All Entries in the "Business News" Category
No giveaway in March pre-election budget
This will be the 14th Labour budget since Tony Blair’s landslide victory in May 1997 however this budget will be very political. Chancellor Alistair Darling has mentioned that he did not plan any generous giveaways in his March 24 budget.
The Red Knights approach Nomura in take over bid for Manchester United
The Red Knights who are trying to buy out Manchester United owners the Glazer family, who also own Tampa Bay Buccaneers, have approached Japanese investment bank Nomura to see if they would act as financial adviser, according to an unknown source.
AIG to sell Alico to MetLife
The US largest insurance company MetLife (NYSE:MET) is set to purchase Alico from AIG (NYSE:AIG). This is the second deal in a weak to come from AIG as they try to repay the US Government the $182.3 billion they required for their bail out.
Royal Bank of Scotland set April deadline for purchase of assets
Royal Bank of Scotland (LON:RBS) who is largely owed by the British government has set a date for early April, for potential buyers for over 300 of their branches and their payment processing arm.
Prudential buy AIG’s Asia arm
It seems that Prudential (NYSE:PRU) have agreed to buy AIG’s (NYSE:AIG) Asian life insurance arm for $35.5 billion (£23.6 billion). The deal will make Prudential the leader in one of the world’s fastest-growing financial services markets.
New Credit Card Laws: 2010 effective date is today
Good news for consumer’s bad news for Banks and other credit card issuers, as the new credit card law comes into force on Monday. Many of the card issuers will be anxious to determine just how big of a profit hit they stand to suffer.
FSA get tough on insider trading
The Financial Services Authority has handed out their biggest ever fine on an individual. Britain’s financial regulators fined Mehmet Sepil, chief executive of Genel Enerji, Plc a whopping £959,293 ($1.5 million)
Barclays post £11.6 billion profit
Barclay’s bank (LON:BARC) has posted record annual profits of £11.6 billion for 2009. And if that wasn’t good news two of the most senior bosses have turned down bonuses for the second year in a row.
Is the Financial Services Authority cracking under the strain?
With the Conservative party who have pledged to abolish the FSA if they win the election and the amount of criticism they have taken for its failure to rein in banks The FSA are in danger of becoming Lame Ducks.
Sen. Chuck Grassley: AIG has taxpayers over a barrel
Sen. Chuck Grassley, a member of the Committee on Finance, has said, “AIG (NYSE:AIG) has taxpayers over a barrel,” and he also believes that the Obama administration has been out maneuvered.
Bank of England believe Inflation will jump to 3% then fall again
The Bank of England Governor Mervyn King said in his latest quarterly inflation report on Wednesday that inflation will likely jump to more than 3% in January due to temporary factors, however will fall back below the 2% target.
Share investments rise as customers want better return
According to the Investment Management Association (IMA).The public are taking out their cash from banks and investing it into investment funds, for a better return on their money.
Fraud cost UK economy £30 billion: Financial services biggest loser
Fraud costs the Government, businesses and consumers £30 billion a year and according to the National Fraud Authority (NFA) financial services lose more to fraud each year than any other private sector industry in the UK.
President Obama’s proposals cause Banks shares to fall
Shares have dropped in major British banks after Barack Obama’s proposals decision to end Wall Street’s risky trading practices. Obama wants banks to stop betting on markets with own money and to ensure no bank becomes too large.
Bank of America report $2.2 billion net loss for 2009
America’s biggest financial Bank, the Bank of America (BoA) has made a $2.2 billion net loss for 2009 after counting the cost of repaying a $45 billion bailout to the US Government.