Class action lawsuit hits BoA bosses September 28, 2009 INVESTORS in a class-action lawsuit against Bank of America (BoA) over the Merrill Lynch takeover are trying to collect “billions of dollars” in damages, Ohio’s attorney general said yesterday. Attorney General Richard Cordray spoke after filing a 155-page complaint in Manhattan federal court that accuses BoA of fraudulently concealing Merrill’s soaring losses even as it [...]
Banks to be asked for billions to shore up FDIC deposit fund September 28, 2009 US BANK regulator the Federal Deposit Insurance Corporation (FDIC) is today expected to pass a measure to ask banks to pay $36bn (£22.7bn) to shore up is dwindling deposit insurance fund. The FDIC board is set to meet today and will ask US banks to pay three years of regular contributions in advance to boost [...]
UBSboss wants to buy its way out of government bad bank deal September 28, 2009 UBS chief executive Oswald Grubel yesterday said that the bank is aiming to sever its ties with the Swiss government by buying its way out of a “bad bank deal”. UBS is currently paying expensive rates on the bad bank scheme for protection against big losses on its toxic assets. But its plans to ditch [...]
Mandelson in rallying cry to Labour party September 28, 2009 LABOUR politicians are in the “fight of our lives”, business secretary Lord Mandelson said yesterday, but insisted that the general election was still “up for grabs”. In a speech designed to unify the party in readiness for a difficult election campaign, Mandelson admitted Labour were the “underdogs” but savaged the Tories over their approach to [...]
CITY VIEWS: IS THE GOVERNMENT’S RENEWED ASSAULT ON BONUSES JUSTIFIED? September 28, 2009 MARK HUNTER INVESTIT“The bonus culture is the thing that differentiates London as a financial centre. We do need checks in place but the City has been through the mill on that. There is an issue with the public and bonuses but it is perception rather than reality.”GORDON MILNE SAVILE GROUP“It is not justified and it [...]
LABOUR CONFERENCE NEWS September 28, 2009 Prime Minister Gordon Brown promised new legislation to curb bankers’ bonuses was forthcoming. Chancellor Alistair Darling accused Tories of “playground politics” and said their policies would have turned a recession into a depression. Business secretary Lord Mandelson said Labour were “underdogs” but could win the general election. Just one in three Labour MPs believe they [...]
Plus grows its market share September 28, 2009 PLUS Markets Group yesterday said its first half losses more than doubled due to weak capital markets activity and litigation costs, despite growing its share of UK equity trading to over 10 per cent last month as it continued to win business from rivals. Plus, which last week concluded a £5m equity fundraising with Middle [...]
Three bids made for Churchill Mining as it denies BHP link September 28, 2009 COAL group Churchill Mining yesterday said it had received three separate approaches yesterday, but denied speculation that one of its suitors was mining giant BHP Billiton. Two of the approaches were for the possible acquisition of specific projects, the Aim-listed group said, while the third was a potential offer for the whole company, which has [...]
KOREAN MOVE FOR HSBC TOWER September 28, 2009 THE HSBC Tower could be sold to South Korea’s National Pension Service (NPS) after it expressed an interest in buying the Canary Wharf building. No detailed talks have yet taken place, but NPS is believed to be in competition with a consortium of Malaysian investors to purchase the tower for up to £800m.
Virgin Media heads for UK share listing September 28, 2009 CABLE operator Virgin Media said yesterday it would launch a secondary listing on the London Stock Exchange to widen its appeal to British and European investors. The move, which will allow investors to buy the stock in sterling, sent its shares up 5.8 per cent at $13.12 (£8.26) on the Nasdaq exchange in New York. [...]
