Northern Rock
latest news & developmentsBritain pumps billions into bank to boost home loans
Britain will inject billions of pounds into state-owned Northern Rock to try to unlock lending and help the economy emerge from recession.
Banks are architects of the crisis
The world’s financial markets remain at the eye of a perfect economic storm. The architects of this almighty financial sell-off? The banks themselves.
It’s the Fred and Fan show
Larry Elliott takes a look at the bail-out which is a nationalisation designed to avert the worst market collapse since the 1930s.
Minister blames Bank of England for Northern Rock debacle
Germany’s Finance Minister, Peer Steinbrück, blamed the Bank of England on Friday for the collapse of Northern Rock and the loss of 2 000 jobs, savaging the central bank for not…
Central banks in mortgage crisis talks
Central banks on both sides of the Atlantic are in talks about the feasibility of mass purchases of mortgage-backed securities in a bid to solve the global credit crisis, the…
JP Morgan to buy Bear, Fed opens lending to Wall Street
JP Morgan Chase set a deal to buy stricken rival Bear Stearns for a rock-bottom price, while the United States Federal Reserve expanded lending to securities firms for the first…
Credit-crunch woes claim fifth-biggest US bank
The global credit crunch claimed its biggest victim yet on Friday when the United States Federal Reserve orchestrated an emergency bail-out for Bear Stearns after a cash crisis…
Global whistle-blowing website shut down
A secretive Swiss bank landed an apparently novel censorship blow against the internet this week. Anyone who tried to call up Wikileaks.org, a global website devoted to…
Banks, resources keep JSE firm
The bank and resources indices kept the JSE in positive territory on Tuesday, lifting the bourse 0,7% higher by midday. Banks advanced 2,14% and financials collected 1,14%. The…
UK backs Northern Rock bonds, seeks rescue bids
Britain set a two-week deadline for a private-sector rescue of Northern Rock on Monday, as it confirmed plans to convert its billions of pounds of loans to the stricken bank into…
Brown faces MPs over illegal funding scandal
British Prime Minister Gordon Brown faces a grilling in Parliament on Wednesday over the funding row that has engulfed the Labour party. Despite pledging to return the donations,…
Britain seeks EU approval for Northern Rock aid
Britain has asked the European Commission to approve the aid it has provided to struggling mortage lender Northern Rock, a Commission spokesperson said on Tuesday. ”Last night…
Virgin team picked for Northern Rock rescue
A consortium led by Richard Branson’s Virgin Group has been picked as the preferred bidder to rescue Northern Rock and plans to repay £11-billion (,6-billion) quickly to the Bank…
Northern Rock may still owe billions by 2010
Shareholders in ailing British bank Northern Rock could be left with nothing and the Bank of England could still be funding the lender in three years. A briefing memorandum sent…
Merrill Lynch chief plans exit strategy
The head of the Wall Street investment bank Merrill Lynch was on Monday night negotiating a severance package tipped to be as high as -million after a risky strategy of betting…