CITY MOVES | WHO’S SWITCHING JOBS November 13, 2011 Crest Nicholson The house builder has appointed Trevor Selwyn as managing director of a newly formed London division. The new division will have an annual turnover of £100m, developing mid-range sites in and around the capital. Selwyn was formerly at Countryside Properties, and spent his last seven years there as land director for subsidiary Copthorn [...]
THE WEEK AHEAD February 26, 2012 Today A diverse group of FTSE 100 reporters will kick off a busy week in the corporate calendar this morning, with banking giant HSBC likely to be top of many investors’ watch list. Analysts are expecting the bank’s geographical diversity to offset any potential weakness in it investment banking division, with profits expected to hit [...]
Greenberg firm sues government November 21, 2011 A company run by former American International Group (AIG) chief executive Maurice “Hank” Greenberg is suing the US government for $25bn (£16bn), calling the 2008 federal takeover of the insurer unconstitutional. The lawsuit marks an unusual effort to force the government to pay shareholders, who have seen AIG’s stock price tumble 98 per cent since [...]
Greenberg firm sues government November 21, 2011 A company run by former American International Group (AIG) chief executive Maurice “Hank” Greenberg is suing the US government for $25bn (£16bn), calling the 2008 federal takeover of the insurer unconstitutional. The lawsuit marks an unusual effort to force the government to pay shareholders, who have seen AIG’s stock price tumble 98 per cent since [...]
Osborne to hand treasury new powers over BoE January 27, 2012 The finance ministry will have new powers to order the Bank of England to pump money into the financial system in any future banking crisis. “When taxpayers’ money is at risk in a crisis this legislation gives the Chancellor the power to direct the Bank of England to act,” Osborne said in a speech to [...]
Lehman Europe claims $1.4bn November 28, 2011 The European arm of Lehman Brothers yesterday sued a unit of bond insurer Assured Guaranty, claiming more than $1bn for a series of credit derivative transactions. In a lawsuit filed in the US, Lehman Brothers International (Europe) said the unit, AG Financial Products, miscalculated termination payments under the deals, using an incorrect and approach to [...]
FTSE rises as Greece closes in on deal January 31, 2012 The FTSE 100 rose in early trading on hopes Greece was nearing a debt swap deal required to salvage the nation’s finances while European leaders agreed on stricter budget discipline measures to help prevent further debt disasters in the region. Greek Prime Minister Lucas Papademos said negotiators had made “significant progress” in talks to strike [...]
QE not the answer to UK’s problems February 10, 2012 IF the Bank of England is to be believed, more quantitative easing is necessary to make sure inflation doesn’t fall below its target. Yet the Bank’s record is not good enough to allow us to take it on trust. Simon Ward of Henderson calculates that the Bank’s forecasts for inflation in one year’s time have [...]
QE not the answer to UK’s problems February 9, 2012 IF the Bank of England is to be believed, more quantitative easing is necessary to make sure inflation doesn’t fall below its target. Yet the Bank’s record is not good enough to allow us to take it on trust. Simon Ward of Henderson calculates that the Bank’s forecasts for inflation in one year’s time have [...]
CPP shares slump on profit warning and probe worries December 12, 2011 SHARES in CPP Group plunged by nearly a sixth yesterday after the credit card insurer said a regulatory probe would drag down profits. Its stock closed at 117p last night, down 15.83 per cent, 21 months after listing at 235p. The group said it does not know how long the Financial Services Authority will spend [...]