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UK Financial News Wrap: FT, Times, Telegraph, Observer
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According to The Times of London, the Treasury is poised today to nationalize Bradford & Bingley, the troubled mortgage bank.
The Times also reports that hedge funds and institutions could be forced this week to write down billions of dollars related to trading positions that were frozen when Lehman Brothers was put into administration two weeks ago.
The FT reports that Wachovia (WB) approached potential buyers, including Citigroup (C), Wells Fargo (WFC) and Spain’s Banco Santander, on Friday after a 27 per cent plunge in its shares deepened fears over the future of the sixth-largest US bank.
The Observer reports that UK inflation rose to 4.7% last month.
The Telegraph reports that hedge funds are preparing to return between 10 per cent and 50 per cent of their assets under management to investors who want their money back at the end of yet another quarter of dire investment performance
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