Siemens issues an ultimatum September 23, 2009 Mobile company Siemens issued an ultimatum yesterday to a range of its ex-executive board members, including former chief executives Heinrich von Pierer and Klaus Kleinfeld, and called on them to agree to pay damages relating to a multibillion euro bribery scandal. The German company, which is Europe’s biggest engineering group, said seven former managers would [...]
US regulators to plan how to rebuild FDIC September 23, 2009 USREGULATORS will meet next week to discuss how to rebuild the deposit insurance fund, which has been depleted by a sharp increase in bank failures, the Federal Deposit Insurance Corporation (FDIC) said yesterday. The FDIC’s board is expected to propose on 29 September and put out for public comment a number of options to replenish [...]
JPMorgan arm ups EcoSecurities offer September 23, 2009 JPMORGAN Chase vehicle Carbon Acquisition Company (CAC) yesterday hiked a cash offer for the carbon offset aggregator EcoSecurities, in a bid to win round shareholders. CAC increased its initial offer of 100p per share to 105p, valuing EcoSecurities at £129m and also bought a further 18.3m shares in the company, taking its stake to nearly [...]
Mortgage approvals soar 81 per cent year on year September 23, 2009 MORTGAGE approvals have risen 81 per cent year on year as the housing market recovers from its sharp spiral downwards, the British Bankers’ Association (BBA) said yesterday. Approvals fell slightly in August compared to July after seven consecutive monthly rises, the BBA said, attributing the dramatic year-on-year increase to the lending drought that gripped the [...]
CITY ON THE CUSP OF APPOINTING NICK ANSTEE AS NEXT LORD MAYOR September 23, 2009 UNDER a week to go until the appointment of the man who will replace Lord Mayor Ian Luder at the helm of Canada. The new boss won’t officially take up residence in his swanky Mansion House digs until his official inauguration in November, though the election – if you can call it [...]
Wealth managers must restore trust post-Madoff September 23, 2009 THE world’s wealthy have been shaken by the global financial meltdown, not to mention Madoff and other scandals. Yet, according to research from wealth managers Scorpio Partnership and Standard Chartered Private Bank, confidence levels among the rich remain high with 72 per cent of wealthy UK individuals expecting their fortunes to increase next year. The [...]
Court battle for Deutsche in New York September 23, 2009 DEUTSCHE Bank and a banking unit of Saudi Arabia’s Algosaibi family battled in court yesterday over whether to throw out a $74.2m (£45.3m) claim by the German bank, part of a flurry of lawsuits involving billions of dollars and allegations of fraud. New York State Supreme Court Justice Bernard Fried said he expects to rule [...]
Game Group profits tumble as new releases fail to impress consumers September 23, 2009 VIDEO games retailer Game Group yesterday posted a 60 per cent slump in first-half profit and said sales were continuing to fall. The group said profits had crashed to £10.8m in the six months to 31 July, from £32.5m in the same period last year. The company had told shareholders to expect profits between £13m [...]
Topps Tiles says green shoots are in sight as sales show signs of stabilising September 23, 2009 TILE and wood flooring retailer Topps Tiles yesterday said its markets were stabilising with sales falling at a slower pace in its second half, adding to hopes the recession may be ending. Topps Tiles – which is seen as a bellwether for DIYspending – said it expected sales at stores open more than a year to [...]
Receiver to sell Stanford yacht September 23, 2009 The receiver in charge of Allen Stanford’s assets has asked a federal judge for permission to sell the alleged swindler’s luxurious 112-foot yacht, the Sea Eagle. Ralph Janvey, the receiver in the case, filed a motion asking US district judge David Godbey in Dallas to approve the sale of the vessel, currently listed as being [...]