News Column


July 31, 2014

BofA to pay $1.3bn in 'Hustle' case Bank of America was ordered to pay $1.3bn (770m) by a judge on Wednesday for a "brazen fraud" in which bank staff sold toxic mortgages to Fannie Mae and Freddie Mac, the governmentbacked mortgage companies.The decision is a blow to the bank and came as its lawyers met Department of Justice officials in Washington to negotiate a settlement over separate allegations that the bank mis-sold mortgage-backed securities. In his ruling, Judge Jed Rakoff, whose independent-minded verdicts have hit companies and government agencies in recent years, issued a damning assessment of the actions at BofA's Countrywide unit.

Juncker considers financial tsar A new EU financial services tsar charged with regulating the City of London and ensuring financial stability in the region would be appointed in Brussels under new plans being considered by Jean-Claude Juncker, the incoming European Commission president. Juncker is weighing the creation of a powerful standalone finance directorate EU urged to monitor Hungary A Hungarian opposition party is urging the EU to step up its monitoring of democracy in the country after prime minister Viktor Orban said he wanted to ditch "liberal" democracy in favour of building an "illiberal state".

Stelios turns his ire on Fastje Sir Stelios Haji-Ioannou, fresh from his failed campaign to block a 6.4m pay package for the boss of easyJet, has turned his attention to remuneration at Fastjet. Stelios's investment vehicle, voiced concerns about the AIM company's continued losses - $80m in 2013 HSBC blocks radical groups' money HSBC is closing the bank accounts of several Muslim organisations, including a mosque previously linked to radicalism, it emerged yesterday. The bank was accused of Islamophobia after writing to Finsbury Park Mosque in north London, where the cleric Abu Hamza preached.

Balls: Labour supporters doubt us Even Labour''s own supporters doubt the party will be able to create jobs and cut Britain's deficit, Ed Balls has admitted. The shadow chancellor revealed that the Labour''s internal polling had shown that even its loyal supporters are unconvinced about its record.

Half a million new pilots, says Boeing The aviation industry is forecast to need more than 500,000 new pilots over the next 20 years to meet demand for international travel. Boeing says nearly 27,000 newly qualified pilots will be required each year until 2033 - a total of 533,000 - to take the controls of passenger jets.

Alibaba in Talks to Invest in Snapchat is in discussions to raise a new round of financing from Alibaba Group Holding Ltd. in a deal that could value the mobile-messaging startup at about $10bn, according to people familiar with the negotiations.

Telefonica in talks for Mexican rival Spain''s Telefonica is in talks to buy Mexican rival Grupo Iusacell, according to people familiar with the discussions, as the Spanish telecommunications giant moves to gain scale ahead of an expected sector shake-up in Latin America''s second-largest economy.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: City A.M. (UK)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters