Arrears in prime mortgages are on the up, while house prices stabilise June 1, 2009 ARREARS in residential prime mortgage backed securities were on the up in the first quarter, Moody’s latest report showed yesterday. The data showed that arrears within prime securities have gone up in each quarter since 2007. In the first three months of 2009, 1.66 per cent of current balance of securitised mortgages were in arrears, [...]
Citi and Morgan Stanley link up June 1, 2009 Citigroup and Morgan Stanley sealed their joint venture yesterday, heralding the birth of the world’s largest brokerage, with 18,500 financial advisers and annual revenue in the region of $14bn. The closing of the deal, which was first announced in January, leads to a joint venture with 1,000 global locations.
Sober model of banking to return to City June 1, 2009 CHANGES to the regulatory regime will see the City return to the style of “boring” banking last seen before the period of market liberalisation of the 1980s, according to a report released yesterday. Rod Logan, financial services analyst at forecasting company Datamonitor, said the credit crunch would cause a regulatory backlash that could hamper the [...]
Westfield cuts service charge June 1, 2009 Shopping centre giant Westfield is offering to cut service charges at its west London mall by seven per cent in a bid to end a long-running disagreement with retailers over its decision to hike the fees just a few days after the £1.6bn centre opened its doors. The developer is now offering to cut service [...]
Walsh: BA fighting for survival June 1, 2009 British Airways boss Willie Walsh has issued a stark warning to the airline’s 41,000 staff, warning them that the company is in a “fight for survival”. The UK’s flag carrier is hoping to win big concessions from staff as it cuts costs.
SEATWAVE’S NEW FANS June 1, 2009 SEATWAVE, Europe’s largest fan-to-fan ticket exchange, has raised $17m (£10m) in fourth-round funding led by Accel Partners, which is joined by existing investors Fidelity Ventures, Atlas Venture, Mangrove Capital Partners and Adinvest. Co-founder Sonali De Rycker will return to the Seatwave board as part of Accel’s investment. The company plans to invest in its core [...]
Citigroup and GM booted off DJ June 1, 2009 Citigroup and General Motors (GM) have been evicted from the Dow Jones industrial average, in the index’s quarterly reshuffle. Cisco Systems and Travelers, the insurer that was once a division of Citicorp, will take the companies’ places.
Chloride profits rise as orders power upwards June 1, 2009 CHLORIDE, which provides protection against power supply disruption, posted a 33 per cent increase in 2008 profit yesterday and said it had made a good start to the current year. Finance director Neil Warner said the group’s order book at the end of March, at a record £138m, already covered 40 per cent of the [...]
The common sense angel of the Den with a loathing for business jargon June 1, 2009 WHEN Deborah Meaden talks about the “great entrepreneurial spirit in the UK”, people should take note. As a panellist on the BBC’s popular business show Dragon’s Den, she’s part of a team who have become the public faces of anyone-can-do-it enterprise. Meaden turned her family holiday park business into a multi-million pound operation, making her [...]
Lords call for stronger BoE June 1, 2009 AN influential House of Lords committee yesterday issued a thinly-veiled criticism of Gordon Brown’s stewardship of the economy, saying that “‘boom and bust’” was mistakenly consigned to history”. In its report on banking regulation, the Lords Economic Affairs Committee also said that Brown’s tripartite reform of the regulatory system had been “found wanting” amid the [...]