the Kazakh government could result in sale of large parts of the business, according to an internal memo seen by The Times. Some of the most controversial deals struck during ENRC’s listing in London could soon be unwound by the Kazakh miner.

Co-operative Bank bondholders are planning to hit back against the lender’s planned debt restructuring as they are outraged over the prospective £500m of losses they would have to foot. US law firm Brown Rudnick has been hired to represent the interests of some 800 small bondholders, people close to the situation told the Financial Times.

Consumer minister Jo Swinson is set to hold talks with lenders, regulators and debt charities on whether more regulation is needed, according to The Guardian. Payday lenders have been called to a government summit to discuss “widespread irresponsible lending” as the industry braces for an inquiry by the competition watchdog.

Italy is facing potential losses of billions of euros on derivatives contracts it restructured at the height of the eurozone crisis, according to a confidential report by the Rome Treasury. The Financial Times, which obtained the report, said it sheds more light on the financial tactics that enabled the debt-laden country to enter the euro in 1999 and details Italy’s debt transactions and exposure in the first half of 2012.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • @YourMoneyUK All you need to know about the latest Current Account Switching winners and losers - hats off to Starl…
  • RT @WeareJust_PR: Many people struggling to make ends meet may not realise they are entitled to financial help or find the system too confu…
  • RT @WeareJust_PR: Many people struggling to make ends meet may not realise they are entitled to financial help or find the system too confu…

Read previous post:
The ultimate festival finance guide

Festival season is now fully in swing as 16 million Brits gear up this summer for the likes of Glastonbury,...