Repo Car Auctions

Buying Repossessed Cars From a Car Auction

admin — Thu, 12 Jan 2012 06:06:57 +0000

Repossessed Car Auctions

Car Auction - Guest article detailing how a repossessing or "repo" car auction can be a great way to save a lot of money.

Video on how to buy car from auction as well.

Article by Repossed Cars

People who are looking to buy a new car or even their first car have some important choices. One of them involves asking for a bank loan, but this might not be the soundest thing to do. After all, it's never really a great idea to buy something with money you don't actually have, so, if you find yourself in such a place, you should check out repossessed car auctions first. Sure the process of buying a new car has its obvious advantages, but there are plenty of reasons why you should opt for a used car also, and the money issue is one of the important ones.

Repossessed car auctions are great places to find some of the cheapest cars on the market, and the deals you can pull there are truly bargain material. A lot of car dealers first visit these places before they come and present you with their latest models, so it's smart to be one step ahead of them and check out some repossessed car auctions by yourself first.

Car Auction

We've had a lot of folks ask about our Baltimore City Abandoned Vehicle Auctions. Well, they are held every second Wednesday in Baltimore at the city tow yard on Pulaski Hwy. Here is an informational video about the auctions and the GREAT deals which occur on a regular basis.
Video Rating: 3 / 5

Repossessed car auctions can offer you discounts of up to 80%, as compared to a car's retail price, so buying such a car can actually help you save thousands of dollars. You won't have to worry about how much money you need to borrow in order to get that dream car of yours, but you can actually start making some plans for the money you get to save. And even though in the past repossessed car auctions were exclusively visited by car dealers, today times have changed and regular people also have the chance of getting the bargain of their life.

You need to know that these repossessed cars are called this way due to the fact they used to belong to other owners, mainly criminals who were jailed, or certain government agencies, and are now playing the role of decommissioned vehicles. You can find a lot of car models at these repossessed car auctions, and many of them are sports models or really expensive models. They are very well kept and you can actually buy them at a small fraction of their original retail price.

All you need to do is find an online site that offers these kinds of auctions, and place your bids. Government agencies, institutions or banks are always going to be quick to dispose of their repossessed or seized inventories, wanting their selling processes to go quickly and smoothly. So you should take advantage of their desires and buy your dream car; just remember to bid for mid-range vehicles that have lower competition to boost your chances of winning the auction.

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Question by P A: car auction!!!!!!!!!!!!!!!!!!?
I want some estimation on what you think that this car would sell for at an auto repo auction. It's an auction every week that sells approximately 300 cars each week. I am looking at a 2002 jaguar x-type with 86,088 miles on it. Usually the cars sell under their market prices, but what should it sell for......... we previously looked into an infiniti qx56 that was worth 30,000 but sold for 21,000..... so i don't have any guesses

Best answer:

Answer by Gattu9005
It's an auction.

So there is no value on the car, it all depends on the value of the moment.

I personally prefer to get cars in govt auctions since can hit some jackpots in like 300$ at times.

What do you think? Answer below!
A&W auction set for today
“We're expecting a record turnout, and it's one of those auctions that you very seldom get to do. This place is known nationally for cars and hot rods,” said Paul Basinger, owner of Basinger Auctions. Those who are unable to attend the auction in ...
Read more on Youngstown Vindicator

Car Auction News

Norfolk, VA (PRWEB) January 10, 2012

Dominion Enterprises has announced the appointment of Carl Arnold as general manager of its Wholesale Industrial Network (WIN). Arnold will be responsible for the Wholesale Industrial Network product, a web-based startup which is conceptualized and designed to connect and integrate wholesale trade activities of the commercial truck and equipment industries on a global scale.

Arnolds background includes more than twenty years in the automotive dealer environment, fourteen years of which have been spent in remarketing and wholesale activities. He began his automotive career with Enterprise Rent-A-Car in 1997, managing vehicle acquisition, disposition, service/repair, fleet planning and storage.

After a successful career with Enterprise, Arnold joined ADPs Dealer Services Division in 2003 where he was responsible for leading a team that sold integrated dealer management computer systems (DMS) and software to automotive dealers in the central U.S.

In 2006, Arnold joined Manheim Auctions where he served as director of national accounts, director of dealer services and, most recently, director of strategic account development. During his time at Manheim, he gained expert knowledge about wholesale trade activities in both brick/

mortar and online environments. He also headed cross-functional teams on new product releases,

led dealer advisory board meetings, developed a network of third-party service providers to complement Manheims product offerings, and devised strategies to expand major dealer accounts nationally.

Arnold holds a bachelors degree from the University of Missouri and will continue to reside in the St. Louis, MO area with his wife and three children. He can be reached at carl.arnold(at)dominionenterprises(dot)com or 757-351-7005.

About Dominion Enterprises

Dominion Enterprises is a leading marketing services and publishing company serving the automotive, recreational and commercial vehicle, real estate, apartment rental, employment, parenting, travel, and daily deals industries. Headquartered in Norfolk, Va., with 3,300 employees in the United States, Canada, England and Italy, the company provides a comprehensive suite of technology-based marketing solutions, more than 60 market-leading websites, and 280 magazines. For more information, visit http://www.dominionenterprises.com.

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Car Repossession – News and Repo Question

admin — Wed, 11 Jan 2012 21:47:51 +0000

Car Repossession - post about car repossession, and when is it a viable option.

Question by One Deep: Car Repossession......?
Long story short. I'm dealing with a small car lot that I put a down payment on a truck. Come to find out the mileage they claimed was inaccurate after getting a car fax. I purchased the truck AS IS and was schedule to make payment on it, but I returned it. They refused to give me my down payment back, but they agreed to put me in another car of theirs. So I get another car from them today, no down payment, and also AS IS. The car ran good when it test drove but now its having electrical problems, check engine light, no working windshield wipers and a few more nagging problems. Well my question is since I just got the car from them and I am unhappy with the condition and return the car, and lose my down payment, will or can they put it on my credit as a repossession. At this moment I am fed up with this car lot and its my fault I let them trick me out of my money, but I am willing to take a loss because it will cost me a lot less in the long run to save up and get something nice. Down payment was ($ 2,000). Please let me know what you would do in this situation or if you have previous experience in this area. Thanks

Best answer:

Answer by xx_satanic_mechanic_xx
They are within their rights to call it a repo. You promised to pay them a certain amount of money in exchange for the car. Giving the car back doesnt undo the contract. They can sell it at auction, and come after you for the remaining balance of the loan.

