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| Barclays secures Middle East cash | |
| (10 minutes later) | |
| British bank Barclays has announced a proposal to raise up to £7.3bn to strengthen its balance sheet. | British bank Barclays has announced a proposal to raise up to £7.3bn to strengthen its balance sheet. |
| The money will be mainly raised from the state investment funds and royal families of Qatar and Abu Dhabi. | |
| Unlike other big UK banks, Barclays did not want to accept cash from the UK government and said the move would keep it "strong and independent". | Unlike other big UK banks, Barclays did not want to accept cash from the UK government and said the move would keep it "strong and independent". |
| Barclays said it made a profit in the nine months to the end of September despite more write-downs. | Barclays said it made a profit in the nine months to the end of September despite more write-downs. |
| BBC business editor Robert Peston said the proposal showed that Barclays was in a stronger position than other UK banks. | |
| "It can probably allow itself just a small smile of self-congratulation, having avoided putting out the begging bowl to British taxpayers," our correspondent said. |