Tag: European Commission

Euro zone economic confidence index falls in June

Euro zone economic confidence index falls in June

Greece’s debt crisis continues to knock confidence after an index by the European Commission revealed sentiment fell to 105.1 in June from 105.5 in May – the lowest reading since October 2010. The fall has been attributed to the problems in Greece as EU leaders put together a second bailout package for the crisis-torn economy. [...]

June 29, 2011 | 0 Comments More
Lloyds Banking Group set to axe thousands more jobs

Lloyds Banking Group set to axe thousands more jobs

According to a report in the Sunday Times, banking giant Lloyds is set to axe a further 15,000 jobs, as part of a cost-cutting exercise. The job losses are expected to be revealed at the end of this month by chief executive, Antonio Horta-Osorio, who assumed the role earlier this year after being poached from [...]

June 13, 2011 | 0 Comments More
RBS offloads Spanish property portfolio

RBS offloads Spanish property portfolio

The Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has today announced it has agreed to sell a portfolio of Spanish real estate loans and assets to Perella Weinberg Real Estate Fund I LP, in a deal worth £247 million (€286 million). RBS has been selling assets under the orders of [...]

March 23, 2011 | 0 Comments More
Commission raises euro zone economic growth forecast

Commission raises euro zone economic growth forecast

The European Commission today said the 17-member euro zone economy will grow at a better than expected rate this year. The upbeat statement comes as the Commission said there are “better prospects for the global economy” and positive “EU business sentiment.” Economic and Monetary Affairs Commissioner Olli Rehn said the euro zone is expected to [...]

March 1, 2011 | 0 Comments More
Euro zone sentiment rises more than expected

Euro zone sentiment rises more than expected

A monthly survey by the European Commission has reported a rise in euro zone economic sentiment in February. The Indicator rose to 107.8 in February, up from 106.8 in January and exceeded forecasts of a reading of 106.8. In a statement, the Commission said: “The ESI (Economic Sentiment Indicator) is now above its long-term average [...]

February 24, 2011 | 0 Comments More
RBS offloads Priory Group for £925m

RBS offloads Priory Group for £925m

The Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has today announced it has agreed to sell the Priory Group - the care home and clinic renowned for treating celebrities. The bank has offloaded the business to private equity firm, Advent International, in a deal worth £925 million. RBS has been [...]

January 18, 2011 | 0 Comments More
RBS looking to sell Spanish commercial property portfolio

RBS looking to sell Spanish commercial property portfolio

The Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, is understood to be looking at selling a £1 billion Spanish property loan portfolio, as it looks to offload unwanted assets. The speculation comes as the bank has been selling assets under the orders of the European Commission, as a punishment of [...]

October 18, 2010 | 1 Comment More
RBS axes further 500 jobs

RBS axes further 500 jobs

It has been reported that the Royal Bank of Scotland (RBS) is axing approximately 500 administrative jobs at its investment banking division. The bank, which is 84% owned by the taxpayer, has axed around 26,000 jobs since the onset of the financial crisis. In a statement today, the bank said: “We continue to make efficiencies [...]

September 27, 2010 | 0 Comments More
RBS signs agreement with China’s Guolian

RBS signs agreement with China’s Guolian

The Royal Bank of Scotland (RBS) has signed an agreement with Chinese group, Guolian Securities. The venture is part of the bank‘s expansion in the fast-growing Asian economy. RBS, which is 83% owned by the taxpayer, has recently been selling assets under the orders of the European Commission, as a punishment of the billions of [...]

September 17, 2010 | 0 Comments More
EU upwardly revises 2010 growth forecast

EU upwardly revises 2010 growth forecast

It appears the European Commission is optimistic about the euro zone’s growth prospects after lifting GDP forecasts. According to the Commission, growth of 1.8% in the EU for 2010 is expected - slightly higher than its previous estimate of 1%. Meanwhile, for the 16-member euro zone, it is forecasting growth of 1.7% - up from [...]

