AIG subsidiaries settle discrimination charges
March 5, 2010 by James Hale · Leave a Comment
Two subsidiaries of American International Group (AIG) agreed to at least $6.1
million to settle allegations that they discriminated against
African-American borrowers.
According to the complaint filed against the companies in a Delaware court,
AIG Federal Savings Bank (FSB) and Wilmington Finance Incorporated (WFI)
charged higher fees on wholesale and mortgage loans to African-Americans.
The lenders did not deal directly with customers but funded mortgages sold by
mortgage brokers. The Department of Justice (DoJ) said that FSB and WFI
failed to monitor the brokers, who charged higher broker fees to
African-American borrowers between July 2003 and May 2006.
BNP Paribas bankers share €500m bonus pool
February 17, 2010 by James Hale · Leave a Comment
Message from fivefilters.org: If you can, please donate to the full-text RSS service so we can continue developing it.
BNP Paribas will pay its 4,000 bankers €500 million (£434.7 million) in
bonuses after France’s biggest lender beat profit forecasts during the
fourth quarter.
Staff in London and Paris will , on average, earn a €125,000 bonus for 2009,
less than under the €1 billion bonus pool proposed last year by BNP Paribas
which was forced to halve compensation following pressure from French
President Nicolas Sarkozy.
AA faces first strike action in 105 years
February 3, 2010 by admin · Leave a Comment
Message from fivefilters.org: If you can, please donate to the full-text RSS service so we can continue developing it.
AA patrols and other staff at the road rescue service are threatening to
strike for the first time in their 105-year history over a plan by their
private equity owners to cap their pensions.
The 5,000 staff of the emergency breakdown service group have their own union,
the Independent Democratic Union (IDU), which today said it would launch a
strike ballot if management refused to back down on proposals to alter their
pensions.
Gold: fundamentals remain strong, says World Gold Council
February 2, 2010 by admin · Leave a Comment
Published: 11:39AM GMT 02 Feb 2010
The World Gold Council said that investor flows, specifically from western
markets, have provided a key means of support during the course of the
credit crisis as investors sought to diversify their exposures to other
assets and protect their wealth against market shocks.
It said that these western investor flows have remained resilient even as the
global economy has shown signs of recovery. Furthermore it said, evidence
suggests that even the more tactical elements active in the gold market are
being firmly driven by positive sentiment toward gold’s fundamentals.
Further price support was provided by a progressive recovery in jewellery
demand after a pressured first quarter.
Aram Shishmanian, chief executive officer, World Gold Council on gold’s
trading range: “The sustained break above the key $1000/oz level came in
early September, with record highs being tested repeatedly over the
remainder of 2009. The current trading range should not be regarded as an
overnight spike, but the result of a measured rise, supported by favourable
and robust gold fundamentals.”
Company collapses ‘to soar in 2010′ as long-term effects of recession kick in
January 18, 2010 by admin · Leave a Comment
By
Martina Lees
Last updated at 10:49 AM on 18th January 2010
The number of firms in trouble rose by six per cent to 140,000 in the last quarter with the recession’s peak of company failures yet to come, researchers have warned.Begbies Traynor, which salvages struggling businesses, said insolvencies may soar in the second half of this year as interest rates rise and temporary government support runs out.The ‘time-to-pay’ tax scheme, which has allowed 242,000 companies to put off tax bills worth £4.2billion, will end in the third quarter.
More than 140,000 British firms have ran into serious financial trouble in the final quarter
‘HM Revenue and Customs remains one of the principal creditors in many insolvencies,’ said Begbies. ‘We fear that when the current ’time-to-pay’ scheme, which provided a lifeline to many businesses, is finished there will be a significant rise in company failures.’
‘There is every reason to suggest that
the insolvency peaks of this recession remain some way off,’ added Begbies chairman Ric Traynor. In the past four downturns insolvencies and unemployment have lagged one to two years behind technical recession, the firm said.But this time businesses are failing at an earlier stage of the recession, Begbies warned.It pointed out that the six per cent spike in struggling firms came despite VAT cuts and the car scrappage scheme.In fact, the car industry saw the largest quarter on quarter increase - up 26 per cent - in critical actions.On a positive note, although the amount of companies in trouble were higher than in the third quarter, the figure was 14 per cent lower than a year ago when Lehman Brothers collapsed at the peak of the credit crisis.Creditors have become ‘more lenient’ compared to ‘the near panic to recover debts and preserve cash amidst the chaos’ of 2008, Begbies said.
Share this article:
Why betting on higher Treasury yields in 2010 may prove dangerous
January 1, 2010 by admin · Leave a Comment
By Agnes Crane, Reuters Breakingviews
Published: 12:01AM GMT 01 Jan 2010
There’s a laundry list of reasons longer-dated Treasury yields should keep
rising: increased government borrowing, concerns the Federal Reserve’s easy
monetary policy will stoke inflation and investor preference for
higher-yielding alternatives.
So the 10-year Treasury yield has been on a forced march higher while the
shorter-dated two-year has meandered, making for a record difference, or
spread, between the two.
Bankers snubbed in New Year’s Honours list
December 31, 2009 by admin · Leave a Comment
By Holly Watt
Published: 8:00AM GMT 31 Dec 2009
Dyfrig John, the outgoing chief executive of HSBC in the UK receives a CBE in
recognition of his 38-year career at the bank.
HSBC was one of the few banks not to run into trouble during the credit crisis
and is now one of the world’s strongest financial institutions.
42 year-old banker fired for being too old wins age discrimination case
December 29, 2009 by admin · Leave a Comment
By Alistair Osborne
Published: 7:26PM GMT 29 Dec 2009
Achim Beck, a German national earning about £900,000 a year, brought a case in
March against Canadian Imperial Bank of Commerce (CIBC).
His main allegation was that he had been dismissed on racial grounds, claiming
CIBC had a policy of favouring Canadians over foreign staff. While a UK
employment tribunal threw out that complaint, it upheld a related claim that
he had been sacked for being too old.
Bank charges: OFT drops case
December 22, 2009 by admin · Leave a Comment
Published: 7:44AM GMT 22 Dec 2009
The OFT said that any investigation into the unfairness of overdraft charges
would have a “very limited scope and low prospects of success” and
it has “decided against taking forward such an investigation”.
The OFT said that it still continues to have significant concerns about the
operation of the market for personal current accounts.
John Fingleton, OFT chief executive, said that it would continue to take the
matter up with the banks and hope that they would “play ball” with
them on a voluntary basis.
OFT drops unfair bank charges case
December 22, 2009 by admin · Leave a Comment
Published: 7:07AM GMT 22 Dec 2009
The OFT said
that any investigation into the unfairness of overdraft charges would have a “very
limited scope and low prospects of success” and it has “decided
against taking forward such an investigation”.
It still continues to have significant concerns about the operation of the
market for personal current accounts.
John Fingleton, OFT chief executive, said that it would continue to take the
matter up with the banks and hope that they would “play ball” with
them on a voluntary basis.