Now

Will they? Probably not. If you tell them that they can keep the $ 2k and take the car back, they will likely go for it. But do NOT ASSUME anything. If they forgive the contract, get something in writing.

What do you think? Answer below!
Watchdog probes car repossessions
By Trevor Wilhelm, Postmedia News December 22, 2011 A watchdog for Ontario car dealers has asked a finance company to explain itself after it repossessed cars from alleged fraud victims. The vehicle repossessions are related to a fraud and forgery case ...
Read more on Montreal Gazette

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Car Repossession Video

Car Repossession

How to video on how to break a steering wheel lock to repossess or tow a car with no keys. Nissan Armada.
Video Rating: 5 / 5

St. Louis, Missouri (PRWEB) December 07, 2011

Recovery Compliance Solutions, a provider of repossession compliance monitoring solutions, has partnered with Windsor Equity Group to manage and verify its recovery agents information, insurance, licensing & contracts to ensure they remain compliant with state and local requirements. Additionally, Recovery Compliance Solutions will ensure the independent recovery and repossession agents abide by the service contract they've entered into with Windsor Equity Group.

Keeping track of recovery agents is an extremely large and necessary task for any lending company, but especially for a large organization such as Windsor, said Terry Tonsing, Director of Operations for Recovery Compliance Solutions. We will employ our proprietary technology to maintain all the necessary documentation needed to make certain that all of Windsors recovery agents are constantly in compliance with their requirements.

As stated by the Uniform Commercial Code (UCC) Officials, lenders are responsible for the actions of their repossession vendors. As a result, liability falls on the lenders to ensure their repossession vendors are maintaining the minimum standards set forth by the industry and their contracts. This is why Windsor Equity Group has chosen Recovery Compliance Solutions to handle this daunting task.

For more information about Recovery Compliance Solutions and their independent repossession vendor compliance and monitoring services, please visit http://www.recoverycompliance.com/.

About Recovery Compliance Solutions

Recovery Compliance Solutions administers and monitors independent repossession vendors for compliance issues on behalf of automotive lenders throughout the United States. The management staff at Recovery Compliance Solutions has more than 20 years of past experience in the automotive lending and repossession industry. In addition to being directly employed by a national automotive lender, they have been certified thru both Recovery Specialist Insurance Group (RSIG) and Certified Asset Recovery Specialist (CARS). For more information about Recovery Compliance Solutions and CARL, the companys Asset Recovery Vendor Accountability Solution, visit http://www.recoverycompliance.com or call 314-732-1376.

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Luxury Car Auction – Los Angeles

admin — Wed, 11 Jan 2012 21:46:21 +0000

Car Auctions In Los Angeles

Car auction - Looking at Los Angeles luxury car auctions today, video's and questions answered...
Did You Know? Every Week Thousands Of Cars Are Sold To The Public At 35 Different Auction Locations Around Los Angeles And We Offer You The Address, Date, And Time To All Of These La Public Auto Auctions.

Gov-auctions.org - #1 Government & Seized Auto Auctions. Cars 95% Off!
#1 Trusted US Government, Police, Repos & Seized Vehicles Auction Site (incl. Real Estate).
Gov-auctions.org - #1 Government & Seized Auto Auctions. Cars 95% Off!

los angeles car auction

This is a LIVE video sneaking you into a Public Car auctions in Los Angeles CA CALIFORNIA LAcarAUCTIONS.com .A Los angeles car auction INSIDER GUIDE and list so you can purchase your next car for hundreds maybe thousands of dollars less than the dealer.
Video Rating: 5 / 5

Car Auctions In Los Angeles

Question by Bob: Car Auction?
What kind of luxury cars would you find at a car auction? Would they be priced good? and would you ever find one that is only a 1 year old? Thank you.

Best answer:

Answer by gunhipswollenlip
probably, i heard there good deals on them, but
you have to have the money up front and bid with people,
craigs list is a good place too, check that out.

What do you think? Answer below!
First Collector Car Auction of The Year, Barrett-Jackson Gauges the Market
Monday continues the festivities but on Tuesday, you will not want to miss the Automobilia Auction, where you will find almost anything under the sun collectibles ranging from trinkets to niceties, to necessities. Then, the first Collector Car Auction ...
Read more on Torque News

Car Auction

Allentown Auto Auction Auctions TWICE a week! Open to the Public! Every Wednesday 5:30PM Every Sat 10:30AM www.allentownautoauction.com
Video Rating: 4 / 5

Filed: Luxury Car Auction - Los Angeles

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Repo Car Auction – Big Savings for All

admin — Tue, 10 Jan 2012 11:10:48 +0000

Repo car auction - Can buying at car auctions save you money?

Well; yes and a lot.

However some care and research needs to be done, as buying at auction can get to people, and they may end up allowing the adrenalin and emotion take over from common sense.

This post is all about looking to buy repossessed cars and unbeatable prices from the many car auction sites that sell repo vehicles.

Car Auctions In Los Angeles
Did You Know? Every Week Thousands Of Cars Are Sold To The Public At 35 Different Auction Locations Around Los Angeles And We Offer You The Address, Date, And Time To All Of These La Public Auto Auctions.
Car Auctions In Los AngelesHow To Buy Cars At Auctions
With The Present Economic Crisis Theres Never Been A Better Time To Buy Cars At Auctions! This Website Will Provide You With The All Tools You Need To Benefit From The Thousands Of Vehicles Being Sold At Rock Bottom Prices At Auctions.
How To Buy Cars At AuctionsCar-auction.com - ***online Repo Vehicle Auctions
Over 10 Repo Auction , Cars, Buses, Boats, Motorhomes, And More Being Auctioned Off At Huge Discounted Prices!
Car-auction.com - ***online Repo Vehicle Auctions

Repo Car Auction - Save Save Save!

