Friday's market reports:
Telegraph
The Times
The Times (Need to know)
FT
The Guardian
This is Money
Barclays Capital, the banks investment banking unit, and Cairn Capital, the London-based manager of the fund, insisted that the loan was not a rescue or bailout. Our investors are paying a commercial rate for that loan, a Cairn spokesman said.
Barclays steps in with $1.6bn injection for struggling SIV-lite fund
The banks that underwrote the $45 billion acquisition of TXU Corp, the worlds biggest buyout, have offered to pay the $1 billion (495 million) break fee in a desperate attempt to convince the private equity backers to drop their bid.
It is understood that the banks asked Kohlberg Kravis Roberts and TPG to consider withdrawing their offer after the turmoil in the credit markets meant that the banks would have little or no chance of syndicating the record-breaking $37 billion loan to investors. The banks include Goldman Sachs, Morgan Stanley, Citigroup, Lehman Brothers and JPMorgan.
Banks financing TXU buyout offer $1bn to get off the hook
Bob Diamond, the chief executive of Barclays Capital, has made a thinly veiled plea for the Bank of England to intervene in the money markets. In an interview with The Sunday Telegraph, Diamond said short-term liquidity in the money markets remained the biggest problem for the global financial system and said it was down to central banks to restore stability, praising the US Federal Reserve and European Central Bank's moves to inject liquidity. The BoE is the only major central bank yet to introduce emergency measures.
Barclays urges BoE to bail out money markets
Barclays comes out fighting
BOB DIAMOND, Barclays investment-banking boss, has scotched fears that Britains third-largest bank faces a black hole in its accounts from exposure to the turmoil in credit markets.
In an interview with The Sunday Times, he said: There was an impression that we had hundreds of millions in unsecured exposure. So we said that the potential, conservative, loss could be 75m. We do not like having to say things like that, but there were enough questions to make it important for us to make that statement.
Theres no black hole at Barclays, insists Diamond
Fears are mounting that British credit card debts could soon spark a fresh crisis in the global financial system. Debt-laden consumers in Britain owe more than 1.3 trillion, including more than 50bn on plastic.
Billions of pounds in credit card debt run up with Barclaycard, Egg, MBNA and every major card provider have been sold off to the capital markets in recent years. Many of these securitised debts are held in collateralised debt obligations (CDOs), the controversial funds that were involved in the downfall of the sub-prime mortgage market in America.
Credit cards: The next crisis?