US housing collapse: lessons for the UK May 26, 2009 IF you thought Britain’s house price collapse has been dramatic, wait until you look at America’s. The latest US house price figures reveal that the once booming city of Phoenix, Arizona, has suffered an astonishing 53 per cent collapse in prices since their peak in June 2006. Prices in Las Vegas are also down by [...]
Treasury in payout threat May 26, 2009 PUBLIC finances could take a further hit, it emerged last night, if multinationals succeed in securing several billion pounds in tax refunds from the Treasury. The European Court of Justice is set to soon rule on whether Britain’s “stamp duty reserve tax” (SDRT) regime flouts European Union law. The challenge under EU law of the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 26, 2009 FINANCIAL TIMES CHEVRON EXPECTED TO COME UNDER FIRE OVER LAWSUIT IN ECUADORChevron is expected to come under fire from shareholders over its environmental record in Ecuador, which has left the world’s third-largest oil company facing potential liabilities of $27bn. Investors, as well as indigenous and farming communities from Ecuador’s Amazon, are set to attack Chevron [...]
Gilt buyback hit by low demand May 26, 2009 Investors’ willingness to sell long-dated gilts to the Bank of England fell to its lowest level for long-dated gilts since it started its asset purchase scheme in March. The central bank yesterday bought £3.44bn of government debt, but was offered £5.191bn of gilts at the reverse auction, equivalent to an offer-to-cover ratio of 1.51. The [...]
Homeserve snaps up SFG May 26, 2009 Domestic maintenance group Homeserve, bought French appliance warranty provider SFG, yesterday for £24m confirming last week’s decision to move away from the emergency services business.
Japan fears rock IG Group May 26, 2009 Shares in IG Group fell 4.4 per cent to 224p yesterday after the Financial Services Agency of Japan said it may introduce rules limiting the amount of leverage for retail forex speculators in Japan. IG said any impact on revenues and profits would not be material.
Santander to pay out over Madoff claim May 26, 2009 SPANISH banking giant Santander has agreed to pay $235m (£148m) to a trustee representing victims of Bernard Madoff’s $65bn alleged fraud, to avoid a claim against two hedge funds managed by its Optimal investment unit. The settlement represents the first big victory for the trustee, Irving Picard, who has filed suits against a bevy of [...]
Russian firm invests $200m in Facebook May 26, 2009 THE queue of investors itching to cash-in on social networking site Facebook was long. But Russia’s Digital Sky Technologies (DST) pipped the competition to the post yesterday when Facebook, run by 24 year old Harvard drop-out Mark Zuckerberg, accepted a $200m (£126m) investment from the company, controlled by Yuri Milner. Milner’s company owns Russia’s largest [...]
Rio Tinto cuts metal prices May 26, 2009 Mining giant Rio Tinto cut its iron ore prices for supplying Japan by a third yesterday, as the commodities market shows little sign of recovery. The pricing will set the tone for other sellers like BHP Billiton and other big Asian buyers. The deal between Rio and Nippon Steel, the Japanese producer, comes after months [...]
McDonald’s in coffee expansion May 26, 2009 Fast food major McDonald’s yesterday unveiled ambitious plans to usurp Starbucks as Europe’s biggest coffee chain, and said it would open several hundred McCafé stores selling cakes and coffees this year. Although Starbucks has been putting the brakes on its expansion in Europe, McDonald’s hopes to increase the number of McCafé stores in Europe to [...]