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Lloyds Banking Group has taken control of the Telegraph Media Group (TMG) in an unprecedented move by a bank in modern times.
The Daily and Sunday Telegraph newspapers and the Spectator magazine will be put up for sale after their parent company was forced into receivership by the Lloyds Banking Group over £1bn of debts owed by the Barclay family, who own the titles that have dominated rightwing media discourse in the UK. The bank has put B.UK, a Bermudian-based holding company that ultimately controls the Telegraph Media Group, into receivership, Lloyds confirmed on Wednesday. In a personal blow to the family, Aidan Barclay and Howard Barclay, the sons of the late Sir David Barclay, have been removed as directors of TMG and The Spectator.
The owner of the Telegraph Media Group has been threatened with receivership by lender Lloyds Banking Group over a longstanding debt owed by the parent company controlled by the Barclay family. AlixPartners, the restructuring group, has been lined up to act as receivers of Press Acquisitions, which controls the Telegraph newspapers, if Lloyds decides to take action against the operating companies for not paying off a decades-old debt, according to two people with knowledge of the situation. It is not clear how much money is owed by the group to Lloyds, although one person close to the talks described it as in the “hundreds of millions of pounds”.
Lloyds Banking Group plc ( LON:LLOY ) shareholders might be concerned after seeing the share price drop 14% in the last...
Banks criticised for offering 'meagre' returns on customers' savings despite soaring interest rates.
Several major banks, including NatWest, Lloyds Banking Group and Halifax are also shutting down branches.
A powerful group of MPs has demanded answers from four high street banks over their failure to pass on higher interest rates to savers.
No sign of deposit flight, no sign of any unexpected deterioration in the loan book and no sign of any egregious risk-taking – and still no interest from the market.
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
Lloyds Bank has warned of a rise in customers falling behind on loan payments as mortgage rates soar.
The UK’s biggest single mortgage lender is the latest bank to beat profit forecasts
The lender’s pre-tax profits came in at £2.3bn compared to £1.5bn the same quarter last year.
European stock markets traded higher Wednesday, as generally positive earnings from the banking sector boosted confidence ahead of the conclusion of the crucial Federal Reserve policy meeting. The quarterly earnings season has given European investors something to digest as they wait for the latest policy news from the Federal Reserve, due later in the session.
European stock markets are expected to edge higher at the open Wednesday, as investors await the conclusion of the crucial Federal Reserve policy meeting as well as euro zone unemployment data and more corporate earnings. At 02:00 ET (06:00 GMT), the DAX futures contract in Germany traded 0.2% higher, CAC 40 futures in France climbed 0.1%, and the FTSE 100 futures contract in the U.K. rose 0.1%. Stock markets recorded sharp losses on Tuesday as investors fretted about the health of the U.S. banking system in the wake of the weekend’s collapse of First Republic Bank (NYSE:FRC), the largest U.S. bank failure since the 2008 financial crisis, with the shares of other regional banks under pressure.
Lloyds Banking Group has been accused of inflicting “unnecessary disruption” on the lives of its employees after telling them to return to the office for just two days a week.
Market analysts reveal what could be on the cards for UK bank earnings this week.
Key Insights Given the large stake in the stock by institutions, Lloyds Banking Group's stock price might be vulnerable...
Add a forecast £1.8bn dividend to a proposed £2bn share buyback and Lloyds Banking Group is, in effect, offering its shareholders an 11pc cash yield on its £34bn market capitalisation. That beats inflation, let alone government bonds, so patient investors are being paid to just sit and wait out any economic – or political – squalls.
Four of Britain’s biggest banks have pocketed an extra £5.5bn by failing to pass on rising interest rates to savers.
Lloyds Banking Group ( LON:LLOY ) Full Year 2022 Results Key Financial Results Revenue: UK£16.7b (down 2.6% from FY...
Lloyds Banking Group today revealed unchanged annual profits of £6.9 billion as the lender benefited from a year of rising interest rates. Chief executive Charlie Nunn called it a robust performance as he declared a 20% increase in the total dividend to 2.40p a share, alongside plans for a shares buyback worth up to £2 billion. Rio Tinto shareholders, meanwhile, can expect a smaller dividend payment this year after the mining giant declared an award of $4.92 a share.
Investing.com - Here are this week's top FTSE 100 movers, a week in which the FTSE 100 closed up 1.5%:
Savers can earn hundreds of extra pounds per year in interest without switching banks, according to the analyst Savings Champion.
Fake ads for loans, jobs and rental properties among the most common tactics currently being used by criminals.
Lloyds and Halifax have announced that a further 40 branches are to close over the next six months, delivering another blow to easy access to cash and in-store banking services across the country.