After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
FSA bans five insurance execs and hands out £150,000 fine over fraud August 17, 2010 THE Financial Services Authority (FSA) has banned five individuals in relation to insurance fraud and given one director a near-record fine of £150,000. The FSA said yesterday that the five insurance executives whom it had banned had shown complete disregard for the interests of their customers. Andrew Jeffery, a director of Jeffery Flanders Limited, was [...]
FUND MANAGEMENT NEWS August 17, 2010 MORE DISCLOSURE FOR PERFORMANCE FEES This was the recommendation made by Lipper, the independent fund research company. It conducted a survey looking at whether performance fees actually help align the interests of fund managers and investors. It found that two-thirds of UK funds can charge a performance fee if they beat a falling benchmark. Lipper [...]
Britain should support banks, not vilify them August 15, 2010 AS fears over a double-dip recession have intensified in the past week, with economic data in the UK, US and elsewhere suggesting the global recovery is slowing, many commentators have again turned their attention to the banks. Even as the banks return to profit, the argument goes, they are constraining growth by reducing lending to [...]
AIG hit with a $1.9bn loss on Fortress August 11, 2010 AMERICAN International Group (AIG) said yesterday it will sell most of its consumer finance unit to Fortress Investment Group and take a $1.9bn (£1.2bn) pre-tax loss due to the sale. AIG, majority owned by the US government, is selling 80 per cent of American General Finance to Fortress managed funds and affiliates as it restructures [...]
CITY MOVES | WHO’S SWITCHING JOBS August 11, 2010 Coutts The private bank has appointed Jeff Stubberfield as a commercial banker in its media banking team, looking after clients in the music, TV and entertainment business. Stubberfield has over 15 years of experience in financial services and joins from Barclays, where he spent eight years, latterly as a relationship director managing a portfolio of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 10, 2010 FINANCIAL TIMES HIGH COURT RULES INVESTOR BROKE BUY-OUT FUND CONTRACT An important precedent for the private equity industry has been set by a High Court ruling that Robert Adair, chairman of oil group Melrose Resources, breached a contract by refusing to put more money into Advantage Capital’s buy-out fund. Adair, who owns more than half [...]
THE CITY’S GOT TALENT: THE HUNKIEST GENTS IN FINANCE August 9, 2010 ANTHONY ASTBURY, GFI GROUP Environmental markets broker Anthony takes the crown in the second annual round-up of the City’s hunkiest gents, voted for by your good selves and judged by a panel of terribly dedicated City A.M.ers. A keen sportsman, who boxes, skis and plays football when he’s not jetting around Europe meeting clients, Anthony [...]
Pru to boost payout after £760m profit August 8, 2010 PRUDENTIAL will smash profit forecasts and hike its dividend this week as it tries to win back investors’ confidence following its disastrous $35.5bn (£22bn) attempt to buy AIA. The insurer is expected to report first-half operating profits of more than £760m, the top end of City consensus, boosted by strong performance in Asia. Prudential has [...]
Santander scoops 318 RBS branches after £4.5bn boost August 4, 2010 SPANISH giant Santander fired a warning shot across the bows of UK lenders yesterday, agreeing to buy 318 branches from Royal Bank of Scotland and preparing to reshuffle its global operations. Santander will become the fourth-largest bank on the high street after it takes over the outlets from RBS for £1.7bn. The deal, due to [...]
CITY VIEWS: GIVEN BANKRUPTCIES ARE DOWN, DO YOU THINK PEOPLE’S FINANCES ARE STARTING TO RECOVER? August 4, 2010 KEITH VALENTINE | AXCO INSURANCE INFORMATION SERVICES “People are beginning to find things a little easier, and are feeling a bit more confident. I have noticed some small price increases, which might make it hard for some, but I think people are generally feeling better in themselves. But if people are struggling, I don’t think [...]