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It may seem rather unnecessary to those not in the services, entertainment and food industry but an announcement by Lord Mandelson this regarding tips received by those in the hospitality sector...
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Monday 16th June 2008
In a move which many saw coming some time ago it seems that Barclays is set to lodge a call for £4 billion from shareholders to repair the company’s balance sheet. If press reports over the weekend are correct, the management of Barclays is in talks with China Development Bank and Singapore based fund Temasek about additional cash injections, with both showing substantial losses against earlier stakes they took in the group.
While the management will need to put forward a strong argument for injecting additional capital into the group at this time, there is a feeling that the fund raising is a valid move. While others have rushed in over the last few weeks, Barclays has been a little more subtle and allowed others to test out the market. The fact that the two investors mentioned above may be interested in increasing their stakes should strengthen the move to raise funds.
The UK banking industry is very much in the firing line, as it has been for a few months now, and while the situation does not look like changing in the short term there are hopes that they can start to fight back over the next few weeks. When you also consider that the government cannot afford another UK bank collapse, there seems to be some support behind the scenes. |
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