Treasury committee readies itself for inquiry into availability of mortgages June 28, 2009 THE TREASURY committee will this week begin its inquiry into mortgage arrears and the availability of home lending, as part of its ongoing series of evidence sessions on the banking crisis. The influential group of MPs, led by Labour’s John McFall, is seeking evidence on the extent of the mortgage arrears problem, including information on [...]
House prices flat as supply falls further June 28, 2009 A LACK of supply in the housing market has kept house prices from falling, according to new figures released today. According to housing information provider Hometrack’s monthly national housing survey, prices remained flat in June compared to May, although they are still down 8.7 per cent from last year. But slow growth in the availability [...]
Anglo steps up its defences June 28, 2009 MINING titan Anglo American is gearing up to defend itself against rival Xstrata’s merger approach, by stepping up efforts to appoint a new chairman, and hatching plans for talks with China. The company has drawn up a short list of preferred candidates for the job, understood to include industrial heavyweight Sir John Parker and former [...]
Porsche’s VW spat accelerates as merger ultimatum claims denied June 28, 2009 Volkswagen (VW) yesterday denied presenting Porsche with an ultimatum to accept its layout for a merger of the two carmakers, rebuffing the supercar maker’s claims. “There is no ultimatum,” a VW spokesman said.Porsche had accused VW and its key shareholder Lower Saxony of extortion after reports that VW and the regional state had demanded Porsche [...]
JACKSON TICKET REFUNDS June 28, 2009 O2 arena’s promoter AEG Live is preparing itself as hundreds of thousands of Michael Jackson fans rush to claim refunds for their unused tour tickets. Jackson had been set to perform 50 shows at the stadium from 13 July, which seats over 20,000. It’s estimated that the concerts would have raised over $150m (£78m). The [...]
Hedge funds rally troops to raise funds for EU campaign June 28, 2009 A GROUP of hedge funds is putting together a fighting fund to battle the planned European Commission Directive on Alternative Investment Fund Managers that they say will unfairly punish the UK hedge fund industry. The Alternative Investment Managers Association (Aima), has already put together a steering committee of funds, including BlackRock and Marshall Wace, to [...]
Rose row set to rumble on June 28, 2009 MARKS and Spencer is this week preparing to post better-than-expected sales figures for the first quarter, though the results will remain overshadowed by growing unrest among shareholders regarding Sir Stuart Rose’s dual leadership role. According to analysts, favourable weather patterns and a late Easter should have boosted the retailer’s performance over the first quarter. M&S [...]
North Korean economy in growth June 28, 2009 The North Korean economy grew in 2008 after two years of falls thanks to high agricultural yields, the South Korean central bank said. As growth declined in most economies during the financial crisis, the North Korean economy grew by 3.7 per cent in 2008 after shrinking by 2.3 per cent in 2007.
City’s Goldfinger vaults for sale June 28, 2009 The former City headquarters of Midland bank, whose vaults featured in the 1964 James Bond film Goldfinger, has been put up for sale by administrators. This comes just two-and-a-half years after it was bought by former Russian deputy finance minister Vladimir Chernukhin, who acquired the listed plot, next to the Bank of England, for £72m. [...]
Honduras coup against Zelaya June 28, 2009 Honduras President Manuel Zelaya was arrested and removed from power in a raid yesterday by soldiers, after refusing to obey a Supreme Court ruling against holding a constitutional referendum. The leftist called the coup a kidnapping and insisted he was still president. US president Barack Obama expressed deep concern about the Central American state.
