US authorities move to rescue Freddie and Fannie July 14, 2008 Support from US Treasury comes minutes before far east markets open for trading US Treasury Secretary Hank Paulson moved to calm nerves about stricken American lenders Fannie Mae and Freddie Mac last night, saying the government would be willing to take an equity stake in the two banks. His eagerly awaited statement came just minutes [...]
Chambers ban is death sentence, says Moses July 14, 2008 Drugs-cheat sprinter Dwain Chambers’ bid to overturn his lifetime Olympic ban has received support from an unlikely source – track legend and staunch anti-doping campaigner Ed Moses. The only barrier to Chambers competing in Beijing this summer is now the British Olympic Association’s suspension, after the 30-year-old won the 100m at the National Championships, which [...]
Smith frustrates England as defiant Proteas scent draw July 14, 2008 England will this morning redouble their efforts to seal victory in the first Test after South Africa produced a defiant performance to force the match into the final day at Lord’s. Having dismissed the tourists for 247 on Saturday and forced the follow-on, England were confident of getting the four-Test series off to a winning [...]
Samp want Chelsea flop Shevchenko July 14, 2008 Chelsea flop Andriy Shevchenko has been offered a way out of Stamford Bridge by Italian club Sampdoria. The Blues’ £30m record signing has scored just 22 goals in 76 appearances since joining from AC Milan two years ago. Milan have repeatedly been linked with a move to bring one of their best loved players back [...]
Arsenal ‘offered Eto’o swap’ July 14, 2008 Barcelona look set to make a last ditch attempt to win the race for Arsenal’s Emmanuel Adebayor by offering £8m cash plus Cameroon striker Samuel Eto’o. Barcelona have been vying with AC Milan for the 24-year-old, who was the Gunners’ top scorer last season with 30 goals. Arsenal resisted initial interest in the muscular Togo [...]
Crispin Davis set to retire as Reed CEO July 14, 2008 Publishing giant Reed Elsevier has begun searching for a successor to replace chief executive Sir Crispin Davis –one of the longest serving FTSE 100 bosses– when he steps down next year. Headhunter Anna Mann has been recruited to find a replacement from a mix of both internal and external candidates. Davis, who turns 60 this [...]
This crisis shows what lies in wait for the rest of the City July 14, 2008 While Dawnay Day is no household name, the crisis that has engulfed the privately-owned investment giant in recent days will be remembered as a key milestone in the credit crunch. A perfect microcosm of the unravelling of the great financial boom of the noughties, Dawnay’s woes are being followed especially closely by London’s huge Mayfair-based [...]
Bischoff joins City talkshop July 14, 2008 Chancellor Alistair Darling is to chair a working group looking at competitiveness in Britain which will include Citigroup chairman Sir Win Bischoff. The group will meet once a month and will analyse matters affecting the London financial services industry such as the effects of the subprime mortgage meltdown in America which triggered the credit crunch, [...]
US problems expected to spread to UK July 14, 2008 The crisis at America’s biggest mortgage firms Fannie Mae and Freddie Mac may be occurring across the Atlantic but the shockwaves will be felt in the UK, experts warn. Speculation that US regulators were last night preparing to step-in to rescue the two companies, which are owned by shareholders but have government-sponsorship, was greeted with [...]
Housing recession creeping closer as Barratt cuts jobs July 11, 2008 Leading economists predicted yesterday that house prices will fall by 35 per cent by the end of next year, as lender Halifax reported a 2 per cent slump in values last month. Britain’s biggest mortgage lender said that house prices are already 6.1 per cent lower than last June, fuelling fears Britain is heading for [...]
