UBS may close offshore accounts June 30, 2009 US clients of Swiss bank UBS will be blocked from accessing secret accounts unless they transfer their money onshore or close the account, sources said yesterday. The bank is moving to exit its offshore services for American clients amid accusations from the US authorities that the bank helps its citizens hide their money from the [...]
Germany tweaks bad bank offer June 30, 2009 The German government has reached an agreement that will improve the terms of a “bad bank” deal allowing lenders to clear their balance sheets of toxic assets. The state initially set a cut-off point for the valuation of toxic assets of 31 March 2009, but has revised it to 30 June 2008, before the Lehman [...]
Crdit Agricole in CACEIS deal June 30, 2009 French bank Crédit Agricole said yesterday it had completed a deal to buy 35 per cent of fund administrator CACEIS from investment bank Natixis. The transaction raises the lender’s stake in CACEIS to 85 per cent, with Natixis rettaining the remainder. CACEIS is one of the world leaders in investor services, with around ¤2.2 trillion [...]
Yell falls as it commences talks on debt June 30, 2009 SHARES in Yell Group dropped yesterday after it said that it had started talks over the restructuring of its £4bn debt – just eight months after it renegotiated its covenants – and reported worsening trading conditions. The struggling Yellow Pages publisher said that falls in revenues and core profit were accelerating, and that it planned [...]
Lehman risk head speaks out June 30, 2009 DAVID DeMuro, the head of compliance at Lehman Brothers during the US investment bank’s spectacular collapse last year, has admitted nobody at the firm heeded warning signs it was taking on unsustainable risks. Speaking out for the first time since the bank failed, sending devastating ripple effects through the global economy, he said he should [...]
UK authorities freeze Stanford assets June 30, 2009 THE UK prosecuting authorities yesterday froze $100m (£60.2m) linked to the alleged financial fraudster Allen Stanford within five hours of a request from the US Department of Justice, officials stated yesterday. Stanford spent Monday night in a Texas jail after prosecutors told a federal judge he would likely flee the country rather than face life [...]
Identity cards will now be voluntary June 30, 2009 THE government has dropped plans to bring in compulsory biometric identity cards for airport workers and revealed the multi-billion pound scheme will be voluntary for all Britons. Home Secretary Alan Johnson said the government now planned to go ahead with the introduction of the £30 cards, which contain personal details, fingerprints and a facial image, [...]
Confidence up for City employees June 30, 2009 CITY professionals are increasingly confident of their job security, according to a survey published by executive search consultancy GRS yesterday. During May and June, 42.75 per cent of 3,000 respondents said they believed they would be more secure in their jobs in the next three months, up two per cent since earlier in the year [...]
Trading halted on HandMade June 30, 2009 AIM-listed rights and film company HandMade’s shares were suspended from yesterday after the company failed to publish its audited accounts for the year ending 31 December 2008 by yesterday’s deadline. The company said that it was in advanced discussions over multiple corporate transactions and an associated fundraising, and that it would publish the full details [...]
CITY VIEWS: IS THE CITY MORE CONFIDENT ABOUT THE JOB MARKET? June 30, 2009 SAM LUKES ALLIANCE & LEICESTER“ I think it’s definitely a lot more confident. Clients are not asking for redundancy cover, and making moves towards more optimistic investments. I feel relatively secure in my job. I think where big bank mergers have happened losses will still come, but all the major bank job cuts I think [...]