US reform bill could have impact on UK July 15, 2010 SWEEPING changes to the US financial regulation landscape could effect the UK, argued lawyers yesterday. While it remains unclear what kind of knock on effect the bill will have on the UK, some London lawyers were last night predicting a flood of financial bodies would move operations from New York to the City. “US banks [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 15, 2010 FINANCIAL TIMES CREST ADVISERS SHUN £350M HORIZON BID A £350m offer for Crest Nicholson was in jeopardy on Thursday night after advisers to the debt-burdened housebuilder told its lender-owners to reject the bid as too low. A steering committee representing Crest’s creditors, which took control of the housebuilder following a £630m debt-for equity swap last [...]
Goldman pays SEC $550m to kill fraud case July 15, 2010 GOLDMAN SACHS has agreed to pay $550m (£356m) to settle civil fraud charges over how it marketed a subprime mortgage product, ending months of negotiations that rattled the bank’s clients and weighed on its share price. The investment bank has now paid the largest-ever penalty by a Wall Street firm to the Securities and Exchange [...]
RBS recoups a $100m payout July 15, 2010 ROYAL BANK of Scotland (RBS) is set to receive a $100m (£64m) payout from Goldman Sachs as part of the US bank’s settlement with the Securities and Exchange Commission (SEC) over fraud allegations. The UK bank, which is led by chief executive Stephen Hester, is thought to have been the largest victim of the alleged [...]
Q&A: THE GOLDMAN SETTLEMENT July 15, 2010 Q.WHAT DOES THIS MEAN FOR OTHER BANKS? A.For any bank that already has a pending SEC investigation, it could open the door to more settlements. However, there is some speculation that it could also pave the way for further SEC investigations and action by US federal prosecutors. Q.WHAT DOES THIS MEAN FOR GOLDMAN TRADER FABRICE [...]
BP stops Gulf oil spill after tests on cap July 15, 2010 CRUCIAL tests on the Macondo well cap have succeeded in stopping the flow of oil into the Gulf of Mexico for the first time in three months. It is the first time the flow has stopped since an explosion on the Deepwater Horizon rig on 20 April. US President Barack Obama said the development was [...]
JP Morgan triumphs as lower loan losses help profits surge July 15, 2010 JP MORGAN got the US bank second quarter reporting season off to a solid start yesterday, as a boost from falling impairment charges made up for a torrid period for its investment bank. The bank booked net profit of $4.8bn (£3.1bn), 78 per cent higher than the $2.7bn it made in the second quarter last [...]
Google’s profits disappoint, but AMD beats forecasts July 15, 2010 GOOGLE, the internet giant, missed Wall Street’s second quarter profit estimates yesterday. Google, the world’s biggest search engine, posted net income of $1.84bn (£1.19bn) in the second quarter, as rising operating expenses offset a 24 per cent jump in its revenue. The group said its revenue in the three months ended 30 June totalled $6.82bn, [...]
Ocado plans pulled apart by research July 15, 2010 ONLINE grocer Ocado has come under fire again for its ambitious £1bn flotation plan, as another research analyst warns investors off the firm. Edison Investment Research said in a scathing note the firm should cut its price by more than half, recommending a £400m to 650m range. It criticised the company’s lack of assets and [...]
Gartmore left to reassure as star walks out July 15, 2010 Embattled UK fund firm Gartmore raced to reassure investors and clients yesterday as its shares fell following the resignation of former star trader Guillaume Rambourg to focus on a regulator probe. Head of global alternatives Paul Graham said the departure of Rambourg would not affect management of Gartmore funds, but the company’s shares closed 5.5 [...]
