Entries from October 2008
Abbey and Deutsche Bank linked in Porterbrook sale
Abbey is reported to be selling its train leasing business to Deutsche Bank, for £2 billion.
Porterbrook Leasing Company was acquired by the bank in 2000 from Stagecoach, for approximately $1.2 billion in cash.
The firm specialises in the leasing of all types of railway rolling stock and associated rail equipment.
The business is now valued at around £2 billion and according to a report in The Sunday Times, Abbey’s parent company, Santander, could be making the disposal to improve its capital position.
In June, Royal Bank of Scotland announced that it had sold its Angel Trains rolling stock leasing business to a consortium headed by Australian infrastructure group, Babcock & Brown, for £3.6 billion.
Other members of the consortium included Deutsche Bank and AMP Capital Investors.
It is understood that HSBC is also considering the sale of HSBC Rail, another train-leasing firm, also valued at around £2 billion.
Angel Trains, HSBC Rail and Porterbrook are the three leading rolling stock leasing companies in the UK, having been formed out of the privatisation of British Rail between 1994 and 1997.
Categories: Banking News · Daily Banks
Israel cuts interest rates by 25 basis points
The Bank of Israel has announced a cut of 25 basis points in interest rates for November, which will stand at 3.5%.
The rate cut was largely expected, as concerns regarding inflation declined and new economic activity stalled.
Therefore the central bank decided that the balance of benefits and risks favoured a lower interest rate to try and promote economic activity, particularly as inflationary pressures appear to have begun to ease.
Tax revenues, demand and activity have all declined over the last few weeks, prompting the bank to try and bolster the situation through lower rates.
As with many other nations, the share indices in Israel have fallen substantially in recent weeks, down about 20%.
This decision follows an unscheduled cut of 50 basis points made on 7 October, with a view to returning inflation to the target range of 1-3% over the course of the next year.
The Bank of Israel forecasts a lessening of inflation in the medium term, and intends the lower interest rate to ease the cost of borrowing and promote economic growth.
Categories: Banking News · Daily Banks
BoE report puts global toxic asset writedowns at £1,800bn
The Bank of England has published new estimates of the amount of so called toxic debt that has been written down by global financial institutions, in relation to the credit crisis.
In its Financial Stability Report, the Bank puts the figure at £1,800 billion, adding that the size of its estimate of the collective writedowns facing banks, insurers and hedge funds, has more than doubled since April.
In the case of the UK High Street banks, Barclays, HBOS, HSBC, Lloyds TSB, Royal Bank of Scotland and Nationwide, the report estimates that losses from bad debt could reach a collective £130 billion over the next five years.
The estimate takes into account losses from toxic investments plus an allowance for bad debts on mortgages, credit cards and corporate loans, which are expected to rise.
According to the report, UK lenders have so far written down less than £20 billion in the credit crisis but latest calculations indicate that additional taxpayer support may be needed to shore up their balance sheets, over and above the £50 billion included in by the Government’s rescue package announced earlier this month.
Categories: Banks
Bestplaces.ro – Bucharest GUIDE
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Categories: Bucharest Guide Bestplaces.ro
DEMMER TEA HOUSE IN BUCURESTI
Bucuresti, 17 octombrie- Demmer Tea House, una dintre cele mai importante marci premium de ceai si accesorii, va fi prezenta, incepand cu luna noiembrie, in Bucuresti. Primul magazin oficial al Demmer Tea House se va deschide pe strada Academiei nr. 9 (in spatele facultatii de Arhitectura).
DEMMER TEA HOUSE IN BUCURESTI – Best Places
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