Banks: stop FSA’s block on credit March 6, 2012 BANKS have hit out at the City watchdog for introducing new rules that are crippling the flow of credit to small firms, according to a secret document seen by City A.M. In a sign of frustration at the FSA’s hyper-strict regime, banks have called on a special government taskforce to intervene and curb what they [...]
Greek nerves dent markets March 6, 2012 PRE-BAILOUT nerves set global markets tumbling yesterday, as investors fretted about the prospect of Greece’s looming bond swap failing as well as the broader health of the Eurozone’s economy. The FTSE 100 lost 1.9 per cent to close at 5,765.80 points yesterday, suffering its biggest one-day fall in nearly three months, while Paris’s CAC 40 [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 6, 2012 FINANCIAL TIMES FEARS GROW FOR $45BN UTILITY AS BUYOUT GROUPS’ HEDGES NEAR EXPIRY The world’s biggest private equity deal is facing rising financial pressure during the next two years with the expiry of contracts that underpinned the takeover of utility TXU. Investors in the $45bn buyout of the company, now known as Energy Future Holdings, [...]
Romney edges ahead in race to fight Obama March 6, 2012 MITT Romney notched up early wins as he fought to establish his dominance in the race for the Republican US presidential nomination last night but Ohio, the biggest prize of the evening, was too close to call. Romney won as expected in Virginia and Vermont, while rival Newt Gingrich won in his home state of [...]
Losses double and bidders desert Omega March 6, 2012 INSURER Omega has cancelled its dividend after pre-tax losses doubled to $94.7m (£60m) in 2011, up from $42.9m the year before. Investors were dismayed that the firm made no mention of a possible takeover in its annual report and its shares – which have already lost half their value in the last year – dropped a [...]
Tullett Prebon cuts another 80 jobs as profits tumble March 6, 2012 INTER-DEALER broker Tullett Prebon yesterday said it would cut a further 80 jobs as it announced that profits had dropped for a second consecutive year. Terry Smith, chief executive, said the group needed to “reduce costs and maintain flexibility in the cost business” and warned the firm faced higher costs from developing new electronic platforms and [...]
Tony Hayward picks up $1m bonus from BP March 6, 2012 BP paid former chief executive Tony Hayward a share-based bonus worth more than $1m for last year, despite his resignation from the oil giant in July 2010, a US filing showed last night. Hayward, who quit in the aftermath of the Gulf of Mexico oil spill, received 144,422 shares valued at £720,000. The Briton – [...]
Time to split up RBS, Cable tells Cameron March 6, 2012 VINCE Cable, the business secretary, has called for the break-up of Royal Bank of Scotland in a leaked letter that shows a withering view of the direction of the coalition. The Treasury should use the loss-making RBS, which is 82 per cent taxpayer-owned, to create a bank dedicated to boosting business lending and supporting exports, [...]
Stanford guilty of running Ponzi scheme worth $7bn March 6, 2012 ALLEN Stanford was convicted yesterday of running a $7bn (£4.5bn) Ponzi scheme, a verdict that caps a riches-to-rags trajectory for the former Texas financier and Caribbean playboy. Stanford, who created the Stanford 20/20 Cricket tournament, was found guilty on 13 of 14 criminal counts by a US jury, including fraud, conspiracy and obstructing a investigation. [...]
Osborne hits out at Labour protectionism March 6, 2012 GEORGE Osborne and Ed Miliband fought over the best way to boost business in the UK last night, with the chancellor firmly rejecting the Labour leader’s calls for the government to become more involved with firms’ plans and development. Miliband argued the government should be more “patriotic” in promoting British business, spending money in the [...]