|Bid||172.58 x 0|
|Ask||172.62 x 0|
|Day's range||164.66 - 176.18|
|52-week range||73.04 - 176.18|
|Beta (5Y monthly)||1.40|
|PE ratio (TTM)||19.95|
|Earnings date||30 Apr 2021|
|Forward dividend & yield||0.01 (0.60%)|
|Ex-dividend date||25 Feb 2021|
|1y target est||221.84|
(Bloomberg) -- Barclays Plc may have won a fight with financier Amanda Staveley, but the ruling could have repercussions for a related regulatory probe that’s haunted the bank for almost a decade.Even while a judge dismissed the case last week, he said the bank was “guilty” of serious deceit as executives negotiated a rescue in 2008. Lawyers said that the findings may be of interest to the Financial Conduct Authority as it continues a probe that could lead to a multi-million pound fine.“It seems very difficult for the FCA to ignore the fact that the bank made fraudulent misrepresentations and very senior people at that,” said Janine Alexander, a financial disputes lawyer at Collyer Bristow who wasn’t involved in the case. “The FCA are going to have to take it seriously.”The case dates back to the chaos of the financial crisis when Barclays officials sought a massive injection of private financing to stave off a government bailout. The regulator is investigating how Barclays communicated with investors in 2008 and is considering a 50-million pound ($70 million) fine, the bank said in its annual report.In addition to the civil case, both the bank and some former executives successfully fought off criminal charges related to the fundraising.A spokeswoman for the bank declined to comment on the implications of the ruling. The FCA said separately the case was currently before its internal tribunal -- one of the final steps before it issues a decision.‘Same Deal’Staveley sought 660 million pounds in damages in the lawsuit, saying the bank deceived her about the terms of the investment. The trial focused on the treatment of Middle Eastern investors that participated in the fundraising. Staveley, who partnered with Abu Dhabi, said the bank promised the “same deal” but then lied about the fact that Qatari investors got far better terms.The judge in Friday’s ruling said that while bank officials misled Staveley about the investment, she wasn’t eligible for damages because she wouldn’t have been able to raise the funds necessary to participate in the deal.“We hope that the regulators will have a close look at this judgment and the conclusions the judge reaches on the behavior of senior personnel within Barclays,” a lawyer for Staveley’s PCP Capital Partners said after the ruling last week.One former FCA lawyer said that the civil case ruling could even lead the regulator to re-open a probe into some of the individuals called out by the judge. The watchdog shut investigations into former chief executive John Varley and former Middle East chief Roger Jenkins in April last year.“One wonders whether the FCA may consider reopening investigations into senior executives following the findings,” said Tim Thomas, who now works at law firm Richardson Lissack.Lawyers for Jenkins and Varley didn’t immediately return messages seeking comment.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Fintech firms want to keep their golden shares. London may be forced to agree. Watering-down stock market rules might sound outrageous, but the success of these companies matters to the market
(Bloomberg) -- Argentina is considering using new reserves to be issued by the International Monetary Fund to make a payment due to the lender in September, according to a person with direct knowledge, a move that would allow more time to overhaul an outstanding $45 billion loan.The new IMF reserve assets, called special drawing rights, or SDRs, would give cash-strapped Argentina fresh funding to pay the $1.9 billion principal maturity, avoiding a default with the Washington organization if the country can’t reach a deal on the program by September, said the person. The decision to use the reserves for that payment is still being discussed within the government’s leftist coalition, the person added, asking not to be named because discussions are private.Spokespersons for the Argentine Economy Ministry and the IMF declined to comment.The South American nation has been in talks with IMF officials on a revamped program since last September after the $45 billion loan agreed in 2018 collapsed, failing to lift the crisis-prone economy. While both parties said a deal could be reached by May, little progress beyond technical talks has been made so far and key midterm elections in October complicate the outlook for the government agreeing to fiscal austerity.“A new IMF allocation of SDRs would boost reserves further and so could encourage the government to delay an IMF program,” said Pilar Tavella, economist at Barclays Capital Inc. “It would make a delay scenario less harsh on reserves and the macro environment in general.”The government has already indicated that it will prioritize the content of the deal over the speed of a resolution.“We want to find a deal, but it has to be a deal that’s convenient for Argentina,” President Alberto Fernandez said at a press conference on Tuesday. “I want a deal that doesn’t cost the Argentines more than what they have tolerated already.”Read More: Opposition to an IMF Deal Could Prolong Argentina’s CrisisBoosting ReservesThe Group of 20 largest economies, which includes Argentina, on Friday moved closer to a separate deal on boosting the IMF’s reserves to help nations devastated by the global pandemic, according to other officials familiar with the discussions.Talks focused on a proposal for a $500 billion allocation of the SDRs, but the final decision likely will come closer to the lender’s spring meetings in April, the officials said, asking not to be identified before a public statement. Argentina would receive about $3.35 billion from such a move.Read More: G-20 Moves Toward Consensus on IMF Reserve Firepower BoostFernandez’s administration has previously used existing SDRs for a $305 million interest payment due with the Fund this month. The SDRs are units of account used by the IMF and act as reserves for member countries. They are awarded to all the Fund’s members in proportion to their quota at the organization.On top of September’s obligation, the country faces this year another $1.9 billion principal payment with the IMF in December and three interest maturities in May, August and November for a total of about $1 billion, according to the Economy Ministry. The nation currently has 940 million SDR, equivalent to $1.36 billion, as part of its international reserves.Argentina “fully supports” an allocation of SDRs as they are “urgently needed” for low- and middle-income countries, Economy Minister Martin Guzman said during a G-20 finance ministers and central bank governors meeting on Friday. “If we don’t take the necessary measures at the global level, the recovery will certainly be asymmetric,” he said.(Updates to add analyst comment and table with upcoming payments.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.