Article by D Fraser

It's been a used car dealers best kept secret for a long time. Repo car auctions were a place used car dealers could pickup several good used cars and/or trucks bring them back to their lot and sell them for a nice profit. While that is still the practice of some used car dealers it's easier now for the average joe to learn the ropes, and get his/her own deal on a repo car from the auction.

Find the Information

This can be the toughest part of the entire process. Discovering where and when auctions take place, and if you can or can't get into one is the first step. Your local town office may have information about repo car auctions in your area, also watch the news papers for notices of police or government surplus/repo auctions. These auctions will not only have cars and trucks but also other merchandise such as boats, atv's, and other motor vehicles.

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With the advent of information sharing on the Internet it's made it even easier to locate repo auctions. There are services set up solely for this purpose of providing info on auctions in your area as well as what items will be going up for auction.

Repo Car Auction - Where do the vehicles come from

There's a variety of places cars can come from that are up for auction. More times then not they've been repossessed by finance companies, banks, the police and even the town or state. Most times cars and trucks at repo auctions are newer model years, with low mileage, and in good shape. Making it the perfect place for you to pick up your next new to you car.

Repo Car Auction

The best way to navigate the repo car auction circuit is to use a professional service that specializes in providing consumers information on auction locations, cars available etc. Understanding how to bid on a car you may be interested in, making payment if you win, and pickup are all items that should be posed to a professional.

No question if you're willing to do a little bit of research you'll save a bundle buying your car from a repo auction rather then a used dealer. You could very well bid against the same person you'd buy the car from otherwise. Using a service to do your research online prior to heading out to locate an auction is ideal. You'll be able to see what similar cars have sold for at other auctions, and sometimes even place a bid online.

Car-auction.com - ***online Repo Vehicle Auctions
Over 10 Repo Auction Sub-niches To Promote, Cars, Buses, Boats, Motorhomes, And More Being Auctioned Off At Huge Discounted Prices - Make 75% Per Sale!
Car-auction.com - ***online Repo Vehicle Auctions
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Question by : where are the Car repo auction's in Baltimore MD?
Having difficulty finding a car repo auction in baltimore MD area. Can any one help us. Please I dont want links to secondary sites, just a link, or phone number to the actual place please. Thank you

Best answer:

Answer by ▐▀▀ ♦ ▀▀▌ ♣ Cali ♥ ▐▄▄ ♠ ▄▄▌

http://www.google.com/#hl=en&cp=4&gs_id=i&xhr=t&q=car+auctions+in+baltimore+md&pf=p&sclient=psy&source=hp&pbx=1&oq=Car+auction%27s+in+Baltimore+MD&aq=0l&aqi=g-l1&aql=&gs_sm=&gs_upl=&bav=on.2,or.r_gc.r_pw.&fp=43b3d7638083a689&biw=1024&bih=549

What do you think? Answer below!
BizBox® to be Featured at Barrett-Jackson Collector Car Auctions
9, 2012 -- /PRNewswire/ -- New technology will share the spotlight with old in 2012 as Barrett-Jackson, creator of "The World's Greatest Collector Car Auctions™," is teaming with BizBox to create the Barret-Jackson "Mobile" Social Media Hot Spot for ...
Read more on Sacramento Bee

Repo Car auction

cort.as - Discover the best place to find CHEAP repossessed cars for sale. Click here to find out : cort.as
Video Rating: 0 / 5

Irvine, CA (Vocus) January 14, 2010

IRVINE, California, January 14, 2010 United Law Group announced a program to help distressed families who are struggling to make their auto loan payments. Auto Payment Relief is a service offered by the law firm to help people who have been victimized by illegal practices and those facing financial hardships.

The automobile industry has a history of unethical and illegal sales and lending practices, said Robert Buscho, Senior Litigation Attorney for United Law Group. Everything from failure to disclose fees to misleading clients as to the terms of the lease and more has gone on in this industry.

United Law Group pursues cases where lenders fail to accurately and truthfully disclose fees associated with a sale or lease (violations of 15 U.S.C.

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Repo Car Auction - Classic Motorcar Auctions Announces Two Great Spring Auctions
9, 2012 /PRNewswire via COMTEX/ -- One of America's fastest growing specialty car auction companies, announced two great auctions planned for Spring in the upper mid-west for 2012. The company, owned by Bob Lichty, with over 40 years of professional ...
Read more on MarketWatch (press release)

Question by J BO: Is buying a repossessed car a good idea with our economy?
I would never buy a repossessed car without warranty and without a clean carfax record of damage but im wondering is it a good idea? I got on the site "gov-auction.org" which is the most "trusted" government repossession site in the United States. It says you can save up to 95% on the retail price of the car. Do you think thats just blowing smoke or is there any truth to it? Anybody have experience with buying repos?
the site is "gov-auctions.org".

Best answer:

Answer by Chris Z
If oyu are interested in a good deal and buy a repo, just call the local repo companies in the yellow pages or call your area credit unions. This is the best way to do it and you do not have to pay for lists and that kind of crap. I sell a lot of good cars at even better prices. Some need cleaning, some are in great shape. But all are a deal. Buying and reselling these cars is what actually got me started in the business.

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Steve McQueen's Racing Suit Fetched Almost $1 Million

Mon, 09 Jan 2012 07:00:34 +0000

A racing suit worn by the late actor Steve McQueen in the 1971 film “Le Mans” sold for $984,000 during a sale by the Los Angeles auction house Profiles in History. A DeLorean sports car used in the “Back to the Future” films fetched 541,00 at the same sale. While the DeLorean’s price may be surprising for a car that has yet to take off with traditional car collectors, the staggering price paid for McQueen’s white suit with orange and blue stripes may be less shocking to people who have followed sales of the actors cars, motorcycles and other personal property.

