Countrywide founder is formally charged by SEC June 4, 2009 ANGELO Mozilo, co-founder of what was once the largest mortgage broker in the US, Countrywide Financial, has been charged by regulators for misleading investors, along with two of his former executives. US financial regulator the Securities and Exchange Commission (SEC) has filed a civil lawsuit in a Los Angeles federal court against Mozilo, former Countrywide [...]
House asking prices rocket May 17, 2009 THE average asking price of a UK property has leapt by 2.4 per cent this month to £227,441, according to data from property website Rightmove data published today. The rise marks the largest monthly increase in asking prices since 2003 when property prices were on a rising trend, but overall asking prices remain 6.2 per [...]
INVESTMENT BANK PROFITS BOUNCE BACK June 30, 2009 THE WORLD’S best investment banks have clocked up bumper second quarter profits, reaping the benefits of a renewed focus on trading and capital markets underwriting, as well as the implosion of many rivals. While many institutions – such as RBS and Citigroup – are still finding conditions tough, a group of six is emerging as [...]
INVESTMENT BANK PROFITS BOUNCE BACK June 30, 2009 THE WORLD’S best investment banks have clocked up bumper second quarter profits, reaping the benefits of a renewed focus on trading and capital markets underwriting, as well as the implosion of many rivals. While many institutions – such as RBS and Citigroup – are still finding conditions tough, a group of six is emerging as [...]
Just say no when it comes to pay holidays June 23, 2009 DEAR VEXED, with all this talk of firms asking to take a pay holiday, I am worried that my boss might ask me to work for free. I can’t afford it, but I’m worried that it might be a trick to test our loyalty. Help! Jessica, 26, broker The saying goes that there is one [...]
SUSTAINABLE BANKING IS WAY FORWARD June 17, 2009 MOORAD CHOUDRYHEAD OF TREASURY, EUROPE ARAB BANK THE financial crash of 2007-2008 was caused by the interaction of several different factors, some of which had been building for years. Since then markets have entered a period of restructuring that reflects the realities of the crash: key to this is an awareness that much of the [...]
Macquarie in fund raising June 2, 2009 MACQUARIE Group has raised A$1.2bn (£593m) from shareholders, in another boost for the Australian investment bank, which has seen the price of its stock double in the past three months. The cash injection means Macquarie now holds $4.3bn more than the minimum capital requirement imposed by regulators. Its shares have risen from a 10-year-low of [...]
Headline UK inflation still above target June 16, 2009 BRITISH headline inflation fell by much less than had been expected in May, raising speculation that the Bank of England’s Monetary Policy Committee (MPC) may decide not to extend its quantitative easing programme beyond the current £125bn. Official data yesterday showed that consumer prices rose 0.6 per cent last month, taking the annual rate of [...]
MP hit by duck island row May 20, 2009 A THIRD Tory MP has said he will not stand at the next General Election after it emerged he claimed for a “duck island” for his garden pond. Backbencher Sir Peter Viggers, who served in Margaret Thatcher’s government, was told he would be thrown out of the party by leader David Cameron if he did [...]
Government housing data provides further cause for market optimism June 9, 2009 THE DEPARTMENT of Communities and Local Government (DCLG) was yesterday the latest to announce improving data for the UK housing market. Between March and April there was a rise of 1.1 per cent in the prices index of properties bought, putting the price of an average UK house at £189,215, compared to £187,193 a month [...]