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 [...]
Ex-Tchenguiz property firm in £62m deal March 6, 2012 THE property management company run by Vincent Tchenguiz before he became embroiled in a fraud probe has been rescued from administration in a £62m deal. Peverel has been taken over by private equity houses Chamonix and Electra Partners, who said they would secure more than 4,200 jobs. It comes nearly a year after the holding [...]
Santander UK prepares for float with a board overhaul March 6, 2012 SANTANDER UK has overhauled its board and appointed a new chief financial officer in a move widely seen as preparation for the float of the business when market conditions improve. Stephen Jones, who the bank poached from Barclays last year, will join the board as CFO and head of regulation, so that the lender has [...]
Profits up 43pc at broker Share March 6, 2012 ONLINE stockbroker Share saw underlying profits increase 43 per cent to £1.6m during 2011, helped by a seven per cent rise in income to £14.3m, it said yesterday. Chairman Sir Martin Jacomb said the company was still looking to boost revenue through “more focus on those who trade frequently” and providing a “comprehensive range of Junior [...]
Bankruptcy of Lehman ends March 6, 2012 THE RECORD $639bn (£406.8bn) bankruptcy of Lehman Brothers ended yesterday, clearing the way for it to start distributing about $65bn to creditors starting on 17 April, court documents show. Lehman has said that it expects that first group of payments to creditors to be at least $10bn. Lehman, now a small fraction of its former [...]
New FSA rules add £3bn cost to PPI scandal March 6, 2012 BANKS could face £3bn in further costs from mis-selling payment protection insurance (PPI) after the FSA hit them with new guidelines saying they must write to every customer who could potentially be affected. That means lenders will now have to go back through over 16m policies worth £17bn sold over the last seven years and [...]
Alliance Trust raises dividend despite year of global turmoil March 6, 2012 THE head of Alliance Trust said she had witnessed a “perfect storm” in the global economy as the firm offered its largest dividend increase in 20 years. Katherine Garrett-Cox, chief executive, said equity markets remain “as challenging as at any time in generations”. “We have witnessed a perfect storm created by the global financial crisis [...]
Essar and Cairn expected to lose their places in FTSE 100 March 6, 2012 ENERGY firms Essar and Cairn look set to crash out of the FTSE 100 in next week’s index reshuffle, based on their closing prices yesterday. Essar, which has seen its share price slump nearly 60 per cent in the last three months on worries about tax and delays at its Indian plants, fell more than [...]
Finance lags as recruiter grows in Asia March 6, 2012 MICHAEL Page saw 2011 revenues boosted by growth in its Asia-Pacific business, but it wasn’t enough to lift operating profits, which fell by three per cent over the year. Revenues in the recruitment specialist’s Asian operations rose 38 per cent to £166m while overall revenues hit £1.02bn – up from £832m in 2010. Chief executive [...]