Wednesday Papers: StanChart set to launch £5bn rights issue - money news

And Invista Real Estate Investment Management will have to delist and sell off assets after Lloyds Banking Group withdrew almost half of the company’s funds under management.

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by Himanshu Singh on Oct 13, 2010 at 03:48

Financial Times

* Standard Chartered is poised to launch a rights issue to raise £5 billion-£7 billion in an effort to buttress itself from the impact of new global capital rules.

* Bondholders in Irish Nationwide, the state-backed building society, are seeking to band together to face the government in potential negotiations over any losses they could suffer as part of a restructuring.

* Invista Real Estate Investment Management will have to delist and sell off assets after Lloyds Banking Group, its majority shareholder, withdrew almost half of the company’s £5.4 billion of funds under management.

* Lloyds, the taxpayer-backed banking group, has stopped processing complaints related to mis-sold PPI policies, in defiance of an order by the Financial Services Authority.

* Barclays is now offering all of its existing tracker rate mortgage holders the ability to switch to any of its fixed-rate mortgage deals with no early repayment charge.

* English universities will be free to set their own tuition fees under proposals put forward by an official advisory committee.

* UK councils prepare to outsource their day-to-day services amid budgetary pressures.

* Asian and Latin American cities are catching up with London and New York as locations for the world’s biggest hedge funds; São Paulo and Rio de Janeiro between them are now home to five hedge fund managers; Hong Kong and Singapore are now home to 15 billion-dollar fund managers.

* ECB President Jean-Claude Trichet has fuelled arguments about how to ensure budgetary discipline in the eurozone, saying proposals put forward by the European Commission are insufficient.

* Hans Hoogervorst, a former Dutch finance minister, was on Tuesday named chairman of the London-based International Accounting Standards Board.

* The French government vowed to press ahead with pension reforms despite street demonstrations involving up to 3.5 million people, the biggest in decades, and the spread of strikes.