FORTY YEARS ON AND WE SEEM TO HAVE LEARNED VERY FEW LESSONS May 24, 2010 WHEN you are older than God, as I am, I think you tend to become rather blasé as yet another political or financial crisis unfolds. I was 23 and working as an impecunious bank clerk at Hill Samuel (now part of Lloyds Banking Group, for the youth among you) when I was exposed to my [...]
US banks face fresh home loans inquiry May 24, 2010 A COMMISSION set up by the US government to investigate the roots of the global financial crisis is probing the banks’ sales of billions of dollars worth of bad home loans. The Financial Crisis Inquiry Commission (FCIC) is understood to be planning to help an investigation by the New York Attorney-General into whether banks caused [...]
Household unit’s liabilities fall to $70bn for HSBC May 24, 2010 HSBC, Europe’s biggest bank, is working off $20bn (£13.9bn) worth of loans per year in its US Household Finance unit as it winds down the business, the bank’s chief executive said yesterday Household Finance’s liabilities stood at about $70bn, chief executive Michael Geoghegan said in Hong Kong ahead of the bank’s annual shareholder meeting in [...]
UNICREDIT’S PROFUMO BACKS THE EURO May 24, 2010 THE chief executive of UniCredit, Italy’s biggest bank, Alessandro Profumo said there was little chance of the euro failing despite what he called weak political leadership. He said: “We can see a two per cent risk. The euro will continue to remain alive.” Profumo added: “There aren’t leaders with a strong European commitment”.
Rio Tinto boss warns Aussie tax is big risk May 24, 2010 GLOBAL miner Rio Tinto yesterday said it is reviewing all investments in Australia due to a proposed new tax, describing the country as its top sovereign risk concern and sending a weak Australian dollar even lower. Australia, which accounts for the bulk of Rio’s revenue from iron ore, coal and other commodities, had been considered [...]
Lonmin setback as furnace shuts again May 24, 2010 LONMIN, the world’s third-biggest platinum producer, suffered a setback with its troublesome number one furnace in South Africa, which was shut down again shortly after being repaired. “Lonmin’s troubled smelter has failed yet again, further undermining the company’s outlook for the rest of this year,” said Charles Kernot at Evolution Securities. One smelter failure is [...]
Norilsk to sell Stillwater stake May 24, 2010 NORILSK Nickel yesterday confirmed plans to sell its stake in Stillwater Mining, the sole US producer of platinum and palladium, which is valued at around $750m (£519m). Vladimir Strzhalkovsky, chief executive of Norilsk, the world’s top producer of nickel and palladium, said the Russian firm would sell the 51.3 per cent stake to streamline its [...]
Stellar takes control of Kono May 24, 2010 PETRA Diamonds yesterday said it had completed the disposal of its interest in the Kono Diamond project in Sierra Leone in exchange for shares in Stellar Diamonds, the project’s joint venture partner. The project is an underground trial mining operation covering 206 sq km and is now fully controlled by Stellar. The group said it [...]
Capello’s rant gives England good send-off May 24, 2010 ENGLAND (3) vs MEXICO (1) FABIO CAPELLO had to give his lacklustre England side a half-time dressing down to inspire a unconvincing World Cup warm-up win over Mexico at Wembley last night. The Mexicans were allowed to dominate long periods of the first half and would have had England on the rack but for two [...]
Lennon’s maturity gives him the edge May 24, 2010 FABIO CAPELLO has a thing or two to ponder over the next seven easy before reducing his 30 down to 23 – but he certainly would have learned a thing or two from last night’s display at Wembley. Firstly, Aaron Lennon showed in one brief burst into the Mexican box late on why he should [...]