Collectors crave any association with McQueen, who is sometimes called the King of Cool. After all, he drove racing cars, flew vintage biplanes, raced motorcycles across the desert and did countless other things many people would like to try but never will.

Last month Driver’s Seat tracked the McQueen multiple in anticipation of the racing suit’s sale. The multiple indicates how much people pay for a McQueen item compared with a run-of-the-mill version of the same thing.

A 1963 Ferrari 250 GT Lusso that McQueen once owned sold in 2007 for $2.3 million, setting the multiple at about 10. Last spring an ex-McQueen 1971 Husqvarna 400 Cross off-road motorcycle the actor once owned sold for $144,500. That’s about 20 times what any other 400 Cross would fetch. The multiple hit 40 in August when a 1969 Porsche 911S sports car McQueen drove in non-racing scenes in “Le Mans” sold for nearly $1.4 million.

Now it seems like clothing McQueen wore may be just as valuable, or arguably more so, than the cars he drove. The auction house estimated the suit would sell for $200,000 to $300,000.

Steve McQueen's Racing Suit Fetched Almost $1 Million

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Delhi's Air as Dirty as Ever Despite Some Reforms

Thu, 05 Jan 2012 07:00:40 +0000

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Huge Eurobank, Rated 'Britain'S Worst,' Now Accused of Gouging US Consumers

Wed, 21 Dec 2011 07:00:26 +0000

The accusations are as outrageous as they are plentiful: Hundreds of “robocalls” -- in one case, 800 to a single person -- to collect auto loan debts; illegal repossession of cars from active duty military deployed overseas; late fees assessed three years after the fact and then compounded into $2,000 or $3,000 bills; harassing calls to friends, neighbors, co-workers -- even children -- on cell phones. And now, a flurry of lawsuits filed around the country, and lawyers fighting over potential clients.

The defendant in the lawsuits is Europe’s largest bank, Banco Santander S.A., which is preparing to make a big push into U.S. retail banking. But many Americans already have been introduced to the Spanish financial powerhouse, a first encounter that many liken to a nightmare.

Santander’s most visible presence in the U.S. market is the result of a buying spree begun in 2009, when the bank began purchasing billions of dollars in auto loans -- many of them subprime loans for used cars -- from Citibank, HSBC and a host of other banks.

But if the cascade of complaints and lawsuits are accurate, Santander Consumer USA has tried to immediately turn those receivables into lucrative assets by assessing massive penalty fees and repossessing cars under dubious circumstances.

"They have a good business model if you are a crook," said lawyer Johnny Norris, who filed one of the first class-action cases against Santander Consumer USA, the Spanish bank's U.S. arm. "It's a very lucrative but unlawful business plan. ... It's really terrible and we're trying to put a stop to it."

Laurie W. Kight, vice president of communications for Santander Consumer USA, said the company would not consent to an interview for this story.

"(Santander) declines to comment at this time," she said in an email.

While the Internet has been awash in complaints about Santander’s debt-collection practices for months, legal proceedings are just now reaching a fever pitch. Norris said he's filed more than 100 individual cases against Santander and he's considering hundreds more. One of his clients was called more than 800 times by an automatic dialer, he said, alleging that the calls represent a violation of the Telephone Consumer Protection Act. If so, each call could net a penalty of $1,500 for plaintiffs.

"Our cutoff is 100 calls" when the firm screens potential new clients for Santander lawsuits, he said.

The class-action case, with seven lead plaintiffs, was filed in federal court in Alabama.

One plaintiff, Leslie Haynes, purchased a used BWM in 2007 from a dealer in Birmingham, Ala., according to court documents. A year later, Santander collectors began peppering her with demanding calls. The lawsuit claims agents misled her about the balance of her loan, tried to trick her into making additional payments, then refused to stop calling her at work. Agents also repeatedly frequently called relatives, even harassing her sick stepfather and his live-caregiver in the months before he died, it alleges. The court filing does not indicate whether Haynes had made all payments on time.

Another plaintiff in that case, Victor Shortt, alleged that Santander agents repeatedly called his minor daughter's cell phone, ignoring pleas to stop. A third, Jacob Glassmoyer, said Santander officials called his parents' cell phones repeatedly, at a time when one of them was undergoing chemotherapy, according to the lawsuit.

Norris said Santander routinely uses another tactic after acquiring a loan from another lender: It searches records for past slip-ups -- such as a payment that was late by a few days -- then assesses fees retroactively, sometimes years after the fact. By calculating the loan forward from that point, and "cascading" the fees, the firm sometimes claims clients owe thousands of dollars in late fees, and demands immediate payment or threatens repossession.

Another class-action case, filed in a federal court in California, accuses Santander of ignoring the Servicemembers Civil Relief Act, claiming the firm repossesses cars while active duty military are deployed overseas and refuses to lower interest rates to 6 percent, as required by law. The plaintiff in that case, Sgt. Charles Beard of Lemoore, Calif., serves in the U.S. Army National Guard, and was deployed abroad on Aug. 16, 2008. On Feb. 3, 2009, Santander repossessed his Kia Sportage, even after the bank was informed that a court order is necessary to repossess a deployed soldier’s car.

"One of defendants’ representatives told Mrs. Beard that she would go to jail for a stolen car if she did not turn in the vehicle," the lawsuit alleges. Santander also ignored complaints from Army legal assistance, and sold the repossessed auto at auction in March of that year, according to the lawsuit.

The lawsuit claims such violations by Satandar of the Servicemembers Civil Relief Act are routine.

"Defendants have a policy of failing to verify, prior to undertaking voluntary repossession, whether the person whose vehicle is subject to repossession is serving on active duty," it claims. "Defendants routinely ignore service members’ rights under the SCRA and wrongfully repossess their cars without obtaining the requisite court orders."

