SEC moots a ban of flash trades August 4, 2009 THE US Securities and Exchange Commission (SEC) is to launch a crackdown on so-called “flash” trades, extremely fast transactions made on electronic trading systems, due to concerns that the practice disadvantages some investors. SEC chairman Mary Schapiro said yesterday that she had told staff to find a way to “eliminate the inequity that results from [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 4, 2009 FINANCIAL TIMES BMW EYES TIE-UP WITH PEUGEOT FOR MINIBMW is examining whether to share platforms with PSA Peugeot Citroën for its Mini small car, it emerged yesterday, as the German premium carmaker returned to profit in the second quarter on the back of cost-cutting. Norbert Reithofer, BMW’s chief executive, said the company was talking to [...]
Former head of MetLife is to lead AIG August 3, 2009 BATTERED insurer American International Group (AIG) was yesterday set to name Robert Benmosche, formerly head of US life insurer MetLife, as its chief executive officer, according to people familiar with the matter. The board of the bailed-out insurance giant anointed Benmosche as its fifth leader since 2005 at a meeting yesterday, taking its fight to [...]
NYSE owner posts loss as costs mount July 30, 2009 TRANSATLANTIC exchange operator NYSE Euronext yesterday reported a second-quarter net loss of $182m (£110m), largely due to one-time charges, but beat expectations. The New York Stock Exchange parent recorded a $355m charge related to the termination of its European clearing contract with London-based LCH.Clearnet. It also absorbed a $87m charge from about 290 job cuts [...]
Strong home sales cheer US investors July 27, 2009 US stocks rose slightly yesterday in a late rally as investors rotated into financial shares, which had lagged in the recent two-week run-up. Upbeat data on new home sales underpinned financial stocks, the session’s strongest sector, and prompted investors to snap up the shares of several regional banks, which had been among the worst hit [...]
KKR moves a step closer to US flotation July 20, 2009 KOHLBERG Kravis Roberts (KKR), the private equity firm co-founded by “buyout king” Henry Kravis, yesterday secured agreement for a merger with its affiliated private equity fund KKR Private Equity (KPE). The KPE board accepted the merger offer, initially made in June, taking Kravis’ KKR a step closer to its eventual goal of a becoming a [...]
JPMorgan adds to cheery mood in US July 16, 2009 US stocks rallied for a fourth day yesterday after JPMorgan’s strong results fed growing optimism about the quarterly earnings season and technology shares rose in anticipation of more good news. Gains in International Business Machines helped the market shake off its earlier malaise. The broad S&P 500 extended the week’s gains to tally its best [...]
CIT’s shares halted on NYSE as regulators close in on rescue deal July 15, 2009 TROUBLED US lender CIT Group had its trading halted on the New York Stock Exchange yesterday, suggesting regulators were nearing a rescue deal. A source close to the situation said a temporary loan may be announced in the next 24 hours. The source added a temporary loan is one option being considered to give CIT [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 13, 2009 FINANCIAL TIMES GOLDMAN SACHS EXECUTIVES SOLD $700M OF STOCKExecutives at Goldman Sachs sold almost $700m worth of stock following the collapse of Lehman Brothers last September, according to filings with the Securities and Exchange Commission. Most of the sales occurred during the period in which the investment bank enjoyed the support of $10bn from the [...]
GAS LEAK CLOSES L&G OFFICE FOR THE DAY July 13, 2009 LEGAL & General had the opportunity to test its contingency plans yesterday, after a gas leak forced the firm to close its Moorgate mother-ship. City types said that the road outside L&G’s Coleman Street corporate headquarters was in a state of disarray in the morning as workers frantically fought to deal with the leak, which [...]