German court gives MPs bigger say in euro bailouts September 7, 2011 Germany’s highest court said parliament must have a bigger say in eurozone rescue packages, a landmark ruling that may make it more difficult for Europe to respond swiftly in delivering aid to crisis-hit member states. As expected, the German Constitutional Court rejected a series of lawsuits filed by eurosceptics aimed at blocking the participation of [...]
Former IMF boss walks after judge drops case August 23, 2011 DOMINIQUE Strauss-Kahn yesterday walked from a New York court alongside his wife after a judge dropped the sex charges against him. The former IMF boss smiled to the scrum of reporters, branding the last four months a “nightmare” and saying he is looking forward to returning to “a more normal life”. He also said he [...]
THE TIPSTER September 5, 2011 THE threat of Federal Housing Finance Agency (FHFA) lawsuits from the US is certainly hammering banks and with Barclays being very much on the Agency’s hit list, the stock has been tumbling in London over recent days. However, heavyweight investors have shown conviction in the bank in the past, so is there any reason to [...]
Admiral shares slide despite profit rise August 24, 2011 Car insurance group Admiral has posted a bullish 27 per cent increase in its profit in the first half of the year as it said the outlook for the UK car insurance market was improving. Admiral, an internet-based insurer and owner of comparison site confused.com, saw group turnover jump 53 per cent to more than [...]
THE GLOVES ARE OFF: UK SUES ECB September 14, 2011 BRITAIN will today sue the European Central Bank (ECB) over new rules that will force the City’s biggest clearing house, LCH.Clearnet, to relocate to the Eurozone. The move highlights growing impatience among Whitehall officials and politicians, who believe Brussels is using new regulation as a smokescreen to undermine London’s pre-eminence as a global financial centre. [...]
Google’s $12.5bn Motorola bid includes an eye-watering break fee of $2.5bn August 18, 2011 GOOGLE will be forced to pay Motorola a staggering $2.5bn (£1.5bn) if it fails to clear regulatory hurdles with its $12.5bn takeover bid. The mammoth break fee represents 20 per cent of the proposed price, compared to AT&T’s fee of $3bn in its planned $39bn takeover of T-Mobile USA, which is just seven per cent. [...]
Google’s $12.5bn Motorola bid includes an eye-watering break fee of $2.5bn August 18, 2011 GOOGLE will be forced to pay Motorola a staggering $2.5bn (£1.5bn) if it fails to clear regulatory hurdles with its $12.5bn takeover bid. The mammoth break fee represents 20 per cent of the proposed price, compared to AT&T’s fee of $3bn in its planned $39bn takeover of T-Mobile USA, which is just seven per cent. [...]
US regulators sue RBS and JP Morgan June 20, 2011 THE US credit union regulator filed lawsuits yesterday against Royal Bank of Scotland and JP Morgan Chase, alleging misrepresentation of investment vehicles backed by mortgages. The National Credit Union Administration said the lawsuits seek damages in excess of $800m (£493m) and are related to the failure of five corporate credit unions. The lawsuit against RBS [...]
US regulators sue RBS and JP Morgan June 20, 2011 THE US credit union regulator filed lawsuits yesterday against Royal Bank of Scotland and JP Morgan Chase, alleging misrepresentation of investment vehicles backed by mortgages. The National Credit Union Administration said the lawsuits seek damages in excess of $800m (£493m) and are related to the failure of five corporate credit unions. The lawsuit against RBS [...]
EURO FACES NEW TROUBLE OVER BAILOUT September 6, 2011 WE NEED a fiscal union,” declared Joaquin Almunia, the EU Competition Commissioner, and he couldn’t have been more right. Euro-dollar has declined more than 300 points since last week, as renewed concerns about the fiscal viability of the union have once again put pressure on the single currency. The latest troubles stemmed from Finland and [...]