SEC seeks new act for securities October 27, 2009 THE chair of the US Securities and Exchange Commission (SEC) yesterday said that new legislation should be introduced to regulate asset backed securities, which were blamed for contributing to the financial crisis. Speaking at an industry conference, Mary Schapiro branded the rules that regulate asset-backed securities (ABS) “outdated” and called for a whole new act [...]
IBM plans a $5bn buyback October 27, 2009 IBM said yesterday it plans to spend another $5bn (£3.1bn) on share repurchases, boosting its total outstanding stock buyback programme to $9.2bn in a reflection of its strong cash flow. IBM said it will repurchase shares on the open market or in private transactions, depending on market conditions. It also said it expects to request [...]
Lloyd’s of London is the City’s great gem October 27, 2009 IT was Lord Davies, the former boss of Standard Chartered and current trade minister, who put it best. Speaking at a gathering of senior figures at Drapers’ Hall organised by the City of London on Monday night, he pointed out that among all the chaos in financial services, there is one player that has emerged [...]
Visa beats expectations October 27, 2009 VISA posted higher-than-expected quarterly earnings last night, as consumers used their debit cards more. Net income was $514m (£314m), or 69 cents a share, for the fourth quarter ending 30 September, compared with a net loss of $356m last year. The world’s largest payment network increased its quarterly dividend by 19 per cent and authorized [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 27, 2009 FINANCIAL TIMES JCB FACES FIRST ANNUAL LOSS AFTER GLOBAL DEMAND FALLSJCB faces a struggle to avoid its first annual loss this year, its chief executive warned, as he cautioned that he saw no recovery in demand for construction equipment outside of China next year. Matthew Taylor, chief executive of the UK’s largest maker of earth-moving [...]
MPs’ expenses overhauled October 27, 2009 MPs are facing a ban on claiming for a second home on expenses if their local railway station is less than an hour from Westminster, as part of new rules to be announced next week by Sir Christopher Kelly, chairman of the committee on Standards in Public Life. Other revisions will include bans on employing [...]
Threshers fights administration October 27, 2009 First Quench, the owner of Threshers and Wine Rack, was last night fighting the threat of administration as it feels the effects of the downturn. The firm is being advised by accountant KPMG, and it is understood that a pre-packaged administration – where a new buyer is agreed with secured creditors – is one of [...]
Reckitt gives a shiny outlook October 27, 2009 Household cleaning products group Reckitt Benckiser raised its full-year targets yesterday after seeing no early challenge to its Suboxone drug and beating forecasts with a 26 per cent jump in third-quarter profit to £469m.
US consumer still lacking in confidence October 27, 2009 DETERIORATING US consumer confidence yesterday dealt a sharp blow to hopes of a sustainable recovery in the world’s largest economy, despite house price data showing a modest improvement. The headline consumer confidence index slipped back to 47.7 in October from 53.4 the previous month and worryingly, still remains well below the 61.4 mark seen at [...]
Jupiter poaches superstar fund guru Guy de Blonay from rival Henderson October 27, 2009 JUPITER Asset Management has scored a coup by poaching superstar fund manager Guy de Blonay from arch-rival Henderson New Star. De Blonay, who manages the £177.9m New Star Global Financials fund, will join Jupiter early next year, initially in an advisory capacity. He will ultimately become a fund manager, working with Jupiter’s Philip Gibbs, whose [...]
