Nationwide to scrap interest-only loans October 4, 2012 ONE of the UK’s biggest mortgage lenders yesterday said it would withdraw interest-only mortgages to future homeowners from next week, in a further sign of the squeeze on higher risk lending. Nationwide Building Society, the third biggest mortgage lender in the country, wrote to brokers yesterday saying it would stop offering the mortgage on 11 [...]
Facebook tops one billion users worldwide October 4, 2012 FACEBOOK yesterday said it had reached 1bn active users for the first time. Chief executive Mark Zuckerberg (pictured) announced the milestone on his own profile, writing: “Hopefully together one day we will be able to connect the rest of the world too.” The social network, which has experienced a difficult six months since its initial [...]
Controversial tax boss leaves in Barclays shake up October 4, 2012 BARCLAYS’ investment arm will be radically shaken up with the equities and fixed income arms being merged into a streamlined new markets division, according to an internal memo seen by City A.M. yesterday. Iain Abrahams is the most high-profile banker stepping down in the reorganisation. He came to public attention by creating controversial products to [...]
Outside prime London, house prices are falling back to earth October 4, 2012 IT is one of the most important economic stories of the past few years and yet the one that is least talked about. House prices in virtually all parts of the country excepting prime London have collapsed. It’s hard to believe if you live or aspire to live in Kensington, Richmond or another prosperous location, [...]
Civil service says fiasco caused by a brain drain October 4, 2012 THE WEST Coast rail fiasco shows that the government should pay and praise its civil servants more in order to reverse a “brain drain” out of the public sector, the former head of the civil service said yesterday. Gus O’Donnell – a candidate for the governorship of the Bank of England – said the government [...]
What the other papers say this morning October 4, 2012 FINANCIAL TIMES Morgan Stanley warns on Wall St pay Morgan Stanley is preparing to wield its axe again with more job cuts and smaller bonuses planned for next year as the investment bank attempts to boost shareholder returns. In the latest sign of the pressure Wall Street is under to cut costs and address high [...]
EADS gives jobs guarantee for merger backing October 4, 2012 EADS CHIEF executive Tom Enders yesterday moved to win Germany’s support for the £30bn mega-merger with BAE by guaranteeing German jobs in the enlarged firm. Enders said yesterday that he was “so convinced” of the project that he was willing to offer medium- and long-term guarantees for German jobs. Political interests in Britain, France and [...]
Google agrees book peace deal October 4, 2012 ■ Google and a group of publishers have agreed to a settlement over making digital copies of books, capping seven years of litigation involving the search giant’s mission to become the world’s biggest online library. Google and the Association of American Publishers said yesterday that US publishers can choose to make available or choose to [...]
Credit Suisse under investigation October 4, 2012 ■ US federal and state authorities are investigating Credit Suisse over mortgage-backed securities packaged and sold by the bank, it was revealed yesterday. The Justice Department and the New York Attorney General are among those probing Credit Suisse’s actions, according to the sources, who spoke on condition of anonymity. A spokesman for Credit Suisse, Switzerland’s [...]
Lamprell execs face the axe October 4, 2012 ■ Three executives are to stand down from oil rig maker Lamprell after its fourth profit warning since the spring. Chief executive Nigel McCue is to stand down alongside chief financial officer Jon Cooper and chief operating officer Chris Hand. Former chief executive Peter Whitbread has been appointed interim chief executive, and will remain until [...]