Used car loans might seem like a hard way for an international bank to make money, but they've actually proven to be more resilient and recession proof that other forms of lending -- particularly mortgage lending. Cars, at the moment, appear to be better collateral than homes and are much easier to turn into cash after a borrower defaults. That's part of the reason that Santander was the most profitable bank in the world outside of China last year, and has been on the acquisition trail since the financial meltdown.

The Spanish bank is Germany's largest auto lender, and has enormous auto loan portfolios across Central and Eastern Europe, said Mauro Guillen, a Wharton Business School professor who wrote a book about Santander called "Building a Global Bank."

"Auto loans are low margin, but high volume gives you a good return," he said. "It's a typical way for Santander to enter a market."

It's also lucrative. Santander Consumer USA earned a tidy $455 million in 2010.

"It's a cash cow for them," Guillen said.

Santander has big designs for U.S. retail banking. It completed the acquisition of Sovereign Bank, largely a regional lender based in the Northeast, in 2009. It recently received approval to convert from a savings bank to a national bank, and plans to begin rebranding 747 Sovereign branches as Santander early next year.

But as the bank brings its impressive balance sheet to the wider U.S. market, it apparently has also exported its reputation for mistreating consumers. Last year, a flurry of news stories in the British press labeled Santander "Britain's worst bank,” after it registered more than 160,000 complaints from account holders in a recent 6-month period, by far the most of any bank. The complaints typically involved frustrations with fees and customer service.

Santander usually receives the most consumer complaints in Spain, too, Guillen said.

Santander's move into U.S. auto loans has been aggressive. In November 2009, it acquired $1 billion in loan receivables from HSBC for $900 million. It raised the stakes much higher in June 2010, when it announced it purchased $3.2 billion in loans from CitiFinancial, and also agreed to service another $7.2 billion in auto loans still held by CitiFinancial.

Combined with a series of acquisitions from smaller lenders, and the loans it inherited from Sovereign, and analysts estimate Santander's U.S. auto loan holdings at $17 billion.

The banks' preference is for high-interest, subprime auto loans, which were reliably lucrative before the financial collapse, Guillen said.

They still are, argued lawyer Norris, because of what he says are the bank’s illegal practices.

"They are taking these subprime loans while the loan is still active. They are piling that loan as high as they can with fees, making as much money from the borrower as they can," he said. "Then they repossess the car, and sell the car. Maybe there's a difference between the outstanding loan amount and the price they get at auction, but guess what: Santander didn't pay 100 cents on dollar for the loan. They bought the car at a discount to start with."

The Internet is awash with complaints of unfairly repossessed cars and sudden demands for lump payments by Santander. Many focus on confusion around the transfer of the loan to the Spanish bank from the original lender. Thomas Tupper of Irvine, Calif., purchased his car through Citibank, but when the loan was transferred to Santander in September 2010, he says he ended up with nothing but trouble. Automated direct payments were received by Santander, and credited to his account, but he was still reported late to the nation's credit bureaus and assessed late fees by the bank. Then, when he sold his car, Santander cashed the payoff check but still reported him as late. That forced him to make extra payments on the loan, even after the loan was paid off. He's only received partial refunds of the overpayments. (For more on his trouble, click here)

Donovan Rogers, 34, of Abeline, Kansas, said Santander repossessed his 2005 Dodge Durango this year after purchasing his loan from the original lender. Rogers said he wasn’t alerted to the bank change. He claims he continued to send payments on time via money order to his initial lender, but Santander would later tell him it never received the payments. He says was unaware of the problem until weeks before the car was repossessed in May. He says he received nearly 500 phone calls from the firm during that time, and was threatened with criminal charges. Even though the pickup was sold at auction in June, he said he still receives calls from Santander demanding payment.

“They've made my life a mess. When I tell people my story, they are in awe,” Rogers said. “I thought I was alone until I found all these other stories online. I’m living a nightmare, but now I’ve seen stories of people with much worst nightmares than mine.”

Accusations of unfair fees and repossessions don't figure into the lawsuits Santander is facing, however. Lawyers are flocking to the cases because of potentially lucrative violations of the Telephone Consumer Protection Act and the Fair Debt Collection Practices Act. Santander agents routinely fail to identify themselves, use obscenities, call people other than the actual debt holder and reveal to those people details about the debt, the lawsuits allege -- all direct violations of the latter law. The bank has also used automated dialing systems and prerecorded messages directed to cell phones without permission, the lawsuits allege, a violation of the Telephone Consumer Protection Act. Willful violations of that law offer a $1,500-per-phone-call bounty to the plaintiff.

Missouri lawyer Gary Green, who is also readying a series of lawsuits against Santander, thinks that the bank many have just overlooked consumer law when it raced to expand its U.S. presence.

"I think that they've stumbled in without doing research," he said. "And they figured the claimants would act like most claimants and not realize they had any rights. They figured they could take advantage of these people thinking individually they would have no voice. And maybe they just didn't read the federal law."

Even outside of consumer issues, Santander's reputation is not pristine. Alfredo Saenz, the bank's No. 2 executive, received a pardon last month from lame duck Socialist Party officials in Spain, sparing him from a previously imposed lifetime ban from working in banking. In 2009, he was convicted of making false criminal accusations in an attempt to recover a $5 million loan dating back to 1994.

The bank's CEO, Emilio Botin, and other relatives are the focus of a tax evasion inquiry by the Spanish government involving a secret Swiss bank account that dates to the days of the Spanish Civil War in the 1930s.

Santander also operated a so-called "feeder" fund that essentially acted as a front to entice investors for disgraced Ponzi scheme operator Bernie Madoff; clients lost a staggering $3 billion. The bank says it, too, was duped by Madoff, and has already paid $235 million to the fund set up by Madoff trustee Irving Picard. It has also offered nearly $2 billion worth of stock to victims to settle pending lawsuits.

But Guillen, who wrote the book on Santander, thinks it might be unfair to single out Santander for alleged aggressive debt collection tactics.

