LSE mulls a bid for LCH Clearnet September 1, 2011 THE London Stock Exchange is mulling a bid for a majority stake in European clearing house LCH.Clearnet, just three months after ruling itself out of the race to own the prized trading asset. The LSE’s move to take control of the last independent clearing house in Europe follows the collapse of its merger with Canada’s [...]
Goldman pays US homes fine September 1, 2011 GOLDMAN Sachs was hit by more US government action yesterday as it agreed to pay a fine and reform some of its mortgage management practices after wrongfully repossessing borrowers’ homes in 2009 and 2010. The Federal Reserve said Goldman, through its former subsidiary, US mortgage lender Litton, had agreed to pay the unspecified fine over [...]
Why more QE would be wrong for UK September 1, 2011 IT is not looking good for the global economy, with manufacturing output slowing or contracting in most countries, including Britain. There is growing talk that the Bank of England could launch a fresh round of quantitative easing as early next week. If so, that would be a mistake. The British economy faces many challenges but [...]
FRC changes audit rules September 1, 2011 COMPANIES will have to put their contract for a new auditor out to tender once every decade or explain why they have not, under new proposed corporate reporting rules published yesterday. But the Financial Reporting Council scrapped plans to stop companies printing hard copies of annual reports as part of the overhaul, after opposition from [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 1, 2011 FINANCIAL TIMES PEERS IN FRESH THREAT TO BILL FOR FIXED-TERM PARLIAMENTS The coalition’s plan for fixed five-year parliamentary terms is in jeopardy, with peers threatening to vote against the legislation in the autumn for a third time. David Cameron and Nick Clegg put the promise in their coalition agreement last year in an attempt to [...]
Banks shun UK to lower their tax September 1, 2011 European banks are looking for ways to move as much of their trade as possible through low-tax jurisdictions to cut their tax bill, it emerged yesterday. The institutions are finding ways to restructure their entities to avoid paying onerous tax rates in jurisdictions such as the UK, tax specialists at Deloitte and PwC told Bloomberg. [...]
Google puts deals on homepage September 1, 2011 Search engine Google has promoted a daily deals offer on its home page for the first time, a rare instance of the internet giant using its prized online real estate for advertising and a warning shot to current market leader Groupon. The pair are vying for advertising dollars from local businesses, such as restaurants and [...]
ECB purchases fail to impress at Spain sale September 1, 2011 SPAIN was the second shaky Eurozone sovereign to see slow demand at a bond auction this week, despite the likelihood of heavy buying by the European Central Banking (ECB) in the secondary market. Following on from Italy’s sale on Tuesday, which saw low levels of buyer interest, Madrid issued €3.62bn (£3.19bn) of five-year bonds, less [...]
Lloyds and RBS may take a £10bn hit from reforms September 1, 2011 TAXPAYERS could see the value of their stakes in part-nationalised banks RBS and Lloyds knocked by up to £10bn by the reform programme proposed by Sir John Vickers, it emerged yesterday. UK Financial Investments told the Treasury and members of the Independent Commission on Banking it feared that the reform plans could make the government’s [...]
YO! Sushi tastes success despite big debt costs September 1, 2011 RESTAURANT chain YO! Sushi has increased sales by a fifth after opening more UK stores and increasing its income from foreign franchises. The firm’s parent company, Sushi Holdings 1, hit sales of £50.31m, up from £41.7m, for the year to 28 November, after increasing its number of branches in the UK by 10 to 54 [...]
