Broker fined over insider dealing September 2, 2009 A City stockbroker has become the first to be fined individually for not stopping a client who was insider trading. Mark Lockwood, 29, was fined £20,000 for putting through a client’s order to sell Aim-listed oil and gas exploration company Amerisur, even though he had reason to believe it amounted to insider dealing.
UKrift with US over Lockerbie September 2, 2009 Prime Minister Gordon Brown was last night facing a massive diplomatic rift with the US over the release of Lockerbie bomber Abdelbaset Ali al-Megrahi to die at home in Libya. Brown has now denied “double dealing” behind the freeing of the terrorist.
HSBC debuts ultra-low rate on home loan September 2, 2009 HSBC has waded further into the mortgage market by offering a new deal at 1.99 per cent for borrowers who can stump up a 40 per cent deposit. The rate, the lowest ever for a home purchase or remortgage and a substantial discount on the bank’s standard variable rate (SVR) of 3.94 per cent, will [...]
Google inYouTube music video victory September 2, 2009 YOUTUBE owner Google has cut a deal with PRS for Music, the UK songwriter and music publisher association, that will allow it to resume showing music videos on the popular website. Google has agreed to make an undisclosed royalty payout to PRS to buy the rights to make music available on YouTube, after it was [...]
Turner throws his weight behind banks’ living wills September 2, 2009 THE UK’s biggest banks will be forced to prepare for their own failure by simplifying their legal structures, which could end up increasing their tax bills, FSA chairman Lord Turner said yesterday. Turner backed plans to make institutions draw up so-called “living wills” which make it easier for a bank to be broken up should [...]
A NEW MINI ADVENTURE September 2, 2009 GERMAN carmaker BMW yesterday said it would build a further two versions of the Mini at its UK production plant. The group is to build the new models at its Cowley plant in Oxfordshire, which employs 3,500 workers. One of the models – a coupe version – will be formally unveiled at the Frankfurt Motor [...]
Boris battles Brussels bureaucrats September 2, 2009 STRIDING down the European corridors of power in Brussels yesterday, Boris Johnson looked every inch the City’s knight in shining armour. The London Mayor has styled himself recently as one of the lone champions of Britain’s financial services industry, with his outspoken views on abolishing Labour’s new 50p tax rate, his vehement support of the [...]
O’Brien ups ante at INM September 2, 2009 IRISH billionaire Denis O’Brien was yesterday accused of trying to push Independent News & Media (INM) into administration so he can snap up its Irish titles in a fire sale. The charge came on the day that O’Brien – who owns 26 per cent of INM – called for an extraordinary meeting to vote on [...]
Regulators had five chances to rumble Madoff, says report September 2, 2009 US FINANCIAL regulators missed five chances to uncover Bernard Madoff’s $65bn (£40bn) Ponzi fraud, a scathing report said yesterday. The report by the inspector general of the US Securities and Exchange Commission (SEC) Charles Grassley said the SEC launched five investigations into Madoff’s activities dating back to 1992. But the giant fraud was only uncovered [...]
Credit Suisse on the lookout for private banks, says top director September 2, 2009 CREDIT Suisse is actively seeking to make acquisitions in private banking, one of the bank’s senior directors said yesterday. Walter Berchtold, chief executive of Credit Suisse’s private banking business, said at an industry event that the firm was “clearly ready to acquire”. Sources close to the Swiss bank said any purchase was likely to be [...]