"What bank doesn't have a lot of complaints right now? I can't imagine (alleged illegal tactics) are a part of an explicit business plan," he said. "Are they doing this more than other banks? Banks are desperate for cash right now. I don't know if Santander stands out as being more aggressive than other banks."

And despite the complaints and lawsuits, he predicted the bank will successfully expand into U.S. retail markets.

"And I would predict other acquisitions for them," he said.

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Huge Eurobank, rated 'Britain's worst,' now accused of gouging US consumers

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Original article here : Huge Eurobank, Rated 'Britain'S Worst,' Now Accused of Gouging US Consumers

Two Arrested in Chino Hills With Stolen Property

Sun, 18 Dec 2011 07:00:34 +0000

CHINO HILLS - Two people were arrested Thursday morning after a deputy conducting a routine patrol found several stolen items in their car.

Dwight Triplett, 35, and Brittany Robles, 19, both of Moreno Valley were booked on suspicion of possession of stolen property into West Valley Detention Center in Rancho Cucamonga.

San Bernardino County sheriff's Deputy Ray Sanchez stopped to run the license plate of a car parked in a gas station at 10:40 a.m. in the area of Grand Avenue and Boys Republic Drive.

The plate number came back listed as lost or stolen, sheriff's Sgt. William Hunt said.

Sanchez talked to the occupants in the car and learned that one of then was on probation.

Triplett's probation terms allowed law enforcement to search him.

Robles who owned the car also consented to a search, Hunt said.

The car was found to have been bought at an auction.

The deputy found stolen high-end calculators and several items of women's clothing inside the car.

A device known as an alpha-hand key - which is used to demagnetize the anti-theft equipment placed on store merchandise - was also found inside the car, Hunt said.

The calculators were stolen from a store in Corona and the women's clothing was stolen from the Nordstrom at Montclair Plaza.

The woman admitted to the thefts, Hunt said.

Authorities also contend the hand key was stolen.

"It appears it may have been stolen from a Walmart, but we're not sure which one,'' Hunt said.

Two Arrested in Chino Hills with stolen property

Original article here : Two Arrested in Chino Hills With Stolen Property

Newspaper Briefing, Including 'Spanish and French Borrowing Costs Soar as the …

Wed, 07 Dec 2011 07:00:34 +0000

The Times

Gilts: U.K. government bonds retreated on speculation that the European Central Bank might provide funding to allow the International Monetary Fund to help the likes of Spain and Italy. The December gilt future settled 65 ticks lower at 130.57, but still did better than bunds. In the cash market, yields on ten-year gilts rose four basis points to 2.21%.

Bet of the day: It has been a horrible year for Hewlett-Packard. Its shares have collapsed and its sales have fallen. Plans to spin off its PC business fell flat and the Chief Executive behind its $12 billion takeover of Autonomy departed. Spread-betters still sold its share price in advance of interim results on Monday.

Deal of the day: Mariana Resources jumped 21/4p to 103/4p, after the South African miner AngloGold Ashanti agreed to buy nearly 20% of the AIM company at a 41% premium to its closing price on Wednesday. Mariana will use at least three quarters of the $8.5 million or so that it receives to develop its gold and silver deposits in Argentina.

South African tycoon poised to buy City landmark: The South African billionaire Nathan Kirsh could soon be the new Owner of the former NatWest headquarters, in the heart of the City, after bidding 285 million for the skyscraper. The Times understands that the veteran investors family office is in exclusive negotiations to buy the tower. If the sale goes through, it will mark a momentous year for Mr Kirsh, who made a fortune gambling on the U.K.-listed property sector this summer.

Cameron meets Merkel in Euro crisis showdown: David Cameron will go into battle with Angela Merkel over the fate of the Euro, the might of the City of London and the future shape of the European Union. The Prime Minister and the German Chancellor will sit down in Berlin with enormous consequences for both leaders, their countries and the EU.

Ted Baker makes all the right moves as rivals falter: Ted Baker has defied the vogue for gloom on the high street to turn in an increase in sales despite the unusually warm autumn weather. The fashion chain said that retail sales were 12.3% higher in its latest quarter for the 13 weeks to 12 November, helped by extra store space. It opened new shops in the Bicester Village near Oxford and in the Bluewater shopping centre in Kent.

Bills go up in America to pay for Irene: The Chief Executive of National Grid has promised to recoup the 119 million costs of Hurricane Irene and the snow storms in the United States last month by raising bills for American customers. Steve Holliday said that pretax profits for the six months to September had fallen by 30 million, or 3.1%, to 971 million.

New heart of gold as China catches the bug for bling: Chinas insatiable appetite for commodities has extended to precious metals as the country has become the worlds largest consumer of gold jewellery. China accounted for 28% of global demand in the three months to the end of September, even though gold hit record prices during the period.

Virtual merchants throw open their doors on the high street: EBay is to open a bricks-and-mortar store in London in the latest foray on to the high street by an online retailer. The auction site will have a shop on Dean Street in Soho for the first week of December in which customers will be able to browse a range of about 200 products, although they will not be able to take anything away on the day.

Square foot in the Square Mile hits record price: The value of top class homes in Londons Square Mile has broken the 1,000 per sq ft barrier for the first time on the back of a surge in demand from bankers, overseas investors, and young, hip professionals. A report from Knight Frank said that a significant proportion of homes in the City and its fringe had broken the barrier because of unprecedented demand. It said that its research showed that, overall, there had been a 122% increase in average prices in the area since 2001.

Irishmans diamond dream lives on: A septuagenarian Irish professors dream of making a diamond discovery in Finland to rival the billion-dollar finds in neighbouring Russia remains undimmed. Richard Conroy, Founder and Chairman of AIM-listed Karelian Diamond Resources, said that the companys drilling programme on the Finnish side of the Karelian Craton, an area of ancient rocks covering eastern Finland and western Russia, had made significant progress during the year.

