Barclays banks profits drop
UK bank Barclays has seen annual profits drop to £7.08bn, including a net loss of nearly £1.6bn stemming from turbulence on the global credit markets.
Bank profits fell by 1.1% from £7.13bn a year earlier, but met market forecasts. Barclays’ shares have fallen 42% in the past year on uncertainty over its exposure to US sub-prime mortgages following the US housing slowdown. Read more
City watchdog put ban on bank short-selling
A City watchdog earlier this week took drastic measures of banning the short-selling of financial stocks a move unprecedented in modern times.
The temporary ban was agreed ay a meeting at 11 Downing Street between Alistair Darling, chancellor, Mervyn King, Bank of England governor, Sir Callum McCarthy, outgoing Financial Services Authority chairman, and his successor, Lord Turner. Read more