Two firms hit with FSA fines for client flops June 7, 2010 CITY watchdog the Financial Services Authority (FSA) has fined the retail arm of stockbroker Astaire Securities and an asset management unit of Close Brothers a total £609,000 for failing to protect client money. Under FSA rules, companies have to ringfence client money and keep it in segregated accounts with trust status to protect it in [...]
Two firms hit with FSA fines for client flops June 7, 2010 CITY watchdog the Financial Services Authority (FSA) has fined the retail arm of stockbroker Astaire Securities and an asset management unit of Close Brothers a total £609,000 for failing to protect client money. Under FSA rules, companies have to ringfence client money and keep it in segregated accounts with trust status to protect it in [...]
US watchdog panel slams AIG bailout June 10, 2010 A REPORT by the Congressional Oversight Panel, set up by lawmakers to monitor the $700bn (£476bn) bailout fund, blasted the government’s $182bn bailout of insurance giant AIG for its continued “poisonous effect” on financial markets and said it’s still unclear whether taxpayers ever will be fully repaid. “For now, the ultimate cost or profit to [...]
US watchdog panel slams AIG bailout June 10, 2010 A REPORT by the Congressional Oversight Panel, set up by lawmakers to monitor the $700bn (£476bn) bailout fund, blasted the government’s $182bn bailout of insurance giant AIG for its continued “poisonous effect” on financial markets and said it’s still unclear whether taxpayers ever will be fully repaid. “For now, the ultimate cost or profit to [...]
ShoreBank future is in doubt as Wall Street discusses a rescue May 16, 2010 CHICAGO community development lender ShoreBank was teetering on the brink of bankruptcy yesterday as US authorities and Wall Street banks remained locked in talks over a potential financing package. ShoreBank faces closure if it cannot meet a deadline today to secure the $125m (£86m) in funding it needs to avoid a government takeover. Wall Street [...]
Cameron told to stand up for BP June 8, 2010 PRESSURE was growing on Prime Minister David Cameron last night to defend BP, the oil giant that has been under constant attack by US politicians in the wake of the Gulf of Mexico disaster. As BP’s share price fell again yesterday closing 4.97 per cent lower at 408.9p, President Barack Obama launched a scathing attack [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 14, 2010 FINANCIAL TIMES FRANCIS MAUDE TACKLES CIVIL SERVICE PAY-OFFS Francis Maude, the Cabinet Office minister, attempted to force the hand of civil service unions yesterday as he laid emergency legislation to slash their redundancy terms while offering negotiations on a new severance deal. With up to 100,000 civil service jobs likely to go during the next [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 14, 2010 FINANCIAL TIMES FRANCIS MAUDE TACKLES CIVIL SERVICE PAY-OFFS Francis Maude, the Cabinet Office minister, attempted to force the hand of civil service unions yesterday as he laid emergency legislation to slash their redundancy terms while offering negotiations on a new severance deal. With up to 100,000 civil service jobs likely to go during the next [...]
Dow at 10,000 on JP Morgan October 14, 2009 JP MORGAN Chase sparked exuberance on Wall Street yesterday, as it surprised analysts by reporting third-quarter profit of $3.6bn (£2.25bn), driven by a barnstorming three months for its investment bank. The Dow Jones enjoyed a 1.47 per cent bump, closing at 10,015.86 on the back of the bank’s success and the expectation that rival Goldman [...]
Dow at 10,000 on JP Morgan October 14, 2009 JP MORGAN Chase sparked exuberance on Wall Street yesterday, as it surprised analysts by reporting third-quarter profit of $3.6bn (£2.25bn), driven by a barnstorming three months for its investment bank. The Dow Jones enjoyed a 1.47 per cent bump, closing at 10,015.86 on the back of the bank’s success and the expectation that rival Goldman [...]