News

Your daily news update straight from the City PM newsroom in London

CAR BOMB ROCKS ATHENS STOCK EXCHANGE

September 2, 2009

A POWERFUL car bomb blew up outside the Athens stock exchange yesterday, slightly wounding one woman, in what Greek police suspect was the latest attack by leftist or anarchist groups. The Athens bourse opened normally despite suffering extensive damage. Eight vehicles nearby were set ablaze.
CITY MOVES WHO’S SWITCHING JOBS

September 2, 2009

Anthony GoldLaw firm Anthony Gold has appointed Margaret Hatwood, pictured, to join its London Bridge office as an associate in the Family Team. Hatwood, listed in the Legal 500, joins from Thomas Eggar where she has built a reputation acting for many high net worth clients, particularly from the legal, banking and financial industry, and [...]
Growth Down Under above expectations

September 2, 2009

AUSTRALIA’S economy outpaced the rest of the developed world in the second quarter according to official data released yesterday, which showed that its economy grew 0.6 per cent in the second quarter compared to the same period in 2008. On average, economists had expected a rise of just 0.2 per cent and first-quarter GDP growth [...]
Maersk shares slump as it unveils fast track fundraising to build a war chest

September 2, 2009

DANISH shipping and energy group Maersk yesterday saw its shares tumble after it unveiled an accelerated share sale valued at 9.2bn krone (£1.1bn) to build a war chest for acquisitions. Shares of the firm, which owns the world’s biggest shipper Maersk Line, shed over eight per cent yesterday, falling to 33.9 krone. This came after [...]
Pfizer is fined record $2.3bn

September 2, 2009

THE US drugs giant Pfizer yesterday agreed to plead guilty to a criminal charge relating to promotion of its now-withdrawn Bextra pain medicine.The group said it would pay a record $2.3 bn (£1.61bn) to settle allegations it improperly marketed 13 medicines. The world’s biggest drugmaker was slapped with the huge fines after being deemed a [...]
Activists lose key vote in fight against Sovereign

September 2, 2009

SOVEREIGNReversions has survived its no-holds-barred fight against a group of activist shareholders, after they lost a controversial vote to oust the property investment fund’s board. The rebels planned to install Countrywide chairman Harry Hill as head of the fund and to sell off its assets to deliver instant income to investors, but only gained the [...]
Wells Fargo to pay back Tarp money from profits

September 2, 2009

WALL Street bank Wells Fargo said yesterday that it would soon be able to repay the $25bn (£15.4bn) in Troubled Asset Relief Programme (Tarp) funding it took from the US government without resorting to a share offering. The bank, America’s fourth largest with $1.25 trillion in assets, said it would repay the bailout money from [...]
Call to close Fannie and Freddie

September 2, 2009

The US Mortgage Bankers Association (MBA) has urged the government to replace twin mortgage lenders Fannie Mae and Freddie Mac with a group of private firms issuing mortgage bonds backed by the state. The MBA’s plan would see federally regulated private firms known as Mortgage Credit Guarantor Entities – nicknamed “McGees” – purchase loans, sell [...]
Canada to chase UBSclient data

September 2, 2009

Canada could pursue Swiss bank UBS in court if bank officials refuse to disclose the names of Canadian clients who are evading taxes using UBS accounts. “They can go to court to try to compel UBS to disgorge names of Canadian taxpayers that have accounts there, but I’d say it’s a toss-up as to whether [...]
China buys first IMF bonds

September 2, 2009

China has agreed to buy the first International Monetary Fund bonds for about $50 bn (£31bn). IMF managing director Dominique Strauss-Kahn and the deputy governor of the People’s Bank of China, Yi Gang, signed the agreement yesterday at IMF headquarters in Washington. Under the agreement, the Chinese central bank will purchase up to 32bn SpecialDrawing [...]