US moves to block AT&T’s T-Mobile deal August 31, 2011 The US government has sued to block AT&T’s $39bn (£23.9bn) deal to buy T-Mobile USA because of anti-competition concerns, launching the biggest challenge to a takeover by the Obama administration. A failed deal would be expensive for AT&T, which plans to fight the government’s decision in court. It promised to pay a breakup fee worth [...]
US regulators sue RBS over mortgage securities July 19, 2011 Royal Bank of Scotland is facing a second lawsuit from US credit union regulators accusing it of misrepresenting mortgage backed securities that it sold. The latest lawsuit filed by the National Credit Union Administration against RBS Securities Inc seeks over $629m (£391m) in damages, NCUA said in a statement on Monday. The allegations stem from [...]
Hundreds of City jobs to go as BofA cuts costs by $5bn September 12, 2011 BANK of America chief executive Brian Moynihan yesterday said the bank would take drastic action to cut $5bn (£3.1bn) from its annual cost base. Moynihan told a New York conference BofA would sell assets and slash 30,000 jobs in the first phase of an overhaul to put it on a firmer financial footing and convince [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 26, 2011 FINANCIAL TIMES BP PROPOSES FOURTH PIPELINE ROUTE TO BRING AZERBAIJAN GAS TO EUROPE BP is planning a pipeline stretching 1,300 km across three countries to bring gas from Azerbaijan to Europe. The scheme is a new entrant in the highly charged competition to construct a supply route to the Caspian basin and reduce Europe’s dependence [...]
UBS wins review of Madoff suits July 14, 2011 UBS won review by a Manhattan federal judge of $2.6bn of lawsuits brought by the trustee liquidating Bernard Madoff’s firm, at least the fourth time a bank has obtained access to that court. US district judge Colleen McMahon agreed to accept the two UBS lawsuits, which accused the Swiss bank and various “feeder funds” that [...]
UBS wins review of Madoff suits July 14, 2011 UBS won review by a Manhattan federal judge of $2.6bn of lawsuits brought by the trustee liquidating Bernard Madoff’s firm, at least the fourth time a bank has obtained access to that court. US district judge Colleen McMahon agreed to accept the two UBS lawsuits, which accused the Swiss bank and various “feeder funds” that [...]
Wall St rises as EU debt worries ease September 7, 2011 Wall Street bounced more than two per cent on Wednesday, reversing three days of losses after Germany’s top court smoothed the way for Berlin’s participation in bailouts that could ease Europe’s debt crisis. But investor caution that there remains a long road to recovery was underscored by light trading and continued high volatility as shown [...]
Wall St rises as EU debt worries ease September 7, 2011 Wall Street bounced more than two per cent on Wednesday, reversing three days of losses after Germany’s top court smoothed the way for Berlin’s participation in bailouts that could ease Europe’s debt crisis. But investor caution that there remains a long road to recovery was underscored by light trading and continued high volatility as shown [...]
BP and oligarchs in arbitration hearing September 28, 2011 BP faced an arbitration hearing yesterday with its billionaire partners in the Russian joint venture TNK-BP, who are claiming damages against the oil giant for breaching a shareholder pact. BP, which has refuted the claims, prompted the spat with the consortium known as Alfa Access Renova (AAR) by agreeing a share swap and Arctic exploration [...]
AIG sues BofA for $10bn over “massive fraud” August 8, 2011 The insurer American International Group Inc is suing Bank of America Corp to recover more than $10bn (£6.1bn) of losses from a “massive fraud” on mortgage debt, deepening the morass of litigation faced by the largest US bank. AIG, still largely owned by taxpayers after $182.3bn of government bailouts, is the latest of a growing [...]