Morning papers: JPMorgan sued over alleged Bear fraud
The headlines brought to you by Investment Adviser: Tuesday, October 2 2012
JPMorgan Chase has been sued for allegedly defrauding investors who lost more than $20bn on mortgage-backed securities written by Bear Stearns, part of a last push by US authorities to hit banks for their behaviour in the run-up to the financial crisis, according to the Financial Times.
Minimum wage for over-21s rises to £6.19
The minimum wage for UK workers aged 21 and above has risen by 11p to £6.19 an hour, but there is no change for younger employees, according to the Guardian.
Those aged between 18 and 20 will continue to take home £4.98 an hour, and 16- and 17-year-olds will continue to earn £3.68 a year. The rate for apprentices is increasing by 5p to just £2.65 an hour.
Investor urges rethink on BAE merger
A new hurdle to the £27bn tie-up between BAE Systems and EADS was put up by the French yesterday as the country’s largest industrial shareholder in EADS said that the 60-40 merger terms were unsatisfactory, according to The Times.
Four charged in UK insider-trading probe
British authorities have charged four people, including a former executive at Deutsche Bank AG, in relation to an alleged insider-trading ring in the most high-profile U.K. case of its kind, according to The Wall Street Journal online.
The probe marks what the UK’s Financial Services Authority calls its most complex insider-trading investigation. It is part of an effort by regulators at the Financial Services Authority to establish its crime-fighting credentials amid criticism it hasn’t acted decisively in the past.
Economy stagnant, warns BCC as recovery doubts return
Doubts about the recovery have resurfaced after manufacturing contracted at a faster rate than expected in September, policymakers’ attempts to boost lending failed in the first month of trying, and the British Chambers of Commerce said the economy “remains stagnant,” according to the Telegraph.