Credit Agricole accused of fraud by sub-prime product investors October 24, 2010 CREDIT Agricole has been accused of fraud in the United States by investors in the bank’s sub-prime mortgage-backed securities. Several firms under the Jersey-based Loreley name brought a case in a New York state court last week over three collateralised debt obligations (CDOs) named Orion 2006-1, Pyxis 2006-1, and Millstone IV, which they claim were [...]
Nick Clegg says coalition will cap university fees October 24, 2010 NICK Clegg, the deputy Prime Minister, yesterday said the government would impose a cap on university tuition fees. Lord Browne, the former BP chief executive who recently carried out a review into higher education funding, has recommended that universities be allowed to charge as much as they like. A levy on institutions charging over £6,000 [...]
Real estate pessimism takes hold October 24, 2010 More home-movers believe house prices will drop in the next year than those who believe they will go up, according to a survey due out today. Rightmove’s quarterly consumer confidence survey, which polls more than 25,000 home-movers, shows the pessimists outnumber the optimists for the first time since the survey began. A year ago, those [...]
ITV mulling Corrie move October 24, 2010 CORONATION STREET could be on the move in a shake-up of broadcaster ITV’s north west England operations, it emerged yesterday. ITV is understood to be considering moving production of the long-running soap opera and other hit shows from its historic central Manchester studios to a new broadcasting complex in Salford. The broadcaster is thought to [...]
ICB puts the spotlight on competition October 24, 2010 THE INDEPENDENT Commission on Banking (ICB) has written to the Treasury to underline the importance of promoting competition after the shake-up of the UK’s regulatory structure is complete. In its first public recommendation, the commission – headed by former Office of Fair Trading boss Sir John Vickers – called on the government to ensure that [...]
AIA reveals bonus pay for Tucker October 24, 2010 MARK Tucker, the former chief executive of Prudential, has been awarded a performance-related bonus package worth £7.7m over the next two years in his new role as chief executive of Asian insurance business AIA. Tucker is entitled to a bonus package worth $6.1m (£3.9m) per year for the next two years on top of his [...]
Singapore Exchange closes in on ASX deal October 24, 2010 THE SINGAPORE Exchange (SGX) is this morning expected to confirm that it will pay around A$8.4bn (£5.26bn) for Australian rival ASX, in a move aimed at combating growing competition from newer trading systems. SGX is expected to stump up A$48 per share for ASX, with just over half – A$26 per share – paid in [...]
Pension to be £140 for all October 24, 2010 A MASSIVE shake-up of the pension system is set to award everyone the same amount – £140 a week. Details of the Green Paper proposal emerged last night, with Work and Pensions secretary Iain Duncan Smith and pensions minister Steve Webb reportedly advocating a “single tier” state pension which would make savings by reducing beurocracy. [...]
Defensive luxury October 24, 2010 DESPITE talk of a flight to quality, received wisdom tells us that consumers should cut back on fripperies in hard times. Yet luxury firms of all hues are doing remarkably well. Take Apple, the tech giant that only sells high-end products: it has continued to post ever-rising profits and revenues throughout the recession, smashing its [...]
LVMH takes Hermes stake October 24, 2010 THE French luxury goods group behind Moet champagne, Hennessy spirits and Louis Vuitton leather goods is buying a €1.45bn (£1.3bn) stake in family controlled handbag maker Hermes, but it denied it was planning a full-blown takeover bid. LVMH has bought a 14.2 per cent interest in Hermes, which is known for its high-end leather handbags and [...]