- font face="Verdana, Arial, Helvetica, sans-serif" size="-1" RBS renouvelle son avis à conserver sur STMicroelectronics avec un objectif de cours désormais à 5 euros. Les récents profit warning suggèrent que la demande s'est encore affaiblie au cours des dernières semaines#34;, indique le courtier. Par conséquent, il a abaissé sa prévision de croissance des... /font - p align=center A HREF='http://realmedia.lesechos.fr/RealMedia/ads/click_nx.ads/www.rss.com/pub_rss/120081202@x01!x01' TARGET='_blank' IMG SRC='http://realmedia.lesechos.fr/RealMedia/ads/adstream_nx.ads/www.rss.com/pub_rss/120081202@x01!x01' BORDER=0/a /pimg width='1' height='1' src='http://rss.feedsportal.com/c/499/f/413866/s/27bbb48/mf.gif' border='0'/div class='mf-viral'table border='0'trtd valign='middle'a href="http://res.feedsportal.com/viral/sendemail2_fr.html?title=STMICROELECTRONICS : RBS anticipe une baisse de 15% des revenus du groupe en 2009link=http://www.lesechos.fr/investisseurs/recommandation/detail.php?id=300313540xtor=RSS-2062" target="_blank"img src="http://rss.feedsportal.com/images/partagez.gif" border="0" //a/tdtd valign='middle'a href="http://res.feedsportal.com/viral/bookmark_fr.cfm?title=STMICROELECTRONICS : RBS anticipe une baisse de 15% des revenus du groupe en 2009link=http://www.lesechos.fr/investisseurs/recommandation/detail.php?id=300313540xtor=RSS-2062" target="_blank"img src="http://rss.feedsportal.com/images/bookmark.gif" border="0" //a/td/tr/table/divbr/br/a href="http://da.feedsportal.com/r/24193237115/u/89/f/413866/c/499/s/41663304/a2.htm"img src="http://da.feedsportal.com/r/24193237115/u/89/f/413866/c/499/s/41663304/a2.img" border="0"//a

- RBS renouvelle son avis à conserver sur STMicroelectronics avec un objectif de cours désormais à 5 euros. Les récents profit warning suggèrent que la demande s'est encore affaiblie au cours des dernières semaines", indique le courtier. Par conséquent, il a abaissé sa prévision de croissance des... -

RBS renouvelle son avis à conserver sur STMicroelectronics avec un objectif de cours désormais à 5 euros. Les récents profit warning suggèrent que la demande s'est encore affaiblie au cours des dernières semaines", indique le courtier. Par conséquent, il a abaissé sa prévision de croissance des...img width='1' height='1' src='http://rss.feedsportal.com/c/499/f/413861/s/27bbb49/mf.gif' border='0'/div class='mf-viral'table border='0'trtd valign='middle'a href="http://res.feedsportal.com/viral/sendemail2_fr.html?title=STMICROELECTRONICS : RBS anticipe une baisse de 15% des revenus du groupe en 2009link=http://www.lesechos.fr/investisseurs/recommandation/detail.php?id=300313540xtor=RSS-2063" target="_blank"img src="http://rss.feedsportal.com/images/partagez.gif" border="0" //a/tdtd valign='middle'a href="http://res.feedsportal.com/viral/bookmark_fr.cfm?title=STMICROELECTRONICS : RBS anticipe une baisse de 15% des revenus du groupe en 2009link=http://www.lesechos.fr/investisseurs/recommandation/detail.php?id=300313540xtor=RSS-2063" target="_blank"img src="http://rss.feedsportal.com/images/bookmark.gif" border="0" //a/td/tr/table/divbr/br/a href="http://da.feedsportal.com/r/24193237116/u/89/f/413861/c/499/s/41663305/a2.htm"img src="http://da.feedsportal.com/r/24193237116/u/89/f/413861/c/499/s/41663305/a2.img" border="0"//a

