MPs rush to remedy row with cheques May 13, 2009 FORMER agriculture minister Elliot Morley was last night revealed to have claimed parliamentary expenses of more than £16,000 for a mortgage that did not exist. Morley continued to claim for the mortgage interest on his constituency home for more than 18 months after the loan had already been paid off. This latest revelation is regarded as the [...]
DRIVING SHARES DOWN May 13, 2009 SHARES in ailing automaker General Motors (GM) tumbled to their lowest since the 1930’s yesterday, on the back of senior executives at the company selling off $315,000 (£206,000) of GM’s stock. Chief executive Fritz Henderson (pictured) said earlier this week the company was likely to file for a Chapter 11 bankruptcy.
Retail sales dip in US May 13, 2009 US retail sales fell 0.4 per cent in April, dashing hopes that consumer spending was starting to revive and would help end the recession. Economists said families who are worried about layoffs and unpaid job furloughs are saving more and spending less, delaying the start of a sustained recovery. Retail sales had posted gains in [...]
Banks’ borrowing costs drop May 13, 2009 The cost of borrowing between banks fell the most in almost two months yesterday in a sign that confidence is returning to markets. The London interbank offered rate (Libor) that banks charge each other for three-month loans dropped to pre-March levels indicating banks are now more willing to lend cash. Three-month dollar Libor rates fell [...]
VT Group battens down the hatches despite high profits May 13, 2009 Support Services firm VT Group said yesterday it was looking to contract, despite reporting a better-than-expected 41 per cent surge in underlying profit, and upping its dividend by 10 per cent. VT is expecting to do well as cost-conscious firms look to save money by outsourcing, but wants to slim down to prepare for a [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 13, 2009 FINANCIAL TIMESCCB SHARE DEAL VOLUME SURGES AFTER BANK OF AMERICA SELL-DOWNThe volume of share dealing in China Construction Bank soared yesterday, fuelling speculation that some buyers of Bank of America’s $7.3bn (£4.8bn) sell down had flipped their holdings to pocket huge gains. The troubled US bank on Tuesday sold 13.5bn shares in the mainland lender [...]
Rising profits on the menu for Compass May 13, 2009 Richard Cousins joined Compass in 2006, after former boss Mike Bailey issued three profit warnings in a year
Fine hits Morgan Stanley May 13, 2009 The Financial Services Authority (FSA) has fined Morgan Stanley £1.4m and banned one of its traders over mis-marking which forced the bank to make a $120m (£79.2m) negative adjustment in June last year. Matthew Piper, a former proprietary trader with the firm, was banned from performing any regulated activity and fined £105,000 for deliberately mis-marking [...]
Suitors eye up Kleinwort May 13, 2009 Robert Taylor chief executive of Kleinwort Benson is in the midst of conversations with potential suitors
Suitors eye up Kleinwort May 13, 2009 COMMERZBANK subsidiary Kleinwort Benson, one of the City’s most historic names, has whipped up interest from more than 20 trade buyers as well as up to ten private equity firms interested in backing a management buy-out. Goldman Sachs has been putting together a sales memorandum with executives at Kleinwort Benson, which is likely to go out [...]
