All Entries in the "Business News" Category
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.
FSA fine Standard Life for misleading public
Standard Life (LON:SL) the pension provider has had their knuckles rapped and a fine of £2.45m for publishing misleading literature about one of its investment funds. It is believed that 98,000 investors have been misled.
Financial Crisis Inquiry Commission to grill bank executives
Top bank executives can expect a grilling when they appear before a Congressional appointed panel investigating the causes of the financial collapse. The Commission was set up by Congress.
Oil prices make U.S. Trade Gap widen
Oil prices have made the U.S. trade deficit ballooned in November, as the price of the black gold jumped more than $5 per barrel to $72.54, the highest since October 2008.
RBS chief executive told he is paid to much by parents
Royal Bank of Scotland chief executive Stephen Hester told parliament that even his parents believed that he was overpaid. Hester was answering questions put to him by the Treasury Select Committee of MPs.
Unemployment hits 10% in countries using the Euro
It has been reported that 16 countries that use the Euro as currency have hit the 10% unemployment in their countries, this is the first time it has hit these levels since it was introduced in 1999.
Federal Reserve Bank told AIG to keep quiet over bail out
The Federal Reserve Bank of New York, which at the time was led by Timothy Geithner, told American International Group Inc. (NYSE:AIG – News) to withhold details from the public.
Now Elijah Cummings representative for the Oversight and Government Reform Committee has called for an investigation and hearing into what information was withheld according to Bloomberg [...]
Christopher Dodd: U.S. Senate Banking Chairman to retire
Banking Committee Chairman to the U.S Senate is expected to announce today that he will not seek re-election in November, according to two senior Democratic Party aides.
Marks & Spencer and energy companies take hope away from FTSE rise
It took just three days of the New Year to see the FTSE 100 falls down 19 points after a good start to the year mainly thanks to RBS and Barclays. This time it is retailers and energy companies under the microscope.
Royal Bank of Scotland and Barclays push markets up
Good news at last for banking shares as Royal Bank of Scotland (LON: RBS) and Barclays (LON: BARC) pushed up markets in a positive way albeit marginally. This was mainly thanks to talks that Brazil’s Itau Unibanco (NYSE:ITUB) might take a stake in RBS.
Bank of England to inject another £25bn in 2010
It seems that the Bank of England is prepared to continue with their Quantitative Easing program by as much as £25bn in the New Year. The BoE has already put in £200bn into the UK economy through this system already.
Denmark economy on the up as Britain is still in recession
Gordon Brown and Alistair Darling believed would be ‘well placed’ to ride out the recession, however Britain remains the only G20 economy to fail to expand between July and September.
Office of Fair Trading lose Supreme Court case
A Major blow to millions of customers has been dealt by a Supreme Court ruling, who is trying to recoup billions of overdraft bank charges. The ruling has over turned other rulings which allowed the Office of Fair Trading to investigate the fairness of charges for unauthorised overdrafts.
Update: Bear Stearns trial of former hedge fund managers
Legal experts say, the acquittal of two Bear Stearns (OTC:BSCBM) executives in the government’s criminal case tied to the financial meltdown may force prosecutors to rethink the evidence they planned to present in cases that have yet to go to trial.
Bank of America Rumor: Plans for major job cuts
There has been more speculation regarding more job losses and Bank of America, Europe’s biggest credit card provider, is considering plans for major job cuts in card services, according to one well sourced rumor.