What the other papers say this morning October 24, 2012 FINANCIAL TIMES Walker plans Barclays clear-out Sir David Walker is planning a clean sweep of Barclays’ board after he formally becomes chairman of the scandal-tainted bank next week and will also oversee the replacement of some executive positions. The City grandee has been sounding out top figures over their suitability to join the bank in [...]
The new loan rules October 24, 2012 ■ All borrowers will have to satisfy lenders they can afford the mortgage and provide evidence of their income ■ High loan-to-value mortgages will still be allowed as long as the borrower shows they have a credible repayment strategy ■ The same tests will apply to interest-only mortgages – a lighter regulation than the complete [...]
Dyson claims Bosch paid research mole October 24, 2012 BRITISH engineering firm Dyson yesterday accused German rival Bosch of employing a mole in its high-security research department, with the aim of illegally acquiring technology. The UK company filed proceedings at the High Court, claiming that secrets surrounding the development of motors at its Wiltshire innovation centre were passed to Bosch for up to two [...]
Federal Prosecutors sue BoA for $1bn in mortgage fraud lawsuit October 24, 2012 BANK of America defrauded the US government in a scheme called “the Hustle”, US federal prosecutors, which are seeking $1bn (£624m) in compensation, alleged yesterday. In the civil lawsuit Countrywide Financial, which Bank of America bought in 2008, is accused of selling thousands of toxic home loans to US government agencies Fannie Mae and Freddie [...]
Greenback eases after Federal Reserve sticks with stimulus October 24, 2012 THE DOLLAR drifted off a two-week peak against a basket of major currencies last night after the Federal Reserve stuck to its stimulus programme known as QE3. Following a two-day meeting, the Fed repeated its vow to maintain rates near zero until mid-2015 and to support growth even as some parts of the economy looked [...]
Zynga fights to keep hold of Facebook fans October 24, 2012 THE COMPANY behind Facebook games such as Farmville last night announced a share buyback plan and provided more details about an ambitious turnaround programme that may go some way towards placating furious investors. Zynga beat analysts’ low expectations to announce a small increase in revenue to $317m (£198m) for the third quarter, producing a net [...]
Investment bankers on TNK-BP deal to take home up to £30m October 24, 2012 INVESTMENT bankers working on the BP deal with Rosneft to take over TNK-BP will net between $30m and $50m (£19m and £31m) combined, according to figures from Freeman Consulting. This is less than expected for this kind of deal, Freeman noted, as the deal was a “mandatory” one – meaning BP was pressured to sell [...]
Eurozone debt piles grow to 90pc of output October 24, 2012 SOVEREIGN debts across Eurozone countries grew to nine tenths of the joint size of their economies, data revealed yesterday, just as other data suggested the Eurozone had slipped even deeper into recession. Euro area government debt hit €8.52 trillion (£5.32 trillion) – 90.0 per cent of the seventeen countries’ total GDP – in the second [...]
Greece finalises cuts and gets time on bailout October 24, 2012 GREECE has been granted its long-standing plea for additional time to push through austerity cuts that have been finalised after months of negotiations, the finance minister said yesterday. But Portugal’s government saw the next €1.5bn (£1.2bn) tranche of its bailout approved by the IMF, in stark contrast with the tortuous Greek negotiations. “Today, we obtained [...]
Draghi defends bond purchases to German MPs October 24, 2012 EUROPEAN Central Bank (ECB) chief Mario Draghi faced a two hour grilling from German politicians in the Bundestag yesterday, yet took the opportunity to defend the central bank’s debt-buying plans. Struggling Eurozone states will have their borrowing costs weighed down by the ECB snapping up their bonds, it announced last month, so long as they [...]