|Lloyds Banking Group, RBS, Barclays and HSBC accused of foisting toxic loans on small firms|
|Tuesday, 13 March 2012 09:39|
News round up: Lloyds Banking Group plc, Royal bank of Scotland Group plc, Barclays plc, HSBC Holdings plc, Greece, International Airlines Group, Wood Mackenzie and Competitive cities.
Andrew Tyrie, chairman of the Treasury Select Committee, tonight called for Greece to exit the euro and for the resources of the International Monetary Fund (IMF) to be significantly boosted to tackle future financial crises. In a well received speech at the annual British Venture Capital and Private Equity Association's annual chairman's dinner, Mr Tyrie said the current lull in the single currency's crisis, after last week's Greek bond swap, should be used to engineer a permanent exit for Greece.
International Airlines Group
International Airlines Group faces a lengthy competition investigation into its contentious takeover of BMI British Midland after being told by the European Commission that its proposed deal concessions are likely to be rejected.
HSBC is set to scale back its Asian operations as it considers the sale or closure of seven Asian retail businesses from Pakistan to New Zealand, where it has decided to no longer focus investment, The Financial Times says.
Wood Mackenzie, one of the Scotland’s oldest and most lauded companies, could be put on the block in a £1bn deal netting its private equity owners a record-breaking profit in just three years. Charterhouse, a notoriously secretive and wealthy private equity group, has asked boutique investment firm Quayle Munro to help it with a “low key” strategic review following approaches from US trade buyers.
The Big Apple’s ability to bounce back from economic hardship has helped it to fight off London to claim top slot as the world’s most competitive city. New York, London and Singapore topped the charts in a detailed study compiled by the Economist Intelligence Unit that measured cities on eight criteria ranging from financial maturity to culture, environment and government institutions.
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