Lloyds and Barclays facing suit October 6, 2009 Lloyds and Barclays are facing a group legal action from mortgage borrowers who took out shared appreciation mortgages (SAMs) where they released equity from their houses. The High Court has granted an order for the group of more than 300 to sue the banks on the basis the products were unfair.
BoA slims down its CEO shortlist October 6, 2009 BANK of America is understood to have trimmed its list of internal candidates to take over from outgoing chief executive Ken Lewis to just two names. Consumer and small business banking boss Brian Moynihan, 49, and chief risk officer Gregory Curl, 61, are now thought to be the only current executives being considered for the [...]
ARE YOU ENCOURAGED BY TESCO’S UPBEAT OUTLOOK? October 6, 2009 RICHARD HUNTER HARGREAVES LANSDOWN “By definition Tesco comes with high expectations and these numbers have resulted in something of a hung jury. Whilst the well flagged strategy of expanding overseas is intended to offset an increasingly saturated UK marketplace, this comes at a cost.”TONY SHIRET CREDIT SUISSE “UK trading profit was £1,155m which was slightly [...]
ASSET MANAGEMENT’S FINEST ON SPARKLING FORM IN WESTMINSTER October 6, 2009 IT WAS off to the Banqueting House on Whitehall last night to celebrate with the great and the good of the asset management world, toasting themselves at the Financial News Awards for Excellence in Institutional Asset Management for having survived one of the most dire years the industry has ever seen. There were, of course, [...]
Obama’s pay tsar to unveil salary curbs October 6, 2009 TOPBANKERS at London-based subsidiaries of US financial institutions are facing a reduction in their cash salaries as the Obama administration’s pay tsar prepares to place restrictions on remuneration at bailed out lenders. Kenneth Feinberg, the US lawmaker tasked with looking into pay in the financial sector, is to unveil measures which would see a large [...]
Profits hit at Grainger but sales improve October 6, 2009 PROPERTY company Grainger said yesterday sales in the year to end-September had risen by 21.6 per cent, but trading profit would be hit by lower house prices and more sales to investors. The group, which is Britain’s largest quoted residential landlord, sold about £220m of property in the 12 months, with sales from its core [...]
Boeing delays its 747-8 freight plane October 6, 2009 BOEING, which is reeling from the troubled 787 Dreamliner programme, said yesterday it would delay the first flight and delivery of its 747-8 Freighter and take a $1bn (£628m) charge because of high production costs and tough market conditions. The delay – the second announced this year for the new generation of the jumbo aircraft [...]
EasyJet passenger numbers take off October 6, 2009 EASYJET, the budget airline founded by Sir Stelios Haji-Ioannou, carried 5.3 per cent more passengers last month than in the same period last year, in the latest piece of data to show budget air travel demand taking off. The orange-crested carrier carried 4.42m passengers in September, up from 4.19m in 2008, and said its load [...]
Accounting firms facing ban on sale of products to audit clients October 6, 2009 SOME of the City’s biggest accounting firms are facing restrictions on the services they can sell to audit clients, after the financial reporting watchdog launched a review of rules designed to maintain auditor independence. The Auditing Practices Board (APB), a division of the Financial Reporting Council, said it would review whether the sale of non-audit [...]
Mazda fundraising for green cars October 6, 2009 Japanese carmaker Mazda is planning to raise Y96bn (£680m) in a share sale to fund development of hybrid vehicles, as it tries to catch up with “greener” competitors like Toyota and Honda. It said it would offer 363m new shares to investors, equivalent to one-quarter of its outstanding stock, and sell an additional 97m existing [...]
