Brokers seek Keydata deal February 3, 2011 STOCKBROKING groups have been invited to voice their concerns about their share of the £326m compensation bill for the collapse of financial products seller Keydata at two meetings being arranged by Tim May, the chief executive of their trade body, the Association of Private Client Investment Managers (Apcims). May has arranged meetings, one in London [...]
Double-dip fears were a false alarm February 3, 2011 IT was only last week that many economists were tearing their hair out, despairing at appalling UK GDP figures for the final quarter of last year and hoping that they didn’t signal the onset of a real problem. Those preliminary figures – suggesting output fell 0.5 per cent – came laden with caveats, however, and [...]
What the other papers say this morning February 3, 2011 FINANCIAL TIMES MADEJSKI IN TALKS TO RESTRUCTURE GROUP DEBT Sir John Madejski, the owner of Reading Football Club, is in talks to restructure a loan that backed the expansion of his property empire after the crash in regional property values led to a breach in the covenants of the debt. The wealthy former media magnate’s [...]
Madoff case accuses JPM February 3, 2011 EXECUTIVES at JP Morgan Chase suspected that Bernard Madoff was running a Ponzi scheme almost 18 months before he was charged with defrauding his investors out of $50bn (£35bn), claims a US court filing. Bankers got blunt warnings about the convicted fraudster but ignored them to protect JPM’s own interests, claims Irving Picard, the trustee [...]
EDF hikes its energy prices February 3, 2011 Energy supplier EDF said it will hike its prices yesterday, with electricity bills rising by 7.5 per cent and gas by 6.5 per cent. The firm is the last of the UK’s big suppliers to introduce higher prices, which will come into effect on 2 March. EDF has blamed rising wholesale costs for the increase. [...]
Verizon plans $3.6bn buyback February 3, 2011 US telecoms group Verizon said it plans to buy back up to 100m of its shares, or 3.6 per cent of its outstanding stock, in a scheme worth $3.6bn (£2.2bn) at recent prices. The firm also said yesterday it will raise its dividend as it moves away from conserving cash.
SEC charges six networkers February 3, 2011 The US Securities and Exchange Commission yesterday charged six former consultants and employees of California network firm Primary Global Research with insider trading, the first charges linked to a US government investigation into trading in hedge funds.
Santander UK IPO could hit further delay February 3, 2011 THE slated £5bn float of a fifth of Santander’s UK business might not get away until 2012, according to a person close to the IPO process. “If the markets are not in the right condition, it’ll be 2012. There’s a figure in mind the bank wants to get,” said the source. The prospect of putting [...]
Mubarak claims he can’t leave as protesters rage February 3, 2011 EGYPTIAN President Hosni Mubarak declared yesterday that he was “fed-up” with public service but couldn’t leave his post immediately for fear of sparking further violence, as the official death toll on the nation’s streets rose into double figures. Mubarak told ABC News in an interview that “after 62 years in public service, I have had [...]
UBS delays its global bonus announcement February 3, 2011 THOUSANDS of UBS employees will have to wait an extra week to receive their bonuses, according to an internal memo that a spokesperson confirmed to City A.M. last night. UBS has delayed most of its bonus announcements and promotion decisions in what it said was a drive “to ensure high quality execution of the payment [...]
