What the other papers say this morning – 28 August 2013 August 27, 2013 FINANCIAL TIMES Nationwide to buy back securities Nationwide, the UK’s biggest building society, has launched an offer to buy back up to £715m in bond-like instruments in an drive to shore up its capital base after a multibillion pound shortfall. Following demands by regulators to boost its capital ratio, Nationwide has put out a tender [...]
Business split over future of High Speed 2 August 27, 2013 THE BRITISH Chambers of Commerce (BCC) yesterday insisted its members are “completely behind” the High Speed 2 railway – despite a rival business organisation withdrawing its support for the project. John Longworth, director general of the BCC, told City A.M. that an entirely new line is still the only way to avoid a capacity crunch on [...]
JP Morgan asked for $6bn to settle claim over mis-selling August 27, 2013 JP MORGAN Chase is being asked for $6bn (£3.9bn) by US housing finance regulators to settle allegations it mis-sold mortgage-backed bonds, it emerged yesterday. The Federal Housing Finance Agency (FHFA) sued the bank in 2011 over allegations it mis-sold bonds backed by sub-prime mortgages to government guarantors Fannie Mae and Freddie Mac. The FHFA, which [...]
China releases video of Brit in data sale probe August 27, 2013 CHINESE media yesterday showed a video of British risk consultant Peter Humphrey appearing to confess to buying and selling private information, in a move that has drawn complaints from the UK. It is understood that British diplomats have raised concerns with their counterparts in China after state-run broadcaster CCTV showed a handcuffed Humphrey apologising to [...]
Merkel says Greece should not have been let into the Eurozone August 27, 2013 GREECE should never have been allowed to join the euro, German Chancellor Angela Merkel said at an election rally last night, blaming a lack of discipline more than a decade ago for the Eurozone’s economic troubles now. And she also said it was wrong to allow Germany and France to run large budget deficits, breaking the [...]
G4S hires finance chief as its new boss gives interim report August 27, 2013 TROUBLED security firm G4s has hired Himanshu Raja as chief financial officer ahead of new boss Ashley Almanza’s presentation of half-year results today. Raja, who is quitting his role as CFO at Misys after only six months, has previously held senior roles at BT Group and Logica. He is set to join as G4S on [...]
Foxtons to raise £55m in stock market debut August 27, 2013 FOXTONS confirmed plans yesterday to list on the London Stock Exchange and to raise £55m by offering new shares to help pay down its remaining debt. The London-focused estate agency said the initial public offering will also see Adnams BBPM Holdings, a vehicle controlled by its private equity owners BC Partners, sell a partial [...]
Lenders fear new housing bubble most August 27, 2013 NEARLY two thirds of lenders suggest that an artificial boom in house prices is the biggest threat to George Osborne’s Help to Buy scheme. Both brokers and lenders think that a price bubble is most likely to jeopardise the policy, with 59 per cent and 60 per cent respectively citing it as one of the [...]
London Metal Exchange gets new chief exec August 27, 2013 HONG Kong Exchanges and Clearing yesterday appointed industry veteran Garry Jones as the new chief executive of the London Metal Exchange, choosing an experienced exchange executive over frontrunners from metals brokers. Jones, who was most recently chief executive of the derivatives exchange NYSE Liffe, replaces outgoing boss Martin Abbott, who announced his plans to [...]
Balderton cash for 3D printer August 27, 2013 VENTURE capital firm Balderton has made an investment in 3D Hubs, which links up owners of 3D printers with customers hoping to try out the new technology. Tech-focused Balderton said its investment, the size of which was not revealed, will help the Amsterdam-based company expand its network of printers globally. 3D Hubs boss Bram de [...]
