News Tag: approval
March 1, 2010
Prudential, which is Britain’s second largest insurer, is understood to be in ‘advanced talks’ to acquire AIA, the Asian arm of US company American International Group (AIG).
AIA is a key part of AIG with around 20 million customers and reports say the deal could cost about $30 billion (£19.6 billion).
In order to finance the deal, Pru is understood to be ...
Prudential in advanced talks with AIA
by Kay Murchie
February 24, 2010
The UK Financial Investments Ltd (UKFI) has written to the Royal Bank of Scotland (RBS) to approve its £1.3 billion in bonuses to its investment bankers.
The Treasury, through the UKFI, had the right to veto any bonus deal after the bank participated in the Government’s Asset Protection Scheme (APS) - one of the conditions of participating in the scheme was to hand ...
Government approves £1.3bn RBS bonuses
by Kay Murchie
February 15, 2010
Shares in British Airways (BA) were up more than 4% this morning after US regulators have given the go-ahead to permit American Airlines and BA to coordinate schedules and share costs.
Preliminary approval of the alliance was approved by the Department of Transportation (DOT) over the weekend.
A combined firm would create the world’s third largest airline and offer lower fares ...
BA shares up on American Airlines alliance
by Kay Murchie
January 27, 2010
It emerged in December that Yorkshire Building Society and Chelsea Building Society were in advanced merger talks and the deal is moving a step closer after YBS members voted in favour of the merger.
Around 87% of savers and 85% of borrowers voted in favour of the merger, which members of the Chelsea have already approved.
The merger, ...
Yorkshire and Chelsea members vote in favour of merger
by Kay Murchie
December 8, 2009
It was recently confirmed that crisis-torn Northern Rock would be split into two, after receiving the necessary approval from the European Union (EU).
1 January 2010 is the date that has been agreed for the Rock to be split into two divisions - a “good bank” of profitable assets and “bad bank” of toxic debts.
The “good bank” will be known as Northern Rock plc, ...
Date set for Northern Rock split
by Kay Murchie
December 2, 2009
It emerged yesterday that Yorkshire Building Society and Chelsea Building Society were in advanced merger talks but today the Yorkshire has revealed that a tie-up would lead to a number of job losses and a £200 million write-down on Chelsea's bad debts.
"The merger will lead to a number of job losses," the two societies warned. “Redundancies will only ...
Yorkshire and Chelsea merger leads to job losses
by Kay Murchie
October 28, 2009
Crisis-torn Northern Rock is to be split into two, after receiving the necessary approval from the European Union (EU).
Northern Rock collapsed at the onset of the credit crunch in autumn 2007 after savers staged a nationwide run on the bank. It was then nationalised in February 2008.
The plan is for bank to be split into two divisions - a “good ...
EU set to approve Northern Rock split
by Kay Murchie
October 21, 2009
BAA has today confirmed the sale of Gatwick airport to Global Infrastructure Partners for £1.51 billion.
The sale of the airport is due to be finalised at the end of the year - subject to approval by the European Union.
The sale marks the end of BAA's 40-year monopoly of London's three main airports - Heathrow, Gatwick and Stansted.
However, the £1.51 billion ...
BAA confirms sale of Gatwick airport
by Kay Murchie
August 17, 2009
The Government announced earlier this year it was planning to split nationalised Northern Rock into two divisions - a deposit bank and a mortgage platform.
However, the proposals have met with criticism from the Building Societies Association (BSA) saying that the split would put building societies at a big disadvantage.
Northern Rock collapsed at the onset of the credit crunch in autumn 2007 ...
BSA against Northern Rock split
by Kay Murchie
June 9, 2009
Ten US banks have been given approval to repay a combined $68 billion (£41 billion) in Government bailout money, said the US Treasury.
In a sign that stability is returning to the banking sector, the banking giants will repay some of the money it was loaned in the US Government's $700 billion Troubled Asset Relief Programme (Tarp) introduced last autumn. ...
Ten US banks to repay $68bn into Tarp
by Kay Murchie
May 27, 2009
According to the British Bankers' Association (BBA), the number of mortgages approved for house purchases rose by 4% in April compared with the previous month, rising from 26,671 to 27,685 approvals.
However, compared with April 2008, this represented a fall of 15.5%.
Furthermore, net new mortgage lending (which takes into account repayments and redemptions) hit its lowest level in over eight years falling ...
BBA: Mortgage lending up in April
by Kay Murchie
December 1, 2008
Mortgage approvals for house purchases fell during October, having seen a slight rise in September.
Figures from the Bank of England show that 32,000 new home loans were approved during the month, despite the 0.5% cut in the base rate at the beginning of October.
The decline takes the figure below the level seen in August and the value of new ...
October new mortgage approvals fall to record low
by Gill Montia
November 12, 2008
The Council of Mortgage Lenders (CML) has reported that the temporary rise in the stamp duty threshold, to £175,000, benefited 51% of homebuyers during September.
In the same month last year, when the threshold stood at £125,000, only 22% of homebuyers escaped the tax.
The CML also notes that in September, the number of mortgages approved for house purchases fell 15% ...
New home loan approvals fall 57% by volume
by Gill Montia
October 5, 2008
Following a week of talks, the $700 billion (£380 billion) bailout plan has finally been approved.
The plan had been designed to prevent financial meltdown and was essential to the financial security of every American, according to President George W. Bush.
On Friday night, the vote which was nervously watched by Wall Street, saw the House of Representatives approve the rescue plan ...
US $700bn bailout plan finally approved
by Kay Murchie
