News

Goldman Sachs’ private equity arm is set to announce a £150m investment in insurance group Hastings Direct that will leave chairman Neil Utley cashing in tens of millions of pounds from the business he turned around after buying it in 2008.

70% of renters say they will never stop trying to get on the housing ladder

96% of current renters still ‘dream of owning a home someday’

Ad recovery points to rise in optimism

Britain's leading companies hiked their marketing budgets in the last three months at the fastest rate in almost six years, boosting hopes that the economy is on the mend.

James Moore: Co-op banks on the new man at the top

Outlook The Co-operative Group appears to have woken up to the challenge its banking arm faces, announcing more high-profile hires yesterday. It has brought in Richard Pennycock from Morrison's as finance director and Richard Pym, the former boss of Alliance & Leicester, to chair its bank.

Florian Homm was arrested in the Uffizi Gallery

Financier, Florian Homm, arrested after five years' flight

One of Europe's highest-profile fund managers caught in Italy

James Moore: Have lessons been learnt? Regulators have failed again and again and again

Outlook Something up with Libor, you say? Sorry guv, not my problem, speak to the British Bankers' Association. This, in a nutshell, was the attitude of the Financial Services Authority when the issue was raised with it on 26 separate occasions, and perhaps as many as 74 where there were oblique or indirect references to the problem in FSA communications.

Taxpayers won't recoup £66bn from bank rescue

Taxpayers are unlikely to ever recoup the £66bn spent saving Royal Bank of Scotland and Lloyds Banking Group from collapse, a committee of MPs has warned.

Have the banks got any guilty secrets left?

Next month is the fifth anniversary of HSBC releasing a trading statement that on the face of it looked fairly innocuous, but which contained this statement: "Deterioration in US housing markets is affecting consumer finance credit quality more broadly than hitherto and loan impairment charges are expected to remain high in these conditions. There is the probability of further deterioration if the current housing market distress continues and further impacts the broader economy."

MONEY MATTERS: 2. For how much was Northern Rock sold to Virgin Money?

Northern Rock bank run could have been avoided, says Hector Sants

The outgoing head of the financial services regulator claimed today that the run on Northern Rock could have been avoided if his advice had been taken to help Lloyds TSB take over the ailing bank.

Northern Rock 'will make the taxpayer £9bn-£11bn'

UKFI said the sale to Virgin provided the most attractive outcome in terms of new competition in the UK banking sector

MONEY MATTERS: 2. For how much was Northern Rock sold to Virgin Money?

£11bn profit from Northern Rock

Northern Rock's period of public ownership should generate a profit of up to £11 billion for the taxpayer over the next 10 to 15 years, the body responsible for the Government's bank investments said today.

JC Flowers boss banned and fined

Ravi Sinha, the former boss of private-equity giant JC Flowers in the UK, has been fined £2.86m and banned from working in any kind of financial services business for life.

Spotlight On: Virgin Money savings accounts

The deal

Newcastle secure new shirt deal

Newcastle have secured a new two-year shirt sponsorship deal with Virgin Money.

Leading article: Clegg's chance to clean up

Surely, if we learnt anything from the "loans for peerages" story, which this newspaper helped to break six years ago, it was that party funding should be kept away from the honours system. Yet the New Year Honours list tries again to push that water back uphill.

Co-op named as preferred Lloyds branch buyer

Lloyds Banking Group today named the Co-operative as its preferred choice to buy the 632 branches it is selling under European competition rules.

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