FSA in probe of JPMorgan August 11, 2009 INVESTMENT bank JPMorgan Chase has instructed KPMG to conduct a review into its procedures for looking after client money, after a systems error sparked an inquiry into its methods by the City watchdog. JPMorgan confirmed yesterday it had recently discovered an operational error dating back to 2002, which involved failing to keep around £8.5bn of [...]
Friends Prov dives into Cowdery deal August 11, 2009 THE BOARD of Friends Provident unanimously supported a fourth takeover bid from Clive Cowdery’s buyout vehicle Resolution yesterday, heralding an end to one of the world’s oldest life insurers. Trevor Matthews, chief executive of the 177-year old firm that was founded as a friendly society for Quakers, said he was “excited” at Cowdery’s plans to [...]
House prices and home loans showing signs of stabilisation August 11, 2009 HOUSE PRICES rose 1.6 per cent in June on the previous month, narrowing the annual decline to 10.7 per cent, according to official government data published yesterday. The Department for Communities and Local Government (DCLG) said that UK house prices rose by 2.6 per cent in the quarter ending June 2009, compared to a fall [...]
OSBORNE: TORIES ARE PROGRESSIVE August 11, 2009 SHADOW chancellor George Osborne yesterday sought to snatch the “progressive” tag from the Labour party. Osborne said that while Labour would make front-line spending cuts, the Tories would protect departments through efficiency savings. He added the Tories had no secret plan to introduce a 20p VAT rate.
Intercontinental Hotels sees profits plummet in slump August 11, 2009 THE world’s biggest hotel group by number of rooms, Intercontinental Hotels (IHG), yesterday reported a 56 per cent dive in pre-tax profits as the economic downturn continues to squeeze the leisure sector. The group said pre-tax profits for the six months to 30 June fell from $236m (£143m) to $151m, as revenues fell by a [...]
Chinese bank loan growth slows August 11, 2009 New lending by Chinese banks plunged in July while exports fell 23 per cent from a year ago. Exports have been dropping for nine months as consumers in the West tightened their belts further. New loans in July fell to 355.9bn yuan (£31.5bn) from 1.53 trillion in June.
Unite sells stake to Oasis Capital August 11, 2009 Unite Group, the student accommodation group, is set to sell a majority stake in its committed future developments to Bahrain–based bank Oasis Capital. Oasis is set to acquire a 75 per cent in a £200m joint venture which expects to deliver 1,125 new student beds in 2010.
Madoff finance chief is charged August 11, 2009 Fraudster Bernard Madoff’s right-hand man Frank DiPascali has been charged with 10 crimes relating to the $65bn (£39bn) Ponzi scheme. He is due to plead guilty in court today and faces up to 125 years in prison if convicted on all counts.
Thorntons agrees credit facility August 11, 2009 Chocolatier Thorntons said yesterday that it has completed its refinancing, having agreed a new £52.5m revolving credit facility with its three banks. The firm undertook a restructuring last month, which saw it create two separate business units – retail and manufacturing – in order to create greater accountability.
New liquidity rules risk international turf war between regulatory bodies August 11, 2009 THE Financial Services Authority’s plans to implement new liquidity guidelines risks sparking a “turf war” between regulators, City sources warned yesterday. UK financial institutions will have to hold greater volumes of liquid assets from the beginning of next year, with detailed guidelines due to be issued by the City watchdog in September. But financial services [...]