Business, Economy And Personal Finance News
The Financial Services Authority appears to have widened the scope of its investigation into the near-collapse of Royal Bank of Scotland to include the controversial takeover of a US bank in 2004.
The FSA provoked an outcry last December when it said it would not publish the findings of its investigation. It was forced to backtrack and instead promised a report in March this year.
LONDON — Canada-based Ivanhoe Mines Ltd said Thursday that Dan Larsen, Rio Tinto’s Controller and Global Head of Planning and Reporting, has been appointed to Ivanhoe Mines’ Board of Directors.
Larsen replaces Howard Balloch, Canada’s former ambassador to China and Mongolia and Ivanhoe board member since 2005. The board replacement reflects Rio Tinto’s increased ownership in Ivanhoe.
Rio Tinto increased its stake in the Tronto-listed miner to 46.5% from 42% in late June and now has seven representatives on Ivanhoe Mines’ 14-member board.
Rio is allowed to nominate board members in proportion to Rio’s shareholding in Ivanhoe provided that it ensures a majority of independent directors on the Ivanhoe’s board until January 2014.
For struggling borrowers in better financial shape, the outcome could be more positive: The deal would include incentives for mortgage servicers to help homeowners who have fallen behind on their payments and whose homes are worth less than what they borrowed.
“The goal is to reinstate as many borrowers in a modification that performs well,” said Tony Meola, a servicing executive with Bank of America. “It also is likely to lead to faster resolution in those unfortunate situations where foreclosure is inevitable.
WESTPORT – On the agenda for a July 26 town meeting is a warrant article that would authorize the first tax incentive for a Route 6 business, SouthCoastToday.com reported Tuesday.
The article would authorize a tax increment financing arrangement for Mid City Steel, which is looking to expand at its 275 State Road location, the newspaper said.
Eleven parcels along Route 6 would be eligible for similar consideration thanks to a recent decision by the state’s Economic Assistance Coordinating Council which approved the creation of the first Economic Opportunity Area between Sanford Road and Route 88.
Our view: Buy
Share price: 482.1p (+1.4p)
A rarity from Icap yesterday: figures for the first quarter for once didn’t really sparkle compared with the same period last year.
But let’s be fair, back then the company, which facilitates the trading of a huge range of financial instruments between banks and other financial firms, benefited from a rash of market volatility caused by the “flash crash” back in May.
And this year there were an “unusual number of bank holidays” affecting the City of London – read, the Royal Wedding – further depressing revenues. So a 4 per cent fall is of little concern and in line with expectations. Act
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