3 Burst results for "Royal Bank of Scotland"
"royal bank scotland" Discussed on Bloomberg Radio New York
"Tom Sater reports strong twin storms continue to head towards states in the Gulf of Mexico. Little concerned about Laura right now, even though it's moving to the Caribbean. 500,000 without power. Dominican Republic Massive landslides homes have been destroyed. I'm Evan gaining from Bloomberg World Headquarters. I'm Doug prisoner. Let's check this hour's top business stories and the markets. Tic TAC is planning to file a lawsuit against the Trump administration as soon as Monday in the U. S. This is over the executive order banning transactions with the Chinese app in the United States. Meantime, Facebook CEO Mark Zuckerberg reportedly stoked fear about TIC Tac in Washington. Wall Street Journal says Zuckerberg emphasized threats from Chinese Internet companies as he worked to fend off US regulation of Facebook. Microsoft is backing epic games in its fight with Apple epic is a game developer and the company is set to ask a federal court on Monday. 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The Nikkei higher by more than 3/10 of 1% of the Shanghai composite is up 3/10 of 1% Global News 24 hours a day on air and on Bloomberg Quick take powered by more than 2700, journalists and analyst in more than 120 countries. This is Bloomberg. This is Bloomberg intelligence with Alex Steel and pulls on Bloomberg Radio will be here each and every week at this time, tapping into our Bloomberg intelligence analyst covering some 2000 companies and 130 Industries worldwide. So, according to consensus, Barclays NatWest Group and Lloyd's banking group are now facing $20 billion of 2020 expected losses. So who do we turn to Jonathan Thais? Bloomberg intelligence, a senior industry analyst. Okay, so what's up with the $20 Billion of expected losses? Well, don't forget in the UK that we're a very, very consumer driven economy on DH That's not yet. Financial crisis on DH. What happened to the UK bank? So fortunately, there's a much better state than they were 10 12 years ago. But clearly apart from Barclay, the UK banks didn't have the luxury of huge fixed income trading that boosted Coffers of the American banks and enable, Don't say satisfied allot of money, So it's a bit more touch and go over this side of the pond. All right. So what are some of the key sectors here? I mean, we've seen the American banks taking big big reserves, but the sectors that are presenting the biggest risk for the UK banks. What are they jumped? Well, I mean, commercial radio state was the biggest problem in our age for the Irish found the UK banks on DH. It's another big unknown If you look at the state investment Trust in Europe and the U. K Try to get huge this kind, so I think, Ministates one Tourism ledger. The usual suspects really, and travel. But how is this different from like other banks that also have a lot of consumer exposure, like? Is this unique? Or is it just the fact that that Britain is an extra special bad spot? Well, I mean the UK we've got precious still. I mean, we may have left the always have Brexit man. You're never going to resolve ways. Well, important on that. Probably Worrying people again in the fourth quarter. And because of that, the bank has to have a lot of excess liquidity, which is also a huge dragon revenue. So we've got Brexit on way. We've also got a relatively weaker economy compared to Europe on we have more consumer credit. Morgan team of Violence on the balances of the UK banks. So relative to us on European banks, the UK is in a fairly special, unique place of being squeezed on all sides. So Jonathan is really concerned that perhaps the UK government will need to step in and support these banks at any point. No, I mean the one band that everybody, of course we're looking at is that West Group the old Royal Bank, Scotland, which was the largest bank in the world, that's not forget very briefly in 2008. It's renamed yourself, but it's still 60 sampler owned by the government. So clearly with all of the lending schemes in Europe on the landing schemes in the UK, not West is by far the biggest supporter. Because their owners effectively telling them to lend to the economy. So in the back of people's minds, there was sort of thinking, not West Group. In particular, they have the biggest small to medium sized exposure in the UK. There are also the best of the government lending farm or two in battle companies now. In the Barclays Lloyds Rachel piece, So that would be the area that the market is probably most concerned. Does that mean that they have to put aside more money for losses and increase their capital ratios in a good way or not? Well, The good thing was that because of the huge clean up they already had more capital than any of the U. S and European banks above and beyond what they needed. They are. They was that this was one of these state owned companies. That eventually is it returns the private ownership and then the government has done is taken Return capitals. It was supposed to be a huge buyback and special dividend story. Unfortunately, now they being required to run this excess capital to support the economy rather than pretended Childers. So we're not really worried about cattle and kind of it Solvency. But in terms of the investment sees certain the not quite what we would have hoped to years ago when you were expecting 5 to £7 billion of capital to be returned. Jonathan. So give us the lay of the land just about Europe in general, how that European banks faring here. Well, the fact is kind of back in the middle of the range in terms of where it's traded Historically, on the second quarter earnings, the usual suspect is pretty well. The bm peace in this world but pretty good and have quite confident outlook. Dividends with the big question on the CB..
