Treasury failure lost billions on bank bailout November 15, 2012 FAILURES at the Treasury meant the state lost billions of pounds in the Northern Rock bailout while simultaneously failing to boost lending as planned, despite running the institution, according to a damning report published today by MPs. The “monumental failures” by the department also mean the government is likely to lose money on the far [...]
FSA ends CPP misselling probe with a record £10.5m penalty November 15, 2012 CPP has been slapped with a joint-record £10.5m fine for misselling card protection insurance, following an FSA probe that lasted more than a year and wiped 90 per cent off the firm’s market value. The company has been left with a bill for £33.4m, including redress for customers and costs associated with the investigation, but [...]
Xi Jinping takes his place at the top of China’s Communist Party November 15, 2012 CHINA’S Communist Party installed Xi Jinping as its new general secretary yesterday, putting a politician known as a cautious reformer in charge of the world’s most populous country. Xi, 59, and six other men were added to the party’s top committee at a ceremony in Beijing, as the party completed its once-a-decade reshuffle. Xi, who [...]
IFG Trust and Corporate Group to bolt on Moore Group November 15, 2012 MOORE Group, the fund management and administration firm, has been sold to IFG Trust and Corporate Group. Jersey based Moore, which has around $17bn (£10.7bn) under its wing including almost $5bn of private equity fund clients, has been bought to give the venture more scope in Asia. IFG Trust and Corporate Group, which is set [...]
Rivals hit back at Heathrow’s bid to remain top UK hub November 15, 2012 CHALLENGER airports hit back at Heathrow’s bid to remain Britain’s major hub airport yesterday, arguing any plan for extra air capacity “needs to look to the future and not to Heathrow’s monopoly past”. Gatwick, owned by Global Infrastructure Partners since 2009, said adding a second runway to its airport would be better for the environment [...]
JP Morgan unit is suspended from the US electricity market November 15, 2012 AMERICAN regulators have banned JP Morgan from trading in the US electricity market for six months, after finding that the bank made factual misrepresentations and omissions during a probe into market fixing. JP Morgan Ventures Energy is not allowed to sell power at market rates for six months from 1 April 2013, the Federal Energy [...]
Megafon set to list in London by December November 15, 2012 TELECOMS firm Megafon re-started the flood of Russian firms looking to list in the City yesterday, announcing the price on its joint London-Moscow listing as its delayed initial public offering (IPO) comes to market. The offering was held up by the group’s acquisition of handset maker Euroset and by the third quarter financial results. Speculation [...]
Don’t scare away signs of life in City flotations market November 15, 2012 After several nerve-wracking days’ delay, Alisher Usmanov’s telecoms group Megafon finally launched its London IPO yesterday, giving the moribund market a timely boost ahead of the naturally quiet festive season. Megafon’s flotation, which is expected to raise more than £1.5bn for the selling shareholders, will run just slightly ahead of the London and Almaty float [...]
Cable promises tax crackdown from chancellor November 15, 2012 BUSINESS secretary Vince Cable said yesterday he expects George Osborne to use his upcoming Autumn Statement to address the controversial issue of tax avoidance, after a string of companies were accused of diverting tax revenues away from the UK. Speaking to Sky News, Cable said moves to prevent “systematic abuse” could be announced as early [...]
Resolution hit by charges on AXA takeover November 15, 2012 SHARES in insurance buyout vehicle Resolution slumped yesterday after the firm said it will have to pay an extra £35m as part of its purchase of AXA’s UK life insurance business. Tim Tookey, chief financial officer, told City A.M.: “The AXA charge [relates to] some of the costs in the final stage of separation of [...]
