Activists lose key vote in fight against Sovereign September 2, 2009 SOVEREIGNReversions has survived its no-holds-barred fight against a group of activist shareholders, after they lost a controversial vote to oust the property investment fund’s board. The rebels planned to install Countrywide chairman Harry Hill as head of the fund and to sell off its assets to deliver instant income to investors, but only gained the [...]
Wells Fargo to pay back Tarp money from profits September 2, 2009 WALL Street bank Wells Fargo said yesterday that it would soon be able to repay the $25bn (£15.4bn) in Troubled Asset Relief Programme (Tarp) funding it took from the US government without resorting to a share offering. The bank, America’s fourth largest with $1.25 trillion in assets, said it would repay the bailout money from [...]
Call to close Fannie and Freddie September 2, 2009 The US Mortgage Bankers Association (MBA) has urged the government to replace twin mortgage lenders Fannie Mae and Freddie Mac with a group of private firms issuing mortgage bonds backed by the state. The MBA’s plan would see federally regulated private firms known as Mortgage Credit Guarantor Entities – nicknamed “McGees” – purchase loans, sell [...]
Canada to chase UBSclient data September 2, 2009 Canada could pursue Swiss bank UBS in court if bank officials refuse to disclose the names of Canadian clients who are evading taxes using UBS accounts. “They can go to court to try to compel UBS to disgorge names of Canadian taxpayers that have accounts there, but I’d say it’s a toss-up as to whether [...]
China buys first IMF bonds September 2, 2009 China has agreed to buy the first International Monetary Fund bonds for about $50 bn (£31bn). IMF managing director Dominique Strauss-Kahn and the deputy governor of the People’s Bank of China, Yi Gang, signed the agreement yesterday at IMF headquarters in Washington. Under the agreement, the Chinese central bank will purchase up to 32bn SpecialDrawing [...]
BORIS IS A BLONDE BOMBSHELL IN BELGIUM September 2, 2009 LONDON’S flaxen-haired mayor just can’t help making waves wherever he goes. Boris Johnson was in Brussels yesterday, lobbying the European Union over its draft directive on the alternative investment management industry, in defence of the UK’s numerous hedge funds. But though he happily deployed his usual self-deprecatory sense of humour to good effect throughout the [...]
Our spending spree is over, declares City boss Hughes September 2, 2009 MANCHESTER CITY manager Mark Hughes has declared the club’s staggering spending spree to be over, insisting he will not embark on any more radical recruitment drives. Hughes splashed out £120m this summer on bringing six of the top flight’s biggest names to Eastlands, an amount that accounted for more than a quarter of the total [...]
Richards had ‘central control’ of Quins’ fake blood scandal September 2, 2009 DEAN RICHARDS’ reputation as one of rugby’s most respected coaches lay in tatters today after the damning verdict on the Harlequins fake blood scandal directed the blame firmly on his shoulders. In a written judgement of his European Rugby Cup appeal hearing, the Quins’ former rugby director was described as the “directing mind” in the [...]
Frustrated Defoe out to end talk of Owen return September 2, 2009 JERMAIN DEFOE is looking to end the Michael Owen debate once and for all when he leads the line for England this Saturday. The Tottenham hotshot has played his way into boss Fabio Capello’s World Cup plans with five goals in his last three England internationals.But still all the talk surrounds the absence of Owen, [...]
Murray satisfied after surviving tough opener September 2, 2009 HE may have suffered some bumps and bruises along the way but Andy Murray’s US Open hopes remain very much in tact after a comfortable first round victory in the early hours of yesterday. The world No2 was given a tough opening encounter against Latvia’s Ernests Gulbis under the lights at the Arthur Ashe Stadium, [...]