Investors give Angies List rave reviews: Shares in Angies List, the reviews website, jumped nearly 40% on its first day of trading as investors continued their love affair with new web companies despite the lack of a proven business model. The company gained a valuation of about $900 million (570 million) after its stock opened on Nasdaq at $18 a share, up from its initial public offering price of $13.

Rugged Psion on the up, but trading remains tough: Psion has proved its doubters wrong after it said that orders for its handheld computing devices were ahead of the same period last year. Shares in the former dot-com darling collapsed this year after the cost of dealing with faulty screens on one of its most popular devices triggered an exceptional item that pushed the group into the red for the first half.

The Independent

Thai floods to hit Pace profits into next year: Pace, the biggest set-top box maker in the world, warned that the impact of the floods in Thailand could hit profits by as much as $50 million (32 million) next year. The Yorkshire-based group has already taken a $9.5 million hit on operating profits following the devastating floods which hit the production of hard drives for its TV boxes.

Chinas mighty economy still grows, but it slows: Fears of a property bubble and slower exports abide, but leading economic indicators on China, a vital engine of global growth, show that prospects are ticking up in the worlds second-biggest economy. China is trying to juggle efforts to combat rising inflation with the need to keep growth steady and ensure a soft landing.

UBS shifts focus to rich: UBS said it would resume dividends as it slashes risky assets in its scandal-hit investment bank by almost half. It is now refocusing on its core business of managing the assets of the worlds wealthy. It also said it would cut its investment staff from 18,000 to 16,000 by the end of 2016: a loss of 400 more jobs than indicated in August.

British car production soars by 14%: Car production accelerated by more than 14% last month, with British factories churning out 128,654 cars. Engine production also rose, by 12%, but commercial vehicle production fell 2.9%, figures from the Society of Motor Manufacturers and Trades (SMMT) showed.

FSA fines broker: The Financial Services Authority has slapped a fine of 195,117 on a broker for insurance fraud and banned him from the finance industry. John Folan, a Director and adviser at the Essex group Key Mortgage Associates, submitted 54 applications for life assurance and protection policies in his name and those of his family members.

Central banks buy more gold: The worlds central banks significantly stepped up purchases of gold in the third quarter of the year, by more than twice the amount they acquired in the previous three months. At 148.4 metric tonnes, gold-buying by central banks was almost seven times higher than in the third quarter last year, and is at its highest level in more than two years.

Financial Times

Anglo Americans war with Codelco worsens: The war of words between Anglo American and Codelco intensified on Thursday, as the Chilean state miner accused Anglo of mortgaging its future in the country by seeking to scupper its plans to take a 49% stake in its top-producing mine.

Auction of Iceland Foods beset by delays: The auction of Iceland Foods is facing unexpected delays, with second-round bids now not expected to be lodged until the New Year. Work on second-round bids for Iceland Foods put on the block in May by its majority Icelandic Owners with a price tag of about 1.5 billion ($2.4 billion) with a sale anticipated before Christmas is expected to begin shortly.

Diageo Chief focuses on premium brands: U.S. consumers are trading up to premium liquor, in spite of anxiety about a tepid economy, as they look to lift their spirits with affordable luxuries. Executives at Diageo said at its investor conference that its ultra premium brands were growing the fastest and that it is paring back investment on value brands, which have become less profitable.

SFO eyes probe into F1 bribery allegations: The U.K.s Serious Fraud Office is examining whether to conduct its own investigation into the bribery allegations surrounding Bernie Ecclestone who has admitted paying almost $23 million to a German banker standing trial in Munich on corruption charges.

U.K. banks cut periphery Eurozone lending: Britains banks have shrunk their lending exposure to peripheral Eurozone counterparts by a quarter in just three months as concern has deepened about the intensifying crisis on the continent. According to data compiled by the Financial Times, the big four U.K. banks cut interbank loan volumes by more than 24% to 10.5 billion in the three months to the end of September, reflecting a sharp increase in the level of nervousness towards lenders across the southern Eurozone.

BHP Chief points to slowdown: Marius Kloppers has tempered his outlook for commodities markets, battered by Eurozone worries and Chinese efforts to rein in inflation, noting also tighter credit conditions for some of its customers. Addressing the miners annual meeting in Melbourne on Thursday, Mr Kloppers said there had been production curtailments in some sectors and that customers were taking a more cautious approach in respect of inventory management.

Investec shares hit as markets decline: Shares in Investec fell nearly 5% after the South Africa-based bank said its pretax profit fell by almost a quarter in the six months to September, blaming stock market declines in both London and South Africa. Although the groups asset management division grew strongly, operating profit in the investment banking arm fell to 3.7 million ($5.8 million) from 42.5 million in the same period last year.

Bumi loan move raises questions for Rothschild: The board of Bumi Plc agreed a schedule for liquidating $482 million in related-party loans several weeks before Nathaniel Rothschild called publicly for the same loans to be settled, according to a company statement.

ECB buying drives down Italian yields: The European Central Bank bought government bonds aggressively for a second day in a row on Thursday in volatile markets that saw some of the sharpest swings of Italian yields in this debt crisis so far, traders and strategists said. Italian 10-year yields swung between highs of 7.15% around the opening of the market to lows of 6.82% after ECB intervention had driven them down, a swing of 33 basis points, roughly where the market ended the day.

Lex:

UBS: strategy update an anticlimax: When Sergio Ermotti, the new UBS Chief Executive, delivered his much-trailed strategy update on Thursday, investors might have guessed that it would be an anticlimax. A dramatic strategy shift is asking too much of a Swiss bank. But Mr Ermotti at least confirmed what investors expected: that UBS will be completely centred on its wealth management business and its investment bank will be scaled back. Such structural change is needed to reflect the changing regulatory backdrop, as higher capital requirements put pressure on returns. UBS starts from a position of relative capital strength, which gives credence to its target of clearing Basel IIIs 7% core tier one capital hurdle by 600 basis points by 2013. Deleveraging will do much of the work. The investment banks risk-weighted assets will be cut by SFr145 billion, or roughly halved. Most of the shrinkage will be in its sub-scale fixed income, currencies and commodities unit. No surprises there: the business delivered 15% of underlying group pretax profit so far this year, but used almost half of the groups regulatory capital, Royal Bank of Scotland estimates.

