Wells Fargo to pay $85m fine July 20, 2011 Wells Fargo & Co, the largest mortgage lender in the US, has agreed to pay a $85m (£52.6m) civil penalty to the Federal Reserve Board and will compensate borrowers who were allegedly steered into more costly subprime loans with higher interest rates during the housing boom. The fine is the largest ever imposed by the [...]
Allen & Overy launches in Africa July 20, 2011 Allen & Overy (A&O) is set to become the first of the”magic circle” law firms to establish its presence on the African continent with the launch an office in Morocco. News of the move comes just months after it emerged that rival law firm Clifford Chance was in the early stages of planning a launch [...]
PM moves to curb News Int hack scandal July 20, 2011 PRIME Minister David Cameron yesterday attempted to draw a line under the hacking scandal that threatens to engulf his government as well as the entire Murdoch empire. He said he has never had an “inappropriate conversation” with News International executives over Rupert Murdoch’s bid for the 61 per cent of Sky the media tycoon does [...]
Obama now open to short term deal July 20, 2011 THE WHITE House signalled yesterday it could support a short-term increase in the US borrowing limit for “a few days” if lawmakers agreed to a broad deficit reduction deal but needed more time to pass it. The move, a shift from President Barack Obama’s previous position, reflects the growing political reality that time is short for [...]
Chiesi jailed for role in Galleon July 20, 2011 DANIELLE Chiesi, a former hedge fund trader and key defendant in the sprawling Galleon Group insider trading case, was sentenced last night to two and a half years in prison. She is the first major defendant to be sentenced in the US government’s probe, unveiled in October 2009 and centered around Raj Rajaratnam, founder of [...]
Record order for American July 20, 2011 AMERICAN Airlines has splashed out up to $40bn (£24.7bn) on an order for 460 Boeing and Airbus aircrafts, as the carrier works to overhaul its fleet. The firm, which claims the deal is the biggest-ever single aircraft purchase, is set to buy the planes between 2013 and 2022. It marks a departure from American Airline’s [...]
Zillow shares surge on first day of trading July 20, 2011 SHARES of real estate and housing data company Zillow tripled in value on their debut, after pricing above their expected range, as investors buoyed by a wave of successful internet IPOs shrugged off its ties to a weak housing market. Zillow’s initial pop in value overtook internet-and-IPO darling LinkedIn’s first-day share rise. LinkedIn only doubled [...]
Starbucks appoints former Clinton aide as its UK boss July 20, 2011 STARBUCKS has appointed Kris Engskov – a former top aide to Bill Clinton – as head of its UK business. Engskov (pictured right) is credited as being the inspiration for the character “Charlie” – a member of the White house inner circle in the US TV hit show the West Wing. He will take over [...]
Matrix slashes broking arm in jobs bloodbath July 20, 2011 THE City’s jobs bloodbath is threatening to decimate staff levels at smaller corporate finance firms this summer, industry sources warned yesterday. Finance house Matrix Group placed most of its 93-person investment banking team under review with a view to retrenching them as it struggles to cover its costs. Only its investment trusts, real estate and [...]
Barroso: Euro relies on leaders’ promises July 20, 2011 THE Eurozone will meet for a critical meeting on a second Greek bailout today in negotiations that could make or break the euro. European Commission president Jose Manuel Barroso said that it was time for Eurozone leaders to “make good” on their promise to save the single currency. “Most of the decisions to be taken… [...]
