Record US consumer defaults July 7, 2009 Soaring US unemployment and a shrinking economy drove delinquencies on credit card debt and home equity loans to an all time high of 6.60 per cent from 5.52 per cent in the fourth quarter.
Strike threat as tube staff are balloted July 7, 2009 THOUSANDS of London commuters face further disruption this summer, as 600 staff at London Underground (LU) prepare to be balloted on industrial action, after union leaders rejected a final pay offer. Unite union said LU’s offer of 1.5 per cent in the first year and retail prices index (RPI) plus 0.5 per cent in the [...]
Rose ready for battle at M&S investor AGM July 7, 2009 MARKS & Spencer is bracing itself for an investor revolt for the second year in a row when shareholders gather for the retailer’s annual meeting today. A number of influential shareholder bodies have backed a resolution urging M&S to split the roles of chairman and chief executive currently held by Sir Stuart Rose. It is [...]
JJB pledges support for Jones in spat July 7, 2009 AILING sportswear retailer JJB Sports yesterday backed its executive chairman Sir David Jones amid a growing storm over a £1.5m loan he received from Mike Ashley, chief executive of arch-rival Sports Direct. JJB Sports said that the board had given its “unanimous support” to Jones and said it believes “that he is the right person [...]
Landbank drops its 250m LSE launch July 7, 2009 PROPERTY firm Landbank has abandoned plans for a £250m share listing on the London Stock Exchange (LSE), in favour of raising money privately. The recently-launched firm had been pencilled to complete an initial public offering (IPO) today, under plans to raise capital to buy vast swathes of residential land from distressed housebuilders at bargain prices. [...]
JACKSON CITY RACE INCENTIVE SCRAPPED July 7, 2009 THE fallout continues over tickets from the late Michael Jackson’s planned London tour – and this time, it has hit the City. Standard Chartered, those with elephant-like memories may recall, offered runners in their Great City Race next week the chance to see the King of Pop at the O2 Arena on 6 August, as [...]
FSA to ramp fines for City rulebreakers July 6, 2009 CITY watchdog the Financial Services Authority (FSA) has unveiled plans to treble penalties for serious breaches of its rules, and called for individuals caught insider dealing to face a £100,000 minimum fine. A consultation paper from the regulator proposes a beefed-up regime in which the most serious abuses could land companies with fines of up [...]
CITY VIEWS: DO YOU THINK THE FSA’S NEW FINES WILL MAKE CITY MISCREANTS SIT UP AND TAKE NOTICE? July 6, 2009 STEWART DOGUID AVIVA INVESTORS“I don’t think so – individuals will still feel that their gains outstrip the punishment, just as a frequent gambler might do, while companies will just see it as an increase in red tape. It’s all talk from the FSA but unfortunately very little substance.” OLLIE BARTON-JONES LANCASHIRE INSURANCE“I think this sounds [...]
Balderton in $485m raising for new fund July 6, 2009 BALDERTON Capital, the venture capital firm which had a 20 per cent stake in failed sports broadcaster Setanta, is about to close the biggest venture fund raised in the UK in the last 12 months. The fund, which has fallen just short of its $500m (£308m) target, will look for investment opportunities in the telecoms [...]
Quangos to go under Tory rule July 6, 2009 TORY leader David Cameron said yesterday that he could abolish some quasi-autonomous non-government organisations (quangos) and curb the powers and budgets of others, should his party come to power. In a speech to the think-tank Reform about reforming quangos – such as communications regulator Ofcom – Cameron said he had ordered the shadow cabinet to [...]