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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The bank has issued a knee-jerk statement attempting to quell noise about the future of its chairman and CEO. The effect is to make the board look rattled. StanChart lacks a big enough pool of realistic alternatives to repeat HSBC’s dual change in similar circumstances in 2010.
Property values in the UK capital are up 20 pct in a year. But leading indicators – buyer enquiries, new mortgages and volumes – have stalled. For prices to hold, foreign buyers will have to spend more in spite of a stronger pound and punitive taxation.
Despite a recent successful rights issue, the Iberian lender is exposed to its troubled major shareholder and has a large exposure to dodgy Angolan loans. Its owners face a difficult refinancing this year. Authorities should demand full transparency and a quick restructuring.
- Only Brussels can solve EU sovereign risk mess
- Erste’s eastern problems are partly self-inflicted
- Market gives BNP benefit of doubt on U.S. fallout
- BNP's reputation hit harder than its finances
- Carney takes narrow view of financial stability
- English soccer protectionism would be an own goal
- BNP’s dollar clearing capability is non-negotiable