Jail sentence for Mayweather December 21, 2011 BOXING: WBC welterweight champion Floyd Mayweather Jnr has been sentenced to 90 days in jail after pleading guilty to a charge of domestic violence and no contest on two counts of harassment. Las Vegas Justice of the Peace Melissa Saragosa also ordered Mayweather to complete 100 hours of community service and pay a £1,595 fine. [...]
Scotland hero Paterson retires December 21, 2011 RUGBY UNION: Scotland’s record cap holder and points scorer Chris Paterson has announced his decision to retire from international rugby. Paterson, 33, amassed 809 points from 109 international appearances including 22 tries, 90 conversions, three drop-goals and 170 penalties. He said: “I’ve always said I wanted to bow out at the highest level of the [...]
Wellcome boost helps charities December 21, 2011 THE WELLCOME Trust, the prominent UK charity for health research, yesterday pledged to increase its donations by 30 per cent over the next five years, after its investment portfolio comfortably outperformed global stock markets. The fund, chaired by City stalwart Sir William Castell, reported a total return of two per cent on its investments this [...]
Essar boss hit by India telco probe December 21, 2011 THE CHAIRMAN of FTSE 100 oil and gas giant Essar Energy was embroiled in the Indian government’s war on corruption yesterday, announcing that he would quit his role until an investigation into his conduct is resolved. Ravi Ruia is being investigated for allegedly failing to properly disclose Essar’s full interest in Loop Telecom when it [...]
BofA settles loan bias case December 21, 2011 BANK of America Merrill Lynch’s Countrywide mortgage division has settled an agreement to pay a record $335m (£213.7m) for discriminating against minority homebuyers in what Justice Department officials have said is the largest discrimination settlement in US history. The case, brought against subprime mortgage company Countrywide for its conduct between 2004 and its 2008 acquisition [...]
Essar Energy needs board reshuffle December 21, 2011 WHEN the London Stock Exchange tried a couple of weeks ago to reassure investors about the performance of recently floated companies, it did not dwell too long on the experience of Essar Energy, the Indian energy group that is now a component of the FTSE 100 (just). Essar Energy floated at a price of 420p in [...]
Soc Gen shuffles its staff December 21, 2011 SOCIETE Générale has hired former Credit Agricole executive Bertrand Badré as its new chief financial officer after a surprise reshuffle. Current CFO Didier Valet will move sideways to become the head of Soc Gen’s corporate and investment banking arm, starting on 3 January. His move comes after current investment banking chief Michel Péretié said he [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 21, 2011 FINANCIAL TIMES EX-LEHMAN CHIEF TO RUN SPAIN’S ECONOMY Spain’s new government has placed the economy in the hands of Luis de Guindos, former head of Lehman Brothers in Spain, as Mariano Rajoy, the prime minister, seeks to return the country to growth while embarking on a programme of budgetary austerity. As finance minister, Mr de [...]
US home sales hint at recovery December 21, 2011 US home sales surged in November, according data out yesterday from the National Association of Realtors (NAR), which economists believe suggests the market is on the path to recovery. Sales of existing homes rose four per cent from October to an annual rate of 4.42m. But the NAR also revised data from 2007 onwards, showing [...]
Fitch warns US over credit rating December 21, 2011 Fitch warned again yesterday that the US’s rising debt burden was not consistent with maintaining the country’s top AAA credit rating, but said there would likely be no decision on whether to cut the rating before 2013. Last month, Fitch changed its US credit rating outlook to negative from stable.
