Learning English - Words in the News
31 October, 2008 - Published 12:23 GMT
Middle East money for Barclays
The British bank, Barclays, says it's raising more than $12 bn from international investors - mainly from the royal families of Qatar and Abu Dhabi. This would allow Barclays to rescue its finances without help from the British government. Mark Gregory reports:
Barclays was one of four big British banks offered help by the British government to prop up its finances. Unlike its rivals, it turned the money down. Instead it has turned to investors in the Middle East - notably the royal families of two Gulf states, Abu Dhabi and Qatar.
It's a complex deal that will result in a single member of the Abu Dhabi ruling family owning sixteen percent of Barclays' shares. Middle East money comes with fewer strings attached and less humiliation than going cap in hand to the British authorities.
Mark Gregory, BBC
to prop up
turned the money down
a complex deal
a single member of
with fewer strings attached
going cap in hand to
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