FSA secures bankruptcy order July 9, 2009 City watchdog the Financial Services Authority (FSA) has secured a bankruptcy order in the High Court against former East London mortgage broker Sadia Nasir for non-payment of a £129,000 financial penalty levied on her by the FSA for mortgage fraud. This is the first time the FSA has taken bankruptcy proceedings for an unpaid financial [...]
City is the top bonds issuer July 8, 2009 LONDON is now the world centre for international bond issuance and also houses over two thirds of global trading of the bonds, according to International Financial Services London (IFSL). The group’s Bond Markets 2009 report said a total of $718bn (£448bn) worth of international bonds – issued when firms wish to raise capital by offering [...]
Ericsson signs deal at Cable & Wireless July 8, 2009 TELECOMS giant Cable & Wireless said yesterday it had signed a three-year contract with equipment maker Ericsson, to provide “voice solutions” for 600 of the latter’s staff in Coventry. As part of the deal, Fixed Mobile Convergence will allow Ericsson staff to use their mobiles for all calls. Mobiles can be routed to a landline [...]
London Capital warns of pain July 8, 2009 LONDON Capital Group, whose brands include Capital Spreads, forecast lower first-half profits yesterday due to a fall in interest income and greater investment in new trading software and white-label products. The online spread betting firm, which plans to maintain its interim dividend of 2.5p per share, however, said all its divisions remained profitable and that [...]
Opec in record export income July 8, 2009 OPEC’s income from oil and gas exports jumped 35 per cent to more than $1 trillion (£625bn) last year as world oil prices hit record highs, the oil cartel said in its Annual Statistical Bulletin yesterday. The Organization of the Petroleum Exporting Countries said the total sales compared to $746bn in 2007, which was itself [...]
TIME TO BE MERRY July 8, 2009 THE Irish drinks group C&C, which makes Bulmers and Magners ciders, yesterday said its 2009-10 operating profit should be at the top end of its range of between £66.4-£7073m. C&C is headed by John Dunsmore.
Decline in UK house prices slows in June July 8, 2009 BRITISH house prices fell less than expected in June, Halifax’s monthly survey showed yesterday, but the mortgage lender warned that the outlook for the housing market remained uncertain. The Halifax data showed UK house prices falling by 0.5 per cent in June, compared to a 2.6 rise during the previous month. The annual rate of [...]
Eurozone shrinks on slow investment and exports July 8, 2009 THE Eurozone economy shrank by a record amount in the first quarter of 2009 on a quarterly basis because of a slump in exports and investment, the European Union’s statistics office Eurostat said yesterday. Eurostat confirmed that output in the 16-country bloc shrank by 2.5 per cent in the first three months of 2009 and revised [...]
G8 warns of signifcant risks to economy July 8, 2009 WORLD leaders believe that the global economy still faces “significant risks” and may need further help, according to a draft document drawn up yesterday at the Group of Eight (G8) summit. The document cautions that “significant risks remain to economic and financial stability” while “exit strategies” from pro-growth packages should be unwound only “once recovery is assured”. [...]
Shadow MPC calls for QE to be extended July 8, 2009 QUANTITATIVE EASING (QE) should be extended this month to ensure the sustainability of the UK’s fragile economic recovery, say a majority of City A.M.’s shadow monetary policy committee, ahead of the Bank of England decision, which is due at midday today. Concerns about the sustainability of UK’s economic recovery and the uncertainty of policy effectiveness [...]