HSBC to face up to $1.5bn in US fines November 5, 2012 BANKING giant HSBC will today announce that it is having to put aside another half a billion pounds to pay fines for breaking anti-money laundering regulations. The bank’s lax security controls failed to stop drug dealers laundering money through the bank’s Mexican operations. In July it set aside $700m (£437m) to pay the anticipated fines, [...]
UBS banker strikes deal to close fixed income units November 5, 2012 A TOP UBS banker is in with a chance of making millions from running down the group’s fixed income units, it emerged over the weekend. Plans to close much of the group’s investment banking operations were announced last week, with 10,000 jobs expected to go by the end of 2015. Those began with around 100 [...]
America’s jobs nightmare requires fresh thinking November 5, 2012 TOMORROW is decision day for Americans, who must choose who they want to see in the White House for the next four years: Barack Obama, the Democratic incumbent, or Mitt Romney, the Republican challenger. America will also be voting for a new Congress. This newspaper is not shy of giving its endorsements to candidates in [...]
Prudential to buy Thai firm in banking tie-up November 5, 2012 PRUDENTIAL has extended its reach into the Asian market by agreeing a long-term exclusive deal with Thanachart Bank, Thailand’s fifth biggest retail bank. As part of the deal Prudential has also bought Thanachart Life Assurance Company. A statement from Prudential late last night said that the firm, through its subsidiary Prudential Life Assurance (Thailand) and [...]
What the other papers say this morning November 5, 2012 FINANCIAL TIMES KCELL SET TO PURSUE LONDON LISTING Investor appetite in London for companies from the former Soviet Union will be tested with plans for the second mobile operator flotation to be announced in the space of a month. Kcell, the largest mobile operator in Kazakhstan, plans to list about a quarter of its equity [...]
UK placed on flood alert November 5, 2012 Homeowners across Sussex, Kent, Hampshire and the Isle of Wight are being urged to prepare for flooding with between 15-20mm of rain expected to fall between last night and this morning. Last night there were 30 flood alerts across the south east. The Environment Agency has mobilised teams across south Hampshire, the Isle of Wight, [...]
ECB investigates Spanish loans November 5, 2012 The European Central Bank (ECB) is checking whether it may have contravened its own strict rules by lending to Spanish banks on overly generous terms, an ECB spokeswoman said yesterday. German paper Die Welt am Sonntag said banks had borrowed funds from the ECB and taken a haircut of 0.5 per cent even though the [...]
Comet to start sale as buyers eye up stores November 5, 2012 COMET will this week kick off a fire sale of its remaining stock, though staff and shoppers remain in the dark about the future of the electrical goods retailer. Comet, which called in the administrators on Friday, intends to open its 236 stores as normal this week. The firm’s website has been closed to new [...]
London City Airport to celebrate 25th anniversary with upgrade November 5, 2012 LONDON City Airport is planning £15m-worth of work on its terminal next year, it announced today as it marks 25 years in business. The airport said it will upgrade its departure gates, lounges and baggage services in a 12 to 18-month overhaul planned to start in early 2013. Chief executive Declan Collier said: “With the [...]
Comet’s end shines more light on retail than private equity November 4, 2012 THE looming end of Comet will leave another gaping hole on the high street, and for that reason alone should be lamented. But this is entirely expected, given owner OpCapita was the only firm willing to be Comet’s lender of last resort when it was fighting for survival last year. The price tag of £2 [...]
