Fed to keep policy loose September 2, 2009 A SLUGGISH recovery and continued risks to the economy saw the Federal Reserve hold rates at its August meeting, but said its $300bn (£184bn) Treasury purchase programme would end in October “in light of the evolving economic outlook and conditions in financial markets”. The minutes showed that “most participants saw the economy as likely to [...]
Cerberus locks up funds September 2, 2009 Cerberus has placed a three-year ban on withdrawals from new hedge funds in a bid to stop the type of large outflows that followed its purchases of Chrysler and GMAC. Hedge funds usually allow investors the chance to take money out every few months, but are now becoming more interested in longer-term investment structures.
Broker fined over insider dealing September 2, 2009 A City stockbroker has become the first to be fined individually for not stopping a client who was insider trading. Mark Lockwood, 29, was fined £20,000 for putting through a client’s order to sell Aim-listed oil and gas exploration company Amerisur, even though he had reason to believe it amounted to insider dealing.
UKrift with US over Lockerbie September 2, 2009 Prime Minister Gordon Brown was last night facing a massive diplomatic rift with the US over the release of Lockerbie bomber Abdelbaset Ali al-Megrahi to die at home in Libya. Brown has now denied “double dealing” behind the freeing of the terrorist.
HSBC debuts ultra-low rate on home loan September 2, 2009 HSBC has waded further into the mortgage market by offering a new deal at 1.99 per cent for borrowers who can stump up a 40 per cent deposit. The rate, the lowest ever for a home purchase or remortgage and a substantial discount on the bank’s standard variable rate (SVR) of 3.94 per cent, will [...]
Google inYouTube music video victory September 2, 2009 YOUTUBE owner Google has cut a deal with PRS for Music, the UK songwriter and music publisher association, that will allow it to resume showing music videos on the popular website. Google has agreed to make an undisclosed royalty payout to PRS to buy the rights to make music available on YouTube, after it was [...]
Turner throws his weight behind banks’ living wills September 2, 2009 THE UK’s biggest banks will be forced to prepare for their own failure by simplifying their legal structures, which could end up increasing their tax bills, FSA chairman Lord Turner said yesterday. Turner backed plans to make institutions draw up so-called “living wills” which make it easier for a bank to be broken up should [...]
A NEW MINI ADVENTURE September 2, 2009 GERMAN carmaker BMW yesterday said it would build a further two versions of the Mini at its UK production plant. The group is to build the new models at its Cowley plant in Oxfordshire, which employs 3,500 workers. One of the models – a coupe version – will be formally unveiled at the Frankfurt Motor [...]
Boris battles Brussels bureaucrats September 2, 2009 STRIDING down the European corridors of power in Brussels yesterday, Boris Johnson looked every inch the City’s knight in shining armour. The London Mayor has styled himself recently as one of the lone champions of Britain’s financial services industry, with his outspoken views on abolishing Labour’s new 50p tax rate, his vehement support of the [...]
O’Brien ups ante at INM September 2, 2009 IRISH billionaire Denis O’Brien was yesterday accused of trying to push Independent News & Media (INM) into administration so he can snap up its Irish titles in a fire sale. The charge came on the day that O’Brien – who owns 26 per cent of INM – called for an extraordinary meeting to vote on [...]
