World Bulletin / News Desk
The British government is no longer the biggest shareholder in state-rescued Lloyds bank, after selling another tranche of shares, the two sides announced Monday.
"The latest share sales... have reduced the government's remaining shareholding to less than 6.0 percent and below the level of the next largest shareholder."
The announcement means that US fund manager BlackRock is now the bank's single biggest stakeholder.
Britain's government rescued Lloyds with £20 billion of taxpayers' money at the height of the global financial crisis in 2008.
The government has since gradually sold down its original 43-percent stake in the bank and the Treasury on Monday said it had recouped more than £18.0 billion ($22.1 billion, 21 billion euros) from share sales.
“Returning Lloyds to the private sector and recovering all of the cash the taxpayer injected into the bank during the financial crisis is a priority for the government," said finance minister Philip Hammond.
Last month, Lloyds bought Bank of America's UK credit card division MBNA for £1.9 billion in the first acquisition since its government bailout.
Lloyds Banking Group was created by a merger of Lloyds TSB and rival British lender HBOS.
However, HBOS was saddled with toxic property investments, and LBG subsequently received the vast bailout.
Crude prices stabilised after diving more than two percent on Tuesday on increasing fears of a global supply glut, as continued production in the US and elsewhere offsets an OPEC output cut deal.
Move estimated to save company $1B in investment costs
However, most other regional markets struggled after Monday's healthy gains, despite being given a positive lead from Wall Street where the Dow and S&P 500 closed at fresh record highs.
The purchase in one fell swoop gives Amazon, which until now has operated almost entirely on the internet, a big presence in the brick-and-mortar world on Main Street, with more than 450 stores in the US, Canada and Britain.
"The Bank of Russia Board of Directors decided to cut the key rate to 9.00 percent per annum," the bank said in a statement. The cut follows a half-point decrease in late April.
Equity traders have suffered a fraught week as the crisis engulfing Donald Trump picks up pace, technology firms tumbled from recent highs and energy plays were hammered by plunging oil prices.
"In May 2017, passenger car registrations across the EU increased by 7.6 percent to 1.387 million units," ACEA said in a statement.
In the eurozone, Frankfurt's DAX 30 index climbed 0.4 percent to 12,746.05 points, and the Paris CAC 40 gained 0.5 percent to 5,243.53 compared with the close on Thursday.
Eastern Mediterranean gas deposits discussed at high-level meeting in Thessaloniki
While a "rebalancing of the market" was "underway," it was "at a slower pace than originally anticipated," the Organization of Petroleum Exporting Countries wrote in its latest monthly oil market report.
US, with 30 planned LNG terminals and six under-construction, is forecast to be next leader in LNG markets