Editor's Picks
Prudential chief to resign, profits up
Thursday 19 Mar 2009
Prudential announced chief executive Mark Tucker is to step down as the insurer said it achieved a strong performance in 2008, despite extremely challenging global economic and financial markets. Tucker, who will step down on 30 September 2009 after four and a half years, will be replaced by Tidjane Thiam, the chief financial officer. Group EEV operating profit was up 17% to £2,961m
Madoff auditor turns himself in
Wednesday 18 Mar 2009
An accountant who worked for Ponzi scheme fraudster Bernie Madoff has surrendered himself to the authorities and been charged with aiding and abetting fraud. David Friehling has been charged with six counts of securities fraud, investment adviser fraud and for filing false statements with the Securities Exchange Commission.
Bernanke unveils $300bn quantitative easing
Wednesday 18 Mar 2009
Bond and gold markets soared but the US dollar tumbled as the US Federal Reserve stunned investors with a $300bn treasury bond buy-back plan as part of a new $1.15trn package to rejuvenate the US economy. In a move mirroring recent actions by the Bank of England, the US central bank said it would move to buy treasury notes with maturity dates of between two to 10 years.
Madoff auditor turns himself in
Wednesday 18 Mar 2009
An accountant who worked for Ponzi scheme fraudster Bernie Madoff has surrendered himself to the authorities and been charged with aiding and abetting fraud. David Friehling has been charged with six counts of securities fraud, investment adviser fraud and for filing false statements with the Securities Exchange Commission.
FSA to clamp down on banks' excesses
Wednesday 18 Mar 2009
Lord Turner, chairman of the FSA, wants banks to hold more capital and may impose restrictions on the size of mortgages they lend as key parts of his new blueprint for regulation of the UK's financial markets. Turner described his proposals as "profound”, saying they would curb banks' ability to take excessive risks.
FSA to clamp down on banks' excesses
Wednesday 18 Mar 2009
Lord Turner, chairman of the FSA, wants banks to hold more capital and may impose restrictions on the size of mortgages they lend as key parts of his new blueprint for regulation of the UK's financial markets. Turner described his proposals as "profound" and would curb banks' ability to take excessive risks. Among a sweeping set of recommendations, banks would also be required to set up
SIG raises £341m as conditions deteriorate
Wednesday 18 Mar 2009
Building and insulation products SIG has launched a huge £341m placing and offer to shore up its balance sheet after profits plunged last year.
UK recession to last longer
Wednesday 18 Mar 2009
Britain’s economy will continue to shrink well into 2010, longer than most other leading nations, according to forecasts from the International Monetary Fund (IMF).
City braced for regulatory onslaught
Wednesday 18 Mar 2009
Britain's banks and other financial institutions are braced for tough new regulatory standards to be announced today when FSA chairman Lord Turner unveils his blueprint for policing the City post the credit crunch.
Unemployment above 2m for first time in 11 years
Tuesday 17 Mar 2009
UK unemployment has risen to more than 2m for the first time since 1997. The ONS figures also showed that a record 138,400 people signed on for job seeker�s allowance in February. This was well in excess of the 90,000 new claimants that had been expected and brings the total number of claimants to 1.39m.
Mortgage arrears and repossessions rocket
Tuesday 17 Mar 2009
The number of mortgages in arrears soared to 377,000 in the fourth quarter of 2008, up 10% on the previous quarter and 31% on the year before.
French Connection loses £17.4m
Tuesday 17 Mar 2009
French Connection has scrapped its final dividend after a “disappointing” set of full year figures that saw the fashion retailer plunge deep into the red.
SIG raises £341m as conditions deteriorate
Tuesday 17 Mar 2009
Building and insulation products SIG has launched a huge £341m placing and offer to shore up its balance sheet after profits plunged last year.
Debenhams sees higher profits, no cash-call
Monday 16 Mar 2009
Department store chain Debenhams said first half pre-tax profit will be ahead of previous year but there was no mention of the cash-call expected by some.
US seeks assets of Madoff and wife
Monday 16 Mar 2009
US prosecutors are seeking to seize property owned by disgraced Wall Street financier Bernard Madoff and his wife Ruth.
US seeks assets of Madoff and wife
Monday 16 Mar 2009
US prosecutors are seeking to seize property owned by disgraced Wall Street financier Bernard Madoff and his wife Ruth.
US seeks assets of Madoff and wife
Monday 16 Mar 2009
US prosecutors are seeking to seize property owned by disgraced Wall Street financier Bernard Madoff and his wife Ruth.
BAA ordered to sell Gatwick and Stansted
Monday 16 Mar 2009
Britain’s antitrust regulator has ordered Spanish-owned BAA to sell three of its seven UK airports within two years.
One in 56 firms to go bust
Monday 16 Mar 2009
The recession will claim one in every 56 British companies in 2009, according to a survey released today.
Outrage over AIG's $165m bonus payment
Monday 16 Mar 2009
Embattled insurance giant American International Group (AIG) plans to spend millions of dollars it has received in government aid on staff bonuses.
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