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Search resuls for: "Iain Withers Simon Jessop"


2 mentions found


☆ UK extends trading plan to sell NatWest stake by two years
  + stars: | 2023-04-03 | by ( Iain Withers Simon Jessop | Iain Withers | Simon Jessop | ) www.reuters.com   time to read: +2 min
LONDON, April 3 (Reuters) - The British government has extended a trading plan to help cut the taxpayer's stake in NatWest (NWG.L) by another two years, as it chips away at its remaining 41.5% holding with small sales after a recent bout of global banking volatility. The trading plan involves drip-feeding further stock into the market and is one of the government's main methods of reducing its stake. Britain's finance ministry said on Monday its trading plan had been extended to Aug. 11, 2025 and would continue to be run by investment bank Morgan Stanley (MS.N). Under the plan, the government can sell up to 15% of its stake in the company over the two-year period. Around 3.7 billion pounds has been raised by selling shares under the plan to date, the finance ministry added.
☆ UK's Lloyds ditches project finance for new oil and gas fields
  + stars: | 2022-10-20 | by ( Iain Withers Simon Jessop | Iain Withers | Simon Jessop | ) www.reuters.com   time to read: +2 min
Lloyds updated its climate policy to make the change, which bars project financing or reserve-based lending to greenfield oil and gas projects, although the policy would still mean it could provide general lending to companies in the industry. read moreClimate groups welcomed the Lloyds move and called on other British banks to follow suit. "By becoming the first of the five largest UK high street banks to stop the direct financing of new gas, oil, and coal projects, Lloyds is making a clear statement on the future of financing for fossil fuel expansion." Lloyds' exposure to dirty industries is smaller than some of its global rivals, given its focus on Britain's economy. The bank provided about 1 billion pounds ($1.1 billion) of finance to commercial oil and gas customers last year, according to its latest climate disclosures report, and the sector accounted for just 0.2% of its overall lending.
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