Editor's Picks
Brown defends Crosby appointment
Thursday 12 Feb 2009
Gordon Brown has defended the appointment of ex-HBOS boss Sir James Crosby as deputy chairman of the Financial Services Authority.
Brown defends Crosby appointment
Thursday 12 Feb 2009
Gordon Brown has defended the appointment of ex-HBOS boss Sir James Crosby as deputy chairman of the Financial Services Authority.
SFO to probe AIG UK unit
Thursday 12 Feb 2009
The Serious Fraud Squad (SFO) has launched a "preliminary inquiry" into a UK subsidiary of AIG.The SFO said the investigation, which is being carried out in co-ordination with the Financial Services Authority, is concentrated on the UK unit of AIG Financial Products division. It said the insurance operations both in the UK and elsewhere were not affected.
British Land and Catlin join rights spree
Thursday 12 Feb 2009
British Land becomes the second property firm in a week to announce a rights issue while Catlin has also revealed its intentions to raise money.
Rio sells off family silver
Thursday 12 Feb 2009
Mining giant Rio Tinto is set to pay down half of its $39bn debt mountain at the cost of allowing state-owned Chinese company Chinalco to increase its stake in the company to around 18%.
Watchdog warned of HBOS risk in 2002
Thursday 12 Feb 2009
It’s emerged that the Financial Services Authority (FSA) raised concerns about internal risk controls at HBOS as far back as 2002, way before risk manager Paul Moore was sacked for the same offence. A statement from the City regulator claimed a “full risk assessment” of HBOS it conducted late in 2002 “identified a need to strengthen the control infrastructure within the group”.
British Land firms up £740m cash call
Thursday 12 Feb 2009
British Land has confirmed plans for a bigger than expected rights issue to raise £740m that will help underpin the property company's balance sheet and provide funds for possible acquisitions. The heavily indebted firm will give shareholders the right to subscribe for two new shares for every three held at 225p each, a 53% discount to last night’s closing price.
Standard Life compensates cash fund investors
Wednesday 11 Feb 2009
Insurer Standard Life has backed down on plans to make a valuation adjustment to its Pension Sterling Fund.
China exports slump 17.5%
Wednesday 11 Feb 2009
China's exports slumped 17.5% in January from a year earlier, the sharpest drop in more than a decade.
Investors braced for blue chip stampede
Wednesday 11 Feb 2009
A hectic day is in store on Thursday with results expected from FTSE 100 companies BT, Diageo, British Land, Rio Tinto, Rolls-Royce, Schroders and Smith & Nephew. BT's third quarter figures could contain more shocks for shareholders reeling from the telecoms giant’s profit warning on 22 January, where it revealed the extent of problems at its Global Services division.
Bank bonuses- Bosses respond
Wednesday 11 Feb 2009
Executive pay came under fire again Wednesday as MPs on the Treasury Select Committee grilled current bank bosses on the second day of an inquiry into their roles in the financial crisis.
Doubts remain over US rescue plan
Wednesday 11 Feb 2009
Concerns continue over whether the latest proposals to revive the US economy with a new $2trn bailout package and $800bn stimulus plan can succeed.
FSA's Sir James Crosby resigns
Wednesday 11 Feb 2009
Sir James Crosby, deputy chairman of City watchdog, the Financial Services Authority (FSA), has resigned just a day after it emerged he sacked the head of risk at HBOS. MPs on a Treasury Select Committee were told yesterday that Paul Moore had been sacked and gagged after warning that the Halifax-owner was taking “serious risks” with financial stability and consumer protection.
Standard Life compensates cash fund investors
Wednesday 11 Feb 2009
Insurer Standard Life has backed down on plans to make a valuation adjustment to its Pension Sterling Fund.
Jobless total hits 1.97m
Wednesday 11 Feb 2009
Unemployment surged to 1.97m between October and December last year, although the figure is less than feared. The number of people out of work was up by 146,000, according to the Office for National Statistics, the highest since August 1997, although many predicted today’s number would top the 2m mark
US unveils new $2trn stimulus plan
Tuesday 10 Feb 2009
The US Treasury has unveiled a revamped plan to kick-start the economy that may cost as much as $2trn.
Lloyds boss gives up bonus
Tuesday 10 Feb 2009
The boss of Lloyds Banking Group, Eric Daniels, is preparing to tell the Treasury Select Committee he will not take his bonus for 2008, said to be worth over £2m.
JJB fashion unit may call in administrator
Tuesday 10 Feb 2009
JJB Sports is contemplating cutting its losses andconsidering putting its loss-making Lifestyle division into administration, threatening hundreds of jobs.
Reckitt dividend rises 60%, forecasts 4% revenue growth
Tuesday 10 Feb 2009
Household goods and personal care products producer Reckitt Benckiser announced full year results slightly ahead of expectations and cheered shareholders with a 60% hike in the final dividend. Full year pre-tax profit of £1.47bn was up from £1.21bn the year before and ahead of market expectations of £1.45bn.
Buyers sniffing, but home sales keep falling
Tuesday 10 Feb 2009
Estate agents sold on average just three properties in January, their worst month ever, despite an increase in enquiries from potential buyers.
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