CBIl scheme stalled by banks who wants 12 per cent interest

MPs and firms have criticised banks for insisting on personal guarantees to issue government-backed emergency loans to business owners. The new requirement loads most of the risk that the loan goes bad on the business owner, rather than the banks, which means the banks can go after the personal property of the owner of a…

Self-employed rescue scheme

The Chancellor Rishi Sunak will today announce a package of support for Britain’s 5m self-employed people to help them through the coronavirus pandemic after Boris Johnson decreed they should have “parity of support” with employed counterparts. The self-employed would submit forms to HM Revenue & Customs, the tax authority, declaring their recent income, if there…

Coronavirus Pandemic financial rescue package

The government is about to launch its scheme to help small businesses access crucial loans this week after widespread criticism that it had not acted fast enough to aid companies who are struggling to survive being hit hard by the impact of coronavirus. Small companies are rapidly running out of cash as society shuts down…

Collapsed Yes Bank’s shares rise 47 per cent after rescue plan

India’s struggling Yes Bank, one of the country’s largest private lenders, which was taken over by the Reserve Bank this month, to prevent the lender’s collapse, reported a $2.5bn quarterly loss and rise in bad loans as authorities prepared for the final stages of a rescue plan to prevent septicity through a financial system already…

IMF earmakrs $50bn in emergency funding

The IMF has earmarked $50bn in emergency financing for countries stricken by a coronavirus, as the fund said the outbreak had forced a cut to its forecast for global economic growth. According to Kristalina Georgieva, IMF managing director, adverse scenarios about the spread of the virus and how it would affect the global economy were…

Three Barclays senior bankers acquitted

The Serious Fraud Office has lost its high profile seven-year case against three former  Barclays employees after they were cleared of fraud charges relating to deals made with Qatar at the height of the 2008 financial crisis. Ro9ger Jenkins (64), Tom Kalaris (64) and Richard Boath (61) all defendants acquitted after a five-month retrial in…