"royal bank scotland" Discussed on Humans of Hospitality
"And. I said to him, what about you know? We do a hotel with a wine school and? DOTTY DR in and he'd been Jin recruited him down there. so He'd been June, Glenn? Ford with few years as well. Anyway, he came back to me a few days later and said, you know I'm up for For looking at that Didn't have any money. He was in negative equity at the time which was. A. Little bit problematic. Jillian. I. Had A house with a mortgage in the rest of it. And no savings. So we set about. We said about trying to raise the money and the first we found, we found a property in. Winchester. which was a really good find. Actually, it was a Georgian lovely Georgian house. And it had a car park. I. Felt like it was in the right part of town. And we put this bistro concept together, we can with thirteen veterans. the pro the project. Entitles about one and a half million. which was raised about. It must be been one point, three million. We raised. Some Royal Bank Scotland. lintas about three quarters million. and. It was a time where. I remember the first loan document. The interest rates were twelve and a half percent in that time. So quite punchy stuff. and. And then we put together a raft investors I site very quickly like that. That was that took some time and and a full use of selling skills to to get that one across the line. And on a couple of occasions, you know we got pushed back and. The one thing I learned out of that, there's a huge difference from people that say yeah. Yeah. Yeah. And actually signing the check. So that was that was a good lesson learnt. Anyway finally, we raised A. HALF MILLION QUID, from? Fourteen. Different investors. And Bank. Debt we had and. We went, and so we have been. Hundred Winchester. In. September, Ninety Four. Yeah, good good. It's nice to hear the story in the House Move Judy God. Bless her to this day because. I didn't have any action house. So we had to book our house up as a guarantor for the business so. So it was quite punchy stuff, but luckily it went. Okay..
"royal bank scotland" Discussed on Bloomberg Radio New York
"Correspondent Michelle Kosinski with more. So it'd be an exchange of what's called liaison officer. So it would be several from each side going over and establishing an office in each other's countries. There would be several people in the US side. It would be lead, for example, by a senior foreign service officer who would be fluent in Korean former FBI director, Andrew McCabe says deputy attorney general rod Rosenstein was absolutely supportive of the decision to launch investigations it. Whether President Trump was inappropriately aligned with the Russians or whether he had obstructed Justice, president calls the plot treasonous at least five Americans have been arrested in the ongoing anti-government protesting in Haiti businesses and government officers are slowly reopening today after more than a week of violent demonstrations schools, however remained closed again today. I'm Mike moss. And I'm Mark mills. In the Bloomberg radio. News room, the European Union vowed proper taliation if the US follows through on a threat to impose tariffs on imported vehicles. As trans Atlantic trade. Tension showed no signs of easing. If European exports are hit by US actions. The you will quote react in a swift and adequate manner, according to a spokeswoman for the European Commission. President Trump has received a report examining the national security implications posed by auto imports, President Trump said last week's trade talks in Beijing China. We're very productive president Xi Jinping also sounding upbeat on the negotiations which resumed this week in Washington trade talk optimism lifted Asia markets in Monday trading, the US markets closed for the president's day holiday. The Nikkei in Japan up one point eight percent, Hong Kong's Hang sang gaining one point six percent. The footsie in London down two tenths on Brexit, concerns. The Dax in Germany up almost two tenths of a percent American. Farmers are still. Buying pricey tractors even after their incomes dropped four times in the past five years. We get more on that from Bloomberg's Charlie Pellett. Trend doesn't show signs of slowing anytime soon, according to a burqas mo- Houser the chief executive officer of equipment maker CNN h industrial farmers are eager to get their hands on recent technological advances for agriculture, and he says the buying will continue since they're only at the beginning of a cycle to replace aging. Equipment CNN h is one of the world's biggest agricultural equipment makers known for machines onto the case. I h and New Holland brands, Charlie Pellett, Bloomberg radio institutional investors should consider dipping their toes into crypto currencies. According to Cambridge associates a consultant for pensions and odometers. Cambridge says we believe that it is worthwhile for investors to begin exploring this area today with an eye toward the long-term. Global news twenty four hours a day on air and a tick tock on Twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty. Countries. I'm Mark mills. This is Bloomberg. This is a special presidents day edition of Bloomberg daybreak. US markets are closed for the holiday. I'm Nathan Hager coming up this week. We earnings from three of the UK's largest banks, HSBC Lloyds and Barclays Bloomberg intelligence. Senior Bank analyst Jonathan Thais covers them all he joins us now from our London studios. Nice to talk with you Jonathan and based on what we've seen from financials thus far in the earning season. What are you