September 13, 2010 | 0 Comments More
Lloyds offloads Crest Nicholson stake

Lloyds offloads Crest Nicholson stake

Banking giant Lloyds has confirmed it has disposed of its stake in housebuilder Crest Nicholson to US investment fund Varde. The sale comes shortly after Lloyds offloaded its private equity business to Coller Capital for £332 million, and its Ecuadorian branch assets for $25 million. The price tag of the Crest Nicholson disposal was not [...]

September 9, 2010 | 0 Comments More
RBS ready to sell WorldPay

RBS ready to sell WorldPay

As part of its restructuring plan, the Royal Bank of Scotland (RBS) is preparing to sell its payment processing company, WorldPay, just days after it announced the sale of its Williams & Glyn’s branch network. Private equity firms, Advent International and Bain Capital, have been in talks to buy WorldPay since last month, according to [...]

August 6, 2010 | 0 Comments More
RBS confirms Williams & Glyn’s sale to Santander

RBS confirms Williams & Glyn’s sale to Santander

Royal Bank of Scotland (RBS) has confirmed it will sell the 318 Williams & Glyn’s network of branches to Spanish banking giant, Santander for £1.65 billion. The majority of the branches are in the North West and will be turned into Santander banks, with the process expected to be completed by December 2011. Commenting on [...]

August 4, 2010 | 0 Comments More
Santander to acquire Williams & Glyn’s network from RBS

Santander to acquire Williams & Glyn’s network from RBS

It has been reported that Spanish banking giant, Santander, is set to acquire the 318 Williams & Glyn’s network of branches from the Royal Bank of Scotland (RBS). According to the Financial Times and Times newspapers, RBS, which is 83% owned by the Government, is expected to confirm the deal later today. However, the deal [...]

August 3, 2010 | 0 Comments More
Euro zone economic sentiment surges in July

Euro zone economic sentiment surges in July

The euro zone received a boost today after a report revealed business and consumer confidence surged to its highest level since March 2008. Confidence in the 16-member nation rose to 101.3 in July, up from a revised 99 in June, according to the European Commission’s economic sentiment index. However, the Commission highlighted that the rise [...]

July 29, 2010 | 0 Comments More
RBS prepares for privatisation

RBS prepares for privatisation

Royal Bank of Scotland (RBS) is taking the necessary steps so the Government can start selling its 83% stake in the bank. According to reports, chief executive Stephen Hester was quoted as saying: The sale “won’t be conducted in one go….but I would be disappointed if there would not be the first steps towards privatisation [...]

July 5, 2010 | 0 Comments More
RBS offloads Sempra Commodities in $1.6bn deal

RBS offloads Sempra Commodities in $1.6bn deal

Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has announced it has completed the sale of its metals, oil and European energy business, Sempra Commodities, to US investment bank, JP Morgan, in a $1.6 billion (£1.1 billion) deal. Sempra, which is based in San Diego reported 2009 revenues to be in [...]

July 2, 2010 | 0 Comments More
Santander submits offer to buy RBS branches

Santander submits offer to buy RBS branches

Spanish bank giant Santander has today confirmed it has submitted an offer to buy Royal Bank of Scotland’s (RBS) Williams & Glyn’s network of branches. The deal will give Santander approximately 1,645 branches, or 12% of the market, and cement its status as the second largest mortgage loan provider. The Spanish bank already has a [...]

June 18, 2010 | 0 Comments More
European Commission provides GDP estimates for euro zone nations

European Commission provides GDP estimates for euro zone nations

The European Commission has predicted that the 16-member euro zone will see growth of 0.9% this year - slightly better than the 0.7% forecast earlier this year. However, Greece‘s economy, which has been in recession since the second quarter of 2009, is expected to contract by 3% this year, as the country in in the [...]

May 5, 2010 | 0 Comments More
Consumer confidence falls in April

Consumer confidence falls in April

A survey by GfK NOP for the European Commission revealed a fall in consumer confidence for April. It was the second consecutive month that morale was low – as uncertainty surrounds the economy ahead of next week’s general election. The consumer confidence index gave an overall score of -16, a fall of one point from [...]

April 30, 2010 | 0 Comments More