divimg alt="" src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/96014?ns=guardianpageName=Business%3A+Government+puts+RBS+lending+policy+under+scrutinych=Businessc3=The+Guardianc4=Royal+Bank+of+Scotland+%28Business%29%2CBanking+sector+%28Business%29%2CRegulators%2CBusiness%2CMortgages+%28Money%29%2CBanks+and+building+societies%2CMoney%2CEconomic+policy%2CPoliticsc5=Personal+Finance%2CInvestments%2CCredit+Crunch%2CNot+commercially+useful%2CBusiness+Markets%2CProperty+Mortgages+and+Interest+Ratesc6=Jill+Treanor%2CRupert+Jonesc7=2008_12_02c8=1127185c9=articlec10=GUc11=Businessc12=Royal+Bank+of+Scotlandc13=c14=h2=GU%2FBusiness%2FRoyal+Bank+of+Scotland" width="1" height="1" //divpRoyal Bank of Scotland was put on notice yesterday that its lending policy, boardroom appointments and business strategy were being reviewed by the government as it took control of 58% of the Edinburgh-based bank./ppThe body set up to oversee the government's stake said it was in "active discussions" about the bank's strategy. UK Financial Investments said that John Crompton, hired from Merrill Lynch, would manage the stake that came under government control yesterday after shareholders shunned a pound;15bn cash call. It has presented the taxpayer with a paper loss of about pound;2.5bn. The UKFI said it was "putting in place arrangements to secure a robust assurance" that commitments to maintain lending to homeowners and small businesses at 2007 levels for the next three years were fulfilled./ppMeanwhile RBS's new chief executive, Stephen Hester, yesterday promised to grant a six-month moratorium to home owners struggling to keep up with mortgage payments. RBS pre-empted any government crackdown on repossessions by asserting that it would give customers falling into arrears six months rather than three months before beginning any repossession proceedings./ppThe move was welcomed by the Treasury and is expected to become a benchmark for the industry. Liberal Democrat Treasury spokesman Vince Cable said it was "welcome news" for RBS customers. But, he added: "It will be a mere drop in the ocean unless it is followed by the whole industry. The government must now insist that all the nationalised and part-nationalised banks follow suit."/ppNorthern Rock, the nationalised bank responsible for a tenth of all repossessions, insisted it actually took 15 months for homes to be repossessed./ppHBOS, which owns the country's largest mortgage lender Halifax, which is accepting a pound;12bn government rescue package, said it would look at the RBS announcement but felt it already had a package in place to deal with customers in difficulty./ppLloyds TSB, which will take over HBOS next year and is likely to be 40% owned by the taxpayer, said borrowers were usually at least six months in arrears before it began repossession steps./ppThe Council of Mortgage Lenders will use its annual conference today to urge "an honest assessment of the challenges facing the lending industry". It appealed against the imposition of strict criteria on repossessions for each lender./pp"In a large number of cases, borrowers are already able to remain in their home for six months or longer while they work with the lender on implementing a plan to pay off their arrears," it said. "But in cases where there is little or no equity in the property - and no chance of the borrower getting back on his feet in a short period - it may be in the best interests of the home-owner to move towards selling the property rather than allowing arrears to continue to build up over a long period."/pdiv style="float: left; margin-right: 10px; margin-bottom: 10px;"ullia href="http://www.guardian.co.uk/business/royalbankofscotlandgroup"Royal Bank of Scotland/a/lilia href="http://www.guardian.co.uk/business/banking"UK banking sector/a/lilia href="http://www.guardian.co.uk/business/regulators"Regulators/a/lilia href="http://www.guardian.co.uk/money/mortgages"Mortgages/a/lilia href="http://www.guardian.co.uk/money/banks"Banks and building societies/a/lilia href="http://www.guardian.co.uk/politics/economy"Economic policy/a/li/ul/diva href="http://www.guardian.co.uk"guardian.co.uk/a copy; Guardian News Media Limited 2008 | Use of this content is subject to our a href="http://users.guardian.co.uk/help/article/0,,933909,00.html"Terms Conditions/a | a href="http://www.guardian.co.uk/webfeeds/1,,1309488,00.html"More Feeds/a pa href="http://feedads.googleadservices.com/~at/vb3TVPgl9pQWbnvPOkAIHCmTSCU/a"img src="http://feedads.googleadservices.com/~at/vb3TVPgl9pQWbnvPOkAIHCmTSCU/i" border="0" ismap="true"/img/a/p

