|HSBC Holdings plc misses PPI complaint deadline|
|Thursday, 01 September 2011 08:31|
News round up: HSBC, Lloyds, Barclays, RBS, Melrose, Charter, T-Mobile USA, AT&T, IMF, ECB and growth downgrade.
UK banks set to escape major restructuring
Britain’s biggest banks are set to escape any major restructuring until after the planned 2015 general election, amid a political consensus that they should focus on business lending to sustain the faltering economy.
Melrose sweetens bid for Charter
Melrose has sweetened its bid for Charter by around £40m, bringing it close to landing the £1.44bn takeover of the UK engineering group. The two sides have been locked in talks over the past week, with Melrose's decision to raise its 840p-a-share indicative offer by about 20p looking enough to convince the Charter board to agree the deal, the Telegraph writes.
T-Mobile USA and AT&T merger blocked
US competition authorities moved last night to block a merger of two of the four largest mobile-phone operators in the country, saying the deal could raise prices and reduce services. The Obama administration sued to scupper the $39bn (£24bn) acquisition of T-Mobile USA from Deutsche Telekom by AT&T, announced in March, sending shares in both AT&T and Deutsche Telekom down by about 5 per cent, according to the Independent.
IMF staff clash with ECB colleagues
Staff at the International Monetary Fund have clashed with colleagues at the European Central Bank over calculations said to paint an unfairly poor picture of eurozone banks’ balance sheets, according to reports. The figures, included in a draft of the forthcoming Global Financial Stability Report, present an analysis of eurozone banks’ debts that eurozone officials have rejected as biased and incomplete, writes the Times.
Growth downgraded to 1.1%
Business leaders on Thursday warned the economy was in a more fragile state than a few months ago after downgrading growth for this year to 1.1%. The British Chambers of Commerce (BCC) said its previous estimate of 1.3% was overly optimistic, after a series of business surveys showed that the economy was slowing to a crawl, the Guardian writes.
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