STANDARD LIFE COMES UNDER FIRE FOR RAISING FUND FEES
Financial advisers have threatened to pull millions of pounds out of Standard Life Investments after the provider took the unusual step of raising fees on some of its funds, bucking the trend for fund managers to cut headline costs for investors. SLI said that fees on seven retail funds and two institutional funds would rise from November 2011.
HEDGE FUNDS HIT BY VOLATILITY
Some of the world’s largest hedge fund managers have been left nursing significant losses after two months of volatile markets amid growing fears over the state of the global economy, according to monthly performance numbers tracked by Hedge Fund Research.
NUISANCE CALLERS FACE £2M FINES
Npower and Homeserve have been accused of plaguing households with annoying cold calls. Ofcom said that the npower, the energy provider and Homeserve, which provides home emergency cover, used automatic calling systems to dial numbers, only to leave the line silent, hang up or leave marketing messages.
TWENTY STORES A DAY ARE CLOSING
Struggling high street retailers are pulling down the shutters on 20 stores a day as the squeeze on incomes and looming austerity measures take their toll. Research commissioned from the Local Data Company by the accountancy firm PwC shows that 4,500 high street shops were closed or earmarked for closure in the first five months of this year.
The Daily Telegraph
JPMORGAN CHASE TO PAY £142M TO SETTLE ALLEGATIONS
JPMorgan Chase has agreed to pay $228m (£142m) to settle allegations it rigged almost one hundred auctions involving local government bonds. The bank was accused of rigging bids in auctions used to determine which banks secured the rights to invest the proceeds of the bond sales made by state governments.
PROFITS RISE AT WORLD'S LARGEST LAW FIRMS
The global economy is on its knees, unemployment is on the up and the standard of living on the way down. Gloomy times, unless of course you're a lawyer. Analysis by Legal Business magazine has revealed the world’s 100 largest law firms saw a seven per cent increase in profit last year.