divimg alt="" src="http://hits.guardian.co.uk/b/ss/guardiangu-feeds/1/H.15.1/26248?ns=guardianpageName=Comment+is+free%3A+A+late+calling+to+accountch=Comment+is+freec3=The+Guardianc4=Banking+sector+%28Business%29%2CCredit+crunch+%28Business%29%2CEconomics+%28Business%29%2CMortgages+%28Money%29%2CBorrowing+and+debt%2CMoney%2CBusinessc5=Personal+Finance%2CInvestments%2CCredit+Crunch%2CBusiness+Markets%2CProperty+Mortgages+and+Interest+Ratesc6=Will+Huttonc7=2008_12_02c8=1127135c9=articlec10=GUc11=Comment+is+freec12=blogc13=c14=Comment+is+freeh2=GU%2FComment+is+free%2Fblog%2FComment+is+free" width="1" height="1" //divpA rare silver lining in this recession is that a veil of mystery is being lifted from the longstanding lending practices of British banks. Suddenly they are understood as not necessarily always in the best national economic interest./ppMortgage and business borrowers alike are newly empowered by the pound;37bn bank bail-out, and change is afoot. Yesterday the Royal Bank of Scotland, now 58% owned by the taxpayer, promised it would give distressed homeowners six months' grace before it moved to repossess their property. Last week it said it would guarantee the level and price of its overdraft commitments to small business until the end of 2009 - providing, it qualified, the risks of their situation did not substantially change./ppThese are concessions of the sort that have not been made in any postwar recession. They make it impossible for Lloyds-TSB/HBOS not to follow suit. HSBC will not want to be outdone. Only Barclays, suffering the burden of the bail-out terms from its sovereign wealth fund investors, is likely to cling to the banking tradition of being providers of umbrellas except when it is raining. It will no longer be politically acceptable./ppBankers, in fairness, are the custodians of other people's money. They have to provide cash to their depositors whenever they want it, even as they tie it up in loans to homebuyers and business. This confidence trick requires careful managing. British banks' approach has been to keep their lending as short-term as possible, to have it collateralised against bricks and mortar, to keep tight control at headquarters and to recall loans at the first sign of trouble./ppIt works, but it is brutal. It does not favour long-term investment. It biases lending towards property rather than business innovation. It does not favour manufacturing industry that needs most support in downturns. It makes home ownership high risk for working-class families. And it exacerbates recessions./ppThere is another approach, more widely used in mainland Europe and Japan. It is best illustrated by a story from yesterday's Financial Times about the Reading-based Magal Group. Owner Gamil Magal wants a pound;1.5m loan from RBS to tide over his engineering firm during the recession, collateralised against pound;12m of assets. The company is solid but now losing money; properly supported it might survive. In Europe and Japan, banks tend to be supportive of their Magals, with whom they have long-term relationships. They certainly demand restructuring and redundancy, but they shepherd the scaled-back firms to recovery, offering not just finance but advice and business knowledge./ppIn Britain banks do not support such relationships. But they do know British financial protocols. RBS, says Magal, responded to his request by sending him an insolvency expert. When RBS was privately owned, he would not have dared complain and tempt such awesome power of life and death. In today's climate, he feels he can go public./ppIf the banks together support all the firms in the manufacturing value chain then each individual firm is more likely to pull through. Magal needs supporting, but so do his customers. RBS cannot have an open chequebook, but unless it and other banks are more collectively accommodating to firms' requests, they create the very risks RBS is alert to./ppUK banks have never been properly accountable for their actions, hiding behind the myth that, as their decisions are taken in markets, they are necessarily efficient. They are not. If more businessmen speak out, and the government has some guts, the next 18 months could see a transformation in British finance. It is long overdue./pp· Will Hutton is executive vice-chair of the Work Foundation a href="mailto:will.hutton@observer.co.uk"will.hutton@observer.co.uk/a/pdiv style="float: left; margin-right: 10px; margin-bottom: 10px;"ullia href="http://www.guardian.co.uk/business/banking"UK banking sector/a/lilia href="http://www.guardian.co.uk/business/creditcrunch"Credit crunch/a/lilia href="http://www.guardian.co.uk/business/economics"Economics/a/lilia href="http://www.guardian.co.uk/money/mortgages"Mortgages/a/lilia href="http://www.guardian.co.uk/money/debt"Borrowing debt/a/li/ul/diva href="http://www.guardian.co.uk"guardian.co.uk/a copy; Guardian News Media Limited 2008 | Use of this content is subject to our a href="http://users.guardian.co.uk/help/article/0,,933909,00.html"Terms Conditions/a | a href="http://www.guardian.co.uk/webfeeds/1,,1309488,00.html"More Feeds/a pa href="http://feedads.googleadservices.com/~at/n9llmbmU7O2cqsuftgw_d1pg-Qw/a"img src="http://feedads.googleadservices.com/~at/n9llmbmU7O2cqsuftgw_d1pg-Qw/i" border="0" ismap="true"/img/a/p

Zurich (AWP) - Sanofi Aventis émet un emprunt sous direction commune d'ABN Amro, BNP Paribas et RBS:premontant: 275 mio CHF (clause de ...

- La banque britannique Royal Bank of Scotland, dont le gouvernement britannique détient désormais près de 58% du capital, a annoncé lundi qu'elle allait se montrer plus conciliante avec ses détenteurs d'emprunts hypothécaires rencontrant des difficultés