BofA raises lending after years of cuts
Bank of America is ramping up mortgage and corporate lending after two years of focusing on capital levels and cost-cutting. Chief executive Brian Moynihan said the company should overtake JPMorgan Chase in direct-to-consumer mortgage lending in the next six months and he had directed bankers to be “more aggressive” in lending to companies.
French car slowdown drags into 2013
New car sales in France slowed to their lowest level for 15 years in 2012 – with little, if any, improvement expected this year – underscoring the tough outlook for the country’s two big producers, PSA Peugeot Citroën and Renault. Figures from CCFA, the French constructors’ association, showed that new car registrations fell 14 per cent over the year.
Macau casinos end year on a high
China’s gambling mecca hit a lucky streak in December with Macau casino revenues jumping 19.6 per cent year-on-year, to a record $3.5bn for the month, marking a positive end to a year of slowing growth in the industry.
Cameron boosts entrepreneur plan
David Cameron will today expand a scheme to help young entrepreneurs amid criticism that it was slow to get off the ground. An extra £30m will go into the start-up loans scheme.
St John Hotel bought by Singaporean
A Singaporean tycoon has rescued the St John boutique hotel in the West End that collapsed in October just days after the restaurant earned its first Michelin star. Loh Lik Peng bought the 15-room hotel from administrators for undisclosed sum.
The Daily Telegraph
Tax chaos as child benefit cuts loom
Almost a third of families affected by George Osborne’s raid on child benefit have not been formally warned that they will no longer be eligible for the handout, which will be means-tested from next Monday.
Emirates to be second largest airline
Dubai-based Emirates will move within touching distance of becoming the world’s biggest airline this year. It is set to overtake US giant Delta within the next 12 months to claim the number two spot.
THE WALL STREET JOURNAL
Goldman paid out to beat fiscal cliff
As 2012 wound down, Goldman Sachs awarded ten of its top executives a combined 508,104 shares one month earlier than normal and ahead of higher tax rates that kick in this year. At Monday’s $127.56 closing price, the shares were valued at $64.8m.
Shell send salvage crew to Alaska rig
Royal Dutch Shell are preparing to send a salvage crew to an oil rig that ran aground off the coast of Alaska, 300 miles southwest of Anchorage.