US mortgage deal closer January 23, 2012 US STATE and federal officials are nearing a deal with the nation’s five largest mortgage lenders to settle claims of foreclosure that drove people out of their homes. Democratic state attorneys general and Obama administration officials met yesterday in Chicago to discuss the terms of the settlement. People familiar with the talks have said Bank [...]
Petroplus halts fuel deliveries January 23, 2012 Petroplus has been forced by its lenders to stop delivery lorries from leaving its refinery in Coryton in Essex, the area’s MEP Richard Howitt said yesterday. The struggling company’s shares were suspended from the Swiss SIX exchange yesterday as it continues talks with its creditors. Petroplus has already closed three refineries in Europe but has [...]
Labour group sounds jobs alarm January 23, 2012 The International Labour Organization sounded the alarm on the global jobs situation in its annual report published yesterday, as it called for more coordination of fiscal policies, repair and regulation of the financial sector and support for the real economy. “What has changed with respect to last year is that our forecast has become much [...]
Cable’s boardroom reforms get cautious support from companies January 23, 2012 VINCE Cable’s plans to reform boardroom pay received a cautious backing from the City, although it was thought unlikely that the business secretary’s proposals would have a meaningful impact on actual pay levels. John Cridland, director-general of the CBI, said “executive pay must always be fair and transparent, and that high pay must be for [...]
Shares lifted by hopes of a Greece deal January 23, 2012 THE FTSE hit its highest level in almost six months yesterday, leading a rise in shares across Europe as hopes grew that negotiations to stop a Greek default may finally conclude. Rumours of French and German proposals to cut bank capital requirements, enabling increased lending, also boosted European markets. Though the talks suffered a setback [...]
EU bans Iran oil imports as nuclear row escalates January 23, 2012 EUROPEAN Union governments yesterday agreed to an immediate ban on all new contracts to import, buy or transport Iranian crude oil, a move to put pressure on Tehran’s disputed nuclear programme by shutting off its main source of foreign income. But the governments agreed to phase in the embargo, giving countries with existing contracts with [...]
Allen Stanford’s fraud trial kicks off in Houston January 23, 2012 The trial of Allen Stanford, the Texan banker accused of running a $7bn (£4.5bn) Ponzi scheme, started yesterday after years of delays. Prosecutors accuse Stanford of issuing fraudulent certificates of deposit through his Antigua-based bank and then bilking investors out of their money. Stanford, who faces 14 counts of fraud, conspiracy and conspiracy to commit [...]
RSM Tenon shares crash as CEO exits January 23, 2012 ACCOUNTANCY firm RSM Tenon has parted ways with its two leading executives after issuing a third results warning in two months, causing shares to crash 29 per cent. The company is suffering from reduced sales, pressure on margins and an enormous debt pile. RSM Tenon say sales in the six months to 31 December are [...]
Hedgie Algebris struggles to make the numbers stack up January 23, 2012 THE hedge fund manager backed by industry star Chris Hohn (pictured) expects a recovery in financial stocks after being hit last year by Eurozone leaders’ failure to tackle the debt crisis. Alex Lasagna, head of business development and investor relations at Algebris, said: “We think after five years of significant under-performance by financials there could [...]
Sun European Partners acquires Bonmarché chain from Peacocks January 23, 2012 SUN EUROPEAN Partners has acquired Bonmarché, the sister chain of the collapsed fashion retailer Peacocks, via a pre-pack administration deal that will save around 2,400 jobs. The private equity group has bought 230 of Bonmarché’s stores from administrators KPMG for a sum understood to be around £10m. However, 160 stores will be closed, putting around [...]
