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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Warrants awarded to investors, like hedge funds, that help rescue Greek banks could bring 800 percent-plus returns. That reflects massive risk. The troika is so desperate for Greece to recover that it is forgoing the potentially epic upside on its own rescue package.
If the undercapitalised bank wasn’t a mutual, it would either raise capital or be carved up by the regulator. But its member-owned status complicates things. That points to a hybrid bond issue to customers. Sadly, the precedent - Spain’s Bankia - isn’t encouraging.
The UK telco is fighting back in broadband by offering free sports programming - just as BSkyB used its pre-eminence in content to expand. Investors initially wiped 1.6 bln stg off the key players. The fear of retaliation is justified: price wars are easier to start than to end.
- UK's sovereign debt precaution at odds with EU
- Sainsbury's slow approach to banking makes sense
- RBS needs to make the case for freedom
- Barclays in capital fog after Deutsche U-turn
- Santander CEO exit clarifies Botin succession
- BBVA is bank of choice for Spanish bulls
- Cyprus punishes the Russians and the prudent