JP Morgan buys MF Global stake in LME
JP MORGAN will soon announce it has bought a 4.7pc stake in the London Metal Exchange (LME) from defunct US brokerage MF Global, making it the exchange's largest shareholder. It was reported the US investment bank would pay £25m (€28m) for the stake, implying a total value of £530m for the operator.
Regulators warn Bank of America
US REGULATORS have informed Bank of America's board that the company could face public enforcement action if they are not satisfied with recent steps taken to strengthen the bank. BofA has been operating under a memorandum of understanding since May 2009. The memorandum, which is not public, identified governance, risk and liquidity management as problems that had to be fixed.
HP's Q4 profit plummets 91pc
HEWLETT-Packard (HP), the world's leading personal computer maker, has reported slightly better-than-expected results after a tumultuous quarter. The company said its net profit declined 91pc in the fourth quarter of its financial year to $239m (€176m). HP's fiscal fourth-quarter results included $2.1bn in charges and writedowns from the winding down of its webOS device business, restructuring and acquisitions.
High executive pay in UK slammed
TOP British executives are receiving "stratospheric" pay rises despite workplace "failure", an independent report into boardroom salaries has found. Salaries of some top executives in Britain had soared by more than 4,000pc over the past 30 years, at a time when ministers are contemplating new rules on top pay.
Timetable for IL&P's legal battle laid out
JUSTICE Nicholas Kearns yesterday set next Monday as the date for laying out the timetable for the landmark legal battle by Irish Life & Permanent shareholders against the plc's forced bailout. The case is being taken by Scotchstone Capital and Horizon Growth NV.