George Hay writes about the banking and property sectors. He joined from Thomson Financial News, where he was a companies correspondent. Before that he worked at United Business Media, where he was news editor of Building Magazine. He has a first in English Literature from Edinburgh University, and was nominated in two categories at the 2009 Business Journalist of the Year Awards. Follow George on Twitter @gfhay
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Barclays and UBS escaped $930 mln and $3.4 bln of trust-busting fines for exposing Libor cartels. It’s compensation for taking the reputational hit of settling early with other regulators. When the saga is done, the balance of financial pain may be in the whistleblowers’ favour.
After years living off EU and IMF bailouts, the country aims at tapping private creditors next year. Brutal austerity means the Greek budget has a primary balance, while the debt load remains. Haircutting official creditors would square the circle – yet is politically toxic.
Having spent four decades building up Iceland, the UK frozen-food chain, Malcolm Walker makes retail sound pretty simple. A 215 mln stg fortune suggests he knows what he’s doing. Still, the many travails in his autobiography show how easily things can go wrong in the food business.
- Carney can do more to curb mad UK house subsidies
- Scots secession opens bank resolution can of worms
- Moment of truth looms for Britain’s payday lenders
- RBS stake sale recedes further into the distance
- Credit Suisse shows resolution has some way to go
- Can corporate finance save the Co-op?
- Aberdeen’s SWIP swoop gives it much-needed hedge