Financial

Hard-hit online lender CAN Capital makes executive changes

The biggest online lender to small businesses in the US has pulled down the shutters and put its top managers on a leave of absence, in the latest blow to an industry grappling with mounting fears over credit quality. Atlanta-based CAN Capital said on Tuesday that it had replaced a trio of senior executives, after […]

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Banks

BoE stress tests: all you need to know

The Bank of England has released the results of its latest round of its annual banking stress tests and its semi-annual financial stability report this morning. Used to measure the resilience of a bank’s balance sheet in adverse scenarios, the stress tests measured the impact of a severe slowdown in Chinese growth, a global recession […]

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Property

Zoopla wins back customers from online property rival

Zoopla chief executive Alex Chesterman has branded rival OnTheMarket “a failed experiment”, and said that his property site was winning back customers at a record rate. OnTheMarket was set up last year, aiming to compete with Zoopla and Rightmove, the UK’s two biggest property portals. It allowed estate agents to list their properties more cheaply […]

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Currencies

Asia markets tentative ahead of Opec meeting

Wednesday 2.30am GMT Overview Markets across Asia were treading cautiously on Wednesday, following mild overnight gains for Wall Street, a weakening of the US dollar and as investors turned their attention to a meeting between Opec members later today. What to watch Oil prices are in focus ahead of Wednesday’s Opec meeting in Vienna. The […]

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Banks, Financial

RBS emerges as biggest failure in tough UK bank stress tests

Royal Bank of Scotland has emerged as the biggest failure in the UK’s annual stress tests, forcing the state-controlled lender to present regulators with a new plan to bolster its capital position by at least £2bn. Barclays and Standard Chartered also failed to meet some of their minimum hurdles in the toughest stress scenario ever […]

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Categorized | Equities

Spanish banks surge on acquisition talk


Posted on November 30, 2012

Spanish banks surged this week amid optimism about dealmaking in the sector.

Banco de Sabadell
gained on speculation it would buy Banco Mare Nostrum. The shares gained 8.8 per cent to €2.15 over the week.

    “The proposed acquisition . . . highlights opportunities for stronger institutions to acquire assets put up for sale by banks with weaker balance sheets in Spain,” Fitch Ratings wrote in a note about Spanish lenders.

    Caixabank’s agreement with Berkshire Hathaway to shift its life insurance portfolio to Warren Buffett’s investment group sent its shares rallying 6 per cent to €2.94.

    Sanguine investors bought into Banco Popular’s €2.5bn rights issue
    , adding more than a quarter to its market capitalisation. The lender tapped capital markets after an independent audit revealed it needed an extra €3.2bn. Its shares climbed 17 per cent to €0.64.

    Not all analysts were positive. “The shares are pricing a more optimistic outcome,” wrote RBC Capital Markets, which has a €0.35 price target and “underperform” rating on the shares.

    The FTSE Eurofirst 300 gained 0.8 per cent to 1,119.36 over the week.

    ThyssenKrupp
    lost ground after it said a deal with Sogefi
    , the Italian car parts maker, had fallen through. “Expect a ‘messy’ Q4,” Deutsche Bank analysts wrote.

    The German steelmaker’s shares lost 7.3 per cent to €15.57.

    Nokia shares fell 7.4 per cent to €2.55 as it stepped up a patent battle with Research In Motion

    , launching lawsuits in Canada, the US and the UK.