Top Obama adviser quits to take up role at Harvard September 21, 2010 WHITE House economic adviser Larry Summers has announced plans to leave his job by the end of the year, marking a major staff shake-up as President Barack Obama struggles to get the economy back on track. Summers said in a statement released by the White House that he was looking forward to returning to his [...]
Banks now dominating the mortgage market as building societies lose share September 21, 2010 Banks are dominating the mortgage market, findings by Datamonitor reveal. Outstanding mortgage balances grew by £145.6bn for banks while building societies saw balances shrink by more than £18bn. Datamonitor’s study of Competitive Dynamics in the UK Mortgage Market 2010 shows that the top six banks increased their share of gross lending to 85 per cent. [...]
Dallas Mavericks owner accused of insider dealing September 21, 2010 A federal appeals court yesterday revived the US Securities and Exchange Commission’s insider trading lawsuit against Mark Cuban, the billionaire and owner of the Dallas Mavericks basketball team. The US Fifth Circuit Court of Appeals said a lower court erred in dismissing the case, in which the SEC accused Cuban of acting on non-public information [...]
ARE THERE BENEFITS TO DROPPING THE VEREIN STRUCTURE? September 21, 2010 RICHARD TURNOR | MAURICE TURNOR GARDNER The advantages are that moving from a verein structure means that the new entity is probably just as tax efficient but that there is more flexibility for management. NEAL TODD | BERWIN LEIGHTON PAISNER The verein is a useful way to regulate partnerships but moving away from that allows [...]
Banks and miners pull FTSE lower September 21, 2010 Britain’s leading shares faltered by yesterday’s close as investors lost their nerve ahead of news from the US Federal Reserve, with banks and miners the biggest fallers. The Fed appears set to debate pumping billions of dollars more into the sluggish US economy, but is likely to hold off any action while it takes further [...]
Fed remarks fail to boost US stocks September 21, 2010 US stocks ended flat to lower in an erratic session yesterday after the Federal Reserve inched closer to further steps designed to support the recovery. Stocks initially popped higher but gave back those gains quickly. Investors had hoped that with recent improvements in economic data, the Fed would issue a more upbeat outlook or clarify [...]
Minerva back in black after values soar September 21, 2010 MINERVA, London’s second largest property developer, has swung back into profit following a difficult year in which it fought off a take-over attempt by its largest shareholder. The company – which recently completed its iconic Walbrook development opposite Cannon Street – announced profit after tax of £69.1m for the year to 30 June, a massive [...]
Second time lucky for Cairn as it strikes oil off Greenland September 21, 2010 OIL explorer Cairn Energy said yesterday it has hit oil off the coast of Greenland, sending shares up 2.3 per cent to 436.5p. Cairn disappointed investors last month when its first well in Greenland produced only a small amount of gas, but its most recent work in Baffin Bay has found evidence of a larger [...]
Minerva September 21, 2010 TENANTS should be banging Minerva’s door down. Its futuristic Walbrook development, which boasts 440,000 square feet, is one of the only buildings capable of housing a large tenant within the Square Mile. But it has lost out on some important signings – BlackRock went to Songbird’s Drapers Gardens while Macquarie signed a lease at British [...]
UniCredit CEO resigns after Libyan crisis September 21, 2010 UniCredit chief executive Alessandro Profumo resigned yesterday, his high-flying tenure at Italy’s biggest bank halted by a row over Libyan shareholders and lagging results. Profumo, Europe’s longest-serving bank chief, had steered UniCredit’s rise from a regional bank to a pan-European player with operations in 22 countries. Analysts say his departure could leave Italy’s most international [...]
