State Street in pension fee probe
UK regulators are investigating allegations that State Street overcharged Ireland’s state pension fund and several big UK corporate pension funds, including those of the Royal Mail and J Sainsbury, billing them for fees not included in their contracts, according to people familiar with the matter. Ireland’s national debt agency said it had notified Irish police that the big US custodian bank had reaped €3.2m in improper fees and trading profits from the national pension fund.
Lloyds to sell £1.2bn of debt
Lloyds Banking Group is preparing to sell £1.2bn of distressed mortgages tied to European real estate. The bank has approached potential buyers about a portfolio of German commercial property mortgages with a face value of between €850m-€900m.
Stockbrokers pooling back offices
Several stockbrokers in London are in talks about merging back office operations, in a bid to cut costs and avoid becoming takeover targets in a rapidly consolidating sector.
Cadbury accused of evading tax
Cadbury India is being investigated over allegations of tax evasion, which date back to its days under British ownership. The Dairy Milk maker is facing claims that it evaded up to 2bn rupees (£23m) in taxes. A spokesman for Cadbury India said it was fully co-operating with the inquiry.
India bans Ikea meatballs
Ikea has been barred from selling meatballs, lingonberries and other Scandinavian culinary delights.
The Daily Telegraph
Black Friday keeps Amazon busy
Staff at Amazon are working flat out in its UK warehouses as the online store discounts thousands of products ahead of its Black Friday sale.
Ryanair threatens to pull flights
Ryanair is holding the owners of Budapest Airport to ransom by threatening to pull one in three of its routes from the Hungarian capital unless charges are lowered.
THE WALL STREET JOURNAL
Venues for Bonds Fight for Traders
At least four Wall Street firms—BlackRock Goldman Sachs Group Inc., UBS AG and Morgan Stanley—have launched or plan to roll out electronic bond-trading networks.
Life Insurers Ramp Captives Use
A host of firms including MetLife, American International Group and ING Groep NV have been among the biggest users of affiliated reinsurance entities such as so-called captives to help meet capital requirements.