US new home sales rocket July 27, 2009 SALES of new homes in the US surged to a seven-month high in June, while the inventory of homes for sale fell to its lowest level in more than 11 years, official data showed yesterday, boosting hopes that the US housing market may finally be starting to stabilise. Government figures indicated an 11 per cent [...]
Calpers sues credit rating agencies over poor gradings July 15, 2009 CALPERS, the biggest US public pension fund, has sued the three largest credit rating agencies for giving perfect grades to securities that later suffered huge subprime mortgage losses. The California Public Employees’ Retirement System said in a lawsuit filed last week in California Superior Court in San Francisco that it might lose more than $1bn [...]
US Bancorp beats forecasts but credit losses mirror US economic troubles July 22, 2009 US BANCORP posted a 76 per cent year-on-year decline in second quarter profit yesterday, as it suffered mounting credit losses amid ongoing deterioration in the US economy. Second-quarter net income fell to $221m (£134m), or $0.12 a share, compared to $926m, or $0.53, a year earlier, despite a nine per cent rise in revenue to [...]
Taxpayer bill for Rock to rise July 6, 2009 The Treasury’s bill for Northern Rock’s losses looks set to increase, after one of the mortgage lender’s subsidiaries breached a contract, putting other creditors ahead of the taxpayer for repayment. Granite, a unit which securitised Northern Rock mortgages, will be forced to speed up the return of £26bn of debts to noteholders. Rock will be [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 12, 2009 FINANCIAL TIMES JPMORGAN TRIES TO CALM UK FEARSJPMorgan’s top executives have embarked on a charm offensive to allay fears by staff and regulators that the ousting of Bill Winters as co-head of the investment bank will mean a diminished role for its London operations. Jamie Dimon, JPMorgan’s chief executive, made a surprise visit to London [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 12, 2009 FINANCIAL TIMES JPMORGAN TRIES TO CALM UK FEARSJPMorgan’s top executives have embarked on a charm offensive to allay fears by staff and regulators that the ousting of Bill Winters as co-head of the investment bank will mean a diminished role for its London operations. Jamie Dimon, JPMorgan’s chief executive, made a surprise visit to London [...]
Hypocrisy at the heart of banking policy July 27, 2009 PATHETIC. That is the only way to describe Alistair Darling’s ridiculous, stage-managed, utterly fake “row” with Britain’s top banks yesterday. It is the mark of a desperate, dying government that it feels obliged to resort to such a ridiculous piece of make-believe, rather than engaging in proper policy-making. To demand of the banks that they [...]
C&G future uncertain as Lloyds stalls August 19, 2009 LLOYDS Banking Group said yesterday it was reviewing a decision to close all branches of its Cheltenham & Gloucester (C&G) unit, surprising employees and investors. Lloyds Banking Group, 43 per cent owned by the government, had said in June that the 164-branch network of C&G, which specialises in mortgages and savings, would be closed in [...]
Q&A: SALES July 16, 2009 Russell HuntMANAGING DIRECTOR, PROPERTY HUNTQ. I keep missing out on properties as they’re selling very quickly. What tips can you give me? A. If you are getting a mortgage then you must make sure that you can get your finances agreed in principle before you start looking. Remember that you will be coming up against [...]
CITY MOVES WHO’S SWITCHING JOBS August 13, 2009 Reed ElsevierThe publishing group has appointed Ben van der Veer, the former chairman of accountancy firm KPMG in the Netherlands, as a non-executive director, effective from 3 September. Van der Veer was chairman at KPMG Netherlands between 1999 and 2008 and also sat on the firm’s international board and management committee. He is a member [...]