PERSONAL FINANCE NEWS August 19, 2010 LOYALTY DOESN’T ALWAYS PAY Shopping around for a cheaper quote for your car insurance really does pay off, according to research from Which?, the independent product-testing and consumer campaigning champion. It surveyed nearly 2,500 consumers and found that more than a third accepted their original car insurers’ renewal quotes because they “couldn’t be bothered to [...]
Retail sales up faster than forecast August 19, 2010 RETAIL sales volumes rose nearly three times faster than economists had forecast in July, with almost all non-food sectors showing strong growth, according to official data. Public borrowing measures, meanwhile, were lower than a year ago but still the revealed the uphill task the government has to face to bring down a 2009/10’s record budget [...]
Barclays pays in trade case August 18, 2010 BARCLAYS last night struck a $298m (£192m) deal with US authorities over charges it violated trade sanctions. The shock announcement came just 24 hours after the judge who endorsed the settlement branded it a “sweetheart deal” which the government should be concerned about. The banking giant was in the dock over allegations it broke the [...]
Poison pill still a headache for BHP’s bid August 18, 2010 BHP BILLITON’s $40bn (£25.6bn) bid for PotashCorp could yet hit a hurdle because of the Canadian fertiliser giant’s “poison pill” defence, it emerged yesterday. BHP is waiting on the details of the shareholder rights plan implemented by PotashCorp on Tuesday, but the global miner could have to go to court to overturn the measure if [...]
CITY MOVES | WHO’S SWITCHING JOBS August 18, 2010 SRL Global Alex Lowe, the former chief executive of Man Global Strategies (MGS), has joined the asset management technology firm as its new managing director. Lowe worked at MGS, part of Man Group, for six years – three years of which were at the helm of the company. SRL was initially established as a joint [...]
Barclays could face prosecution after judge derides £190m settlement offer August 17, 2010 BARCLAYS is nervously awaiting the outcome of a legal case in the US today that could leave the banking group facing criminal charges over payments linked to countries barred from trading with the States. A federal judge, who will decide whether to accept Barclays’ $298m (£190m) offer to settle the case, called the bank’s agreement [...]
Banks and miners push FTSE to its highest close in a week August 17, 2010 FINANCIAL stocks and commodity companies pushed Britain’s top share index up for a third session by the close on Tuesday, as fears about a global economic slowdown abated and raw material prices gained. The FTSE 100 ended up 74.45 points, or 1.4 per cent, at 5,350.55, its highest close in a week. Miners were firmer, [...]
GM set to go ahead with a $20bn float August 17, 2010 GENERAL?Motors (GM) is poised to press ahead with one of the biggest ever IPOs, raising an estimated $20bn (£12.8bn). The momentous flotation of one of the most recognisable US firms will see the government begin to loosen its grip on the troubled carmaker. The initial prospectus was filed yesterday with the Securities and Exchange Commission, [...]
Cameron takes stock after 100 days in power August 17, 2010 TONY Blair, who releases his memoirs next month, says his biggest regret was not doing enough during his early years in power. He wasted his first 100 days – and indeed much of his first term – basking in the glory of Labour’s landslide win. By the time he turned his attention to public service [...]
EC rules to hit UK companies August 16, 2010 INSTITUTIONS including Lloyds Banking Group and Royal Bank of Scotland will be hit by an overhaul of European rules giving regulators greater powers over combined banking and insurance groups. The European Commission (EC) yesterday put forward plans to tighten oversight of “financial conglomerates”, defined as firms that lend and provide cover across multiple European states. [...]