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.