expecting from the UK focused banks this week? Well, one thing that's been interesting with the UK banks is that over the past coarser. They've actually I performed despite all the Brexit fares. So they need to deliver. Otherwise, I think they'll give back a fabulous performance. Clearly HSBC is a global banks and the focus that will be margin pressures and competition in Hong Kong, and it will be UK mortgage. Let's start with HSBC then because with its more international focus, our it's results driven more by. What could happen with the US China trade dispute? Well, that's a very big part of it for that mean trade finance they on the number one globally Santana. Look, we're going to be looking for them to be guiding to mid single digit revenue for this year as I say Malchin pressures are beginning to build, but for them favorite turn from being a capital management story to a great story, and they need to keep that trajectory for the momentum the stock to continue. So where do they find that growth then loan growth in Asia? And you've got with US rates because they've got a lot of dollar business you've got margin expansion. So that's one part of it. And also in the UK is say, they are sort of fastest growing mortgage Bank. Because after ring-fencing they suddenly find themselves with over forty billion pounds of access liquidity that they needed to put to work. So there's definitely gripe fan say now that is a story provided they can give us a good story of margin. Don't worry about trade and the UK takes nice days. And I think it's going to be pretty plain. Sailing for them. So as far as the growth story for Lloyds and Barclays how does that play out well because a very different stories. Barclays clearly has shared on investments getting the the home market focusing on. Should they be an investment banking? Should it be as big whereas Lloyd's as pretty much one hundred percent UK focused now, it's got the biggest mortgage market share? It's twenty five percent of the credit card market. And their biggest problem is there's no land grace. So they need to grow fees insurance NASA management. There's been a lot of cost cutting among these banks as well hasn't. There hasn't helped absolutely mean Lloyd's as one of the most efficient banks in Europe. It's costing income ratios in the forties there along with balconies HSBC sort of pioneering digital banking and the banking app. So cost focus is massive Barclays, for example. They've given us a hard target thirteen point eight billion. So their investment bankers unless they've had a very very good quarter. Their cost is going to be very tightly managed. We started this conversation. Jonathan you mentioned that the banks seemed to be weathering Brexit concerns fairly. Well, I mean, obviously that's on the foreground for so many investors. How are these financials managing to deal with this time? But I think people have begun to realize that actually we are probably not gonna leave with no deal things may just get deferred. The can kicked even further down the road, the prospect of the Bank of England being in a position to gently raise rates for the right reasons, I have repaired of time it's become moral and for all banks across Europe and in the globally, particularly in Europe rates, moving the other way rising is massively important. So the market less worried by disruption more thinking, we have a more of a smooth glide path that's fed well into these folks. So then as the Bank of England maps, it's rate path. I mean, there has to be some lingering uncertainty, given the Brexit hasn't been entirely resolved. At this point to say, the very least. Absolutely. Very far away from the twenty ninth of March. And if you look at the the odds of a new Brexit happening. They're actually taking out. But to my mind, that's a red herring. We're playing the waiting game. Now, we've got hands in America and Europe saying wait till five to midnight. You've got Theresa May playing exactly the same game. So I think receive wisdom rightly suggests that either we defer we end up with a Dale, but there is still the scope. And in fact, we probably something recently suggesting that these Stokes have traveled very nicely. Now, they need to have a pause for breath. While we try and figure out do we clear the next handle cleanly. Now, of course, as the Brexit machinations have gone on we've seen a number of banks alter their operations European banks. I'm thinking of particularly does that play into the results that we could see from these UK focused banks does that give them an advantage in some way. What will be interesting? I mean, we've had ring-fencing ever here. And I just had a big operation in France. Anyway, and we know what Bompis and Lloyd you're doing it Ireland, Dublin, etc. Royal bank. Scotland took a hundred million also charge for Brexit contingencies. It'll be interesting to see if they have a to domestic be focused on and Barclays feel the need to take some form of a charge themselves because I don't think we're going to see in this sort of underlying business activity any real slow dime. But it's more right contingencies. Are you carrying extra liquidity just in case? And that's very much the focus for Barclays Lloyds and much less safe. Right. Just PC. And we're certainly going to be watching those results this week from HSBC Lloyds and Barclays Jonathan Tyson. Your Bank analyst at Bloomberg intelligence. Thanks for this. Really? Appreciate it. Thank you. And next on this special presidents day edition of Bloomberg daybreak. What's ahead for fourth quarter results from the world's largest big box.