Moody’s eyes downgrade for major US banks August 22, 2013 CREDIT ratings agency Moody’s warned last night that it may cut the debt ratings of four of the biggest US banks, citing expectations of reduced government assistance in the case of a fresh financial crisis. Moody’s placed Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo on review, and is considering whether to downgrade [...]
Former Egyptian President Mubarak freed August 22, 2013 FORMER Egyptian President Hosni Mubarak was yesterday released from prison in a move likely to fuel political tensions in Egypt. Mubarak still faces charges of corruption and complicity in the killing of demonstrators during the protests that toppled him in 2011. His release is being seen as a sign that the army is once again [...]
Card firms on hook for £1.3bn mis-selling bill August 22, 2013 THIRTEEN of Britain’s biggest lenders yesterday unveiled plans to repay consumers £1.3bn for mis-selling credit card protection products. Seven million customers bought the products which came from CCP and were sold through high street lenders and retailers. They either provided loss protection already covered by the bank, or were misleadingly advertised. If customers bought card [...]
Just 53 London Overground staff voted for this weekend’s strike August 22, 2013 LONDON Overground users are facing a bank holiday weekend of travel chaos due to strike action – despite just 53 staff voting for the walkout. Transport for London has unveiled plans to sack 130 guards on the network as part of a cost cutting measure, prompting Bob Crow’s RMT union to ballot for strike action against compulsory [...]
Consumer confidence rises as house market upswing unfolds August 22, 2013 CONSUMER spending power hit a fresh high in July, after steady gains through the year so far, according to a survey by Lloyds TSB. Optimism about the housing market drove the improvement, with sentiment ramping up around the UK, despite remaining concerns about financial pressure. Last month, 34 per cent of people had positive opinions [...]
Eli Lilly dragged into Chinese bribery scandal August 22, 2013 AMERICAN pharma giant Eli Lilly yesterday became the latest firm to be dragged into the scandal over alleged bribes in China. Illegal payments are claimed to have been widespread at Eli Lilly according to a report in a Chinese newspaper – the 21st Century Business Herald – that cites an anonymous former senior manager at [...]
Bramson leaves F&C with double his investment August 22, 2013 CORPORATE raider Edward Bramson yesterday stepped down from fund manager F&C Asset Management having doubled his money at the firm Bramson, who through his firm Sherborne Investors took control of the faltering company in February 2011, quit his role yesterday having made a 100 per cent return for himself and investors. The FTSE 250 listed [...]
Osmond quits Phoenix after eight years August 22, 2013 HUGH Osmond yesterday quit the board of the closed book life insurer he founded eight years ago, signalling an end to a lengthy – and not always easy – association with the industry. Osmond, the co-founder of Pizza Express, began building up Pearl in 2005, making a series of costly acquisitions. After struggling with a [...]
RSM Tenon sold to Baker Tilly in pre-pack deal August 22, 2013 RSM TENON was pushed into administration yesterday as its main lender and eventual buyer Baker Tilly failed to strike a deal for a solvent takeover. The UK’s only listed accountancy firm, which had already warned investors that its shares were worthless, called in Deloitte to arrange the pre-pack administration. Baker Tilly will close its deal [...]
Bottom Line: Deal shows rising use of administration August 22, 2013 WHILE the writing had been on the wall for RSM Tenon for several months, the form of its eventual sale took many by surprise. Pre-pack administrations are an increasingly common presence on the high street, where retailers from Dreams to HMV have continued to trade following such deals, but a pre-pack for an accounting firm [...]
