Gordon Brown and Nick Clegg told to repay excessive expenses claims October 12, 2009 GORDON Brown was yesterday told to hand back over £12,400 in parliamentary expenses after making excessive claims for cleaning, gardening and decorating. Downing Street confirmed that Sir Thomas Legg, who is auditing MPs’ claims, had written to Brown ordering him to return £12,415. Liberal Democrat leader Nick Clegg was also censured by Legg for claiming [...]
NEW YORK REPORT September 23, 2009 US stocks fell yesterday as investors worried the Federal Reserve is closer to pulling back on extraordinary measures to inject funding to shore up the economy. The Fed’s policy-setters met and kept interest rates unchanged, as expected, but they also said the US central bank would slow its programme of purchasing mortgage debt to its [...]
Wells Fargo to pay back Tarp money from profits September 2, 2009 WALL Street bank Wells Fargo said yesterday that it would soon be able to repay the $25bn (£15.4bn) in Troubled Asset Relief Programme (Tarp) funding it took from the US government without resorting to a share offering. The bank, America’s fourth largest with $1.25 trillion in assets, said it would repay the bailout money from [...]
Wells Fargo to pay back Tarp money from profits September 2, 2009 WALL Street bank Wells Fargo said yesterday that it would soon be able to repay the $25bn (£15.4bn) in Troubled Asset Relief Programme (Tarp) funding it took from the US government without resorting to a share offering. The bank, America’s fourth largest with $1.25 trillion in assets, said it would repay the bailout money from [...]
Home loans hit six-month high in June July 20, 2009 GROSS mortgage lending hit a six-month high in June according to data released yesterday by the Council of Mortgage Lenders (CML). Figures from the CML showed that gross mortgage lending rose 17 per cent in June to £12.3bn from £10.5bn in May, but was still 48.4 per cent lower than in June 2008. Gross lending [...]
Six myths about the financial crisis September 6, 2009 A comfortable, corporatist consensus is building up about how to deal with the financial crisis. Led by Alistair Darling and his French and German counterparts at the G20 finance ministers’ summit on the weekend, this consensus is essentially that the financial crisis “proves” that global free market capitalism has “failed” and that everything is the [...]
Six myths about the financial crisis September 6, 2009 A comfortable, corporatist consensus is building up about how to deal with the financial crisis. Led by Alistair Darling and his French and German counterparts at the G20 finance ministers’ summit on the weekend, this consensus is essentially that the financial crisis “proves” that global free market capitalism has “failed” and that everything is the [...]
US banking failures top 120 for the year November 8, 2009 United Commercial Bank, a big San Francisco bank with branches in China, was closed by state regulators this weekend and its operations were acquired by East West Bancorp, also active in both nations. East West said the transaction made it the second-largest independent bank in California. Based in Pasadena, East West has 137 US branches, [...]
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 [...]