NetApp: watch the canaries: Selling information technology to big corporations has been a gold mine for IT enterprise providers in recent years. Companies handle an ever-increasing amount of data and new tools for managing it have emerged. Revenue and profit growth at the leading IT providers has been strong, even during the downturn. As with any mine, however, watch the canaries. With $6 billion in annual sales, storage vendor NetApp is a big bird. Revenue was up by a fifth but below expectations; margins and guidance were light, too. The company said the issue was an unexpectedly large slowdown in nine of its largest U.S. accounts. Customers are looking for low prices in a market where there is a lot of capacity chasing deals. NetApps shares fell by more than a 10th on Thursday. A glance at recent quarterly reports from the IT leaders (IBM, Oracle, Cisco Systems, Juniper, Hewlett-Packard and Dell) shows that there is a reasonably consistent pattern of revenue and net income deceleration. But the slowdown is not severe and is perhaps to be expected as the rebound from the 2009 recession recedes into the past. Margins have only faded slightly.

Gold: banking on bullion: Central banks made the largest purchases of gold in decades in the past quarter, says the World Gold Council. Given the sums involved, Mr Bernanke could be forgiven for just shrugging. Even at near-record prices, the purchases, at about $8 billion, amount to a rounding error in the scope of global reserves. Indeed, all the gold controlled by the U.S. government, which has by far the worlds largest official reserves, equals just 3% of Americas official debt, which just passed the $15,000 billion mark. Even Italy, a particularly large holder of bullion (in third place globally with the 10th largest economy) would be able to retire less than 6% of its enormous sovereign debt if it were to dump its 2,451 tonnes. Central bankers are late to the gold party. Private buyers of ETFs alone have accumulated 15 times as much since their advent a decade ago as governments bought last quarter. But their shift should be of far more concern.

Lombard:

Oft-nude tycoon risks Northern exposure: The 747 million price extracted from nudity-loving Sir Richard Branson for Northern Rock by the decorously be suited Robin Budenberg of U.K. Financial Investments is a reasonable one. Add on a 50 million sweetener within six months, at least as much for a profitable float by 2016, 150 million in repayable loan notes and you swiftly get to 1 billion ($1.57 billion). The price thereby achieved by the state would be about 0.9 times tangible book value at a time when the average for U.K. banking assets is closer to 0.5 times. That is apples and pears because the Geordie institution bailed out and then taken over by the government during the credit crunch has been prettified for sale. Wor Bank, as it is evidently known, has divested its bad subprime assets into the dirty laundry basket that is U.K. Asset Resolution. The profit or loss on the 1.4 billion spent by taxpayers cannot be reckoned up conclusively until U.K.AR has been sold or run off. However, U.K.FI has probably done better by selling to Virgin Money, supported by U.S. distressed assets maestro Wilbur Ross, than to an established bank.

The Daily Telegraph

Two-year delay to elIMInate Britains budget deficit: Weaker growth, higher unemployment and less spare capacity in the economy than thought mean the Chancellor will not elIMInate the structural budget deficit until 2017. Just eight months ago, the Office for Budget Responsibility (OBR), which judges whether the mandate will be met, expected the Treasury to be on target in 2015.

Whitehalls 1.1 billion U.K. travel needs handed to small business: In a sign that the Government is serious about handing more work to small businesses, Whitehall has dropped a French company that has looked after civil servants travel for 15 years and awarded the domestic part of a potential 2.6 billion contract to Yorkshire-based Redfern Travel.

Tony Hayward moves into Kurdistan with Genel Energy as tensions rise: Vallares, Tony Hayward and Nathaniel Rothschilds oil investment vehicle, will issue its Genel prospectus at lunchtime on Friday three days sooner than expected.

BA and Virgin reject $200 million Nigerian fuel-surcharge fine: British Airways and Virgin Atlantic have been fined more than $200 million (127 million) by Nigerian authorities for colluding on passenger fuel surcharges. The Nigerian Civil Aviation Authority said it had fined BA $135 million and Virgin $100 million for the devastating increased ticket prices that violated Nigerian law.

Olympus Chief to return to Japan: The former Chief Executive of scandal-hit Olympus Corp has called on Japanese police to ensure his safety after pledging to return to the country to help with investigations.

The Questor Column:

All is on track for Barratt: What the company really needs is for banks to start lending again to first-time buyers. But with this not looking imminent, the company has focused on building properties aimed at people further up the chain that hold more equity. This and the companys strong focus on the South East of the U.K. is the reason that the average selling price of the companys properties have risen 7% to 207,000. The average weekly number of reservations for new homes has jumped 25.9% since the start of the new financial year. This is partly down to the fact that the equivalent period of last year was so bad, due to investors being spooked by the comprehensive spending review in October 2010. Around 17% points of this figure are caused by that bounce, with about 9% points from new site openings. Barratt does have debt unlike other housebuilders which should be about 400 million by the end of the year. Cheaper land bought in the downturn is leading to higher profitability without any substantial rise in house prices. The U.K. remains structurally short of houses as the population continues to rise. The shares are trading on a June 2012 earnings multiple of 14.3 falling to just 8.7 in 2013. The yield is 0.5%, rising to 1.9%. The shares were named as a tip of the year at 88.65p but have been tipped as high as 188p in May. They are down 24% from this high. Barratt Developments at 90.45p +6.35p. Questor Says Buy.

Homeserves crisis means its time to sell: Homeserve has been dubbed the fifth emergency service because it provides insurance for domestic crises. However, the company now finds itself in the Citys version of A&E. The bean counters identified problems with mis-selling, not with the products that were sold but with the way they were sold. As a result, all sales and marketing activity were stopped. After the announcement, the shares plunged about 55% over the next week-and-a-half. Homeserve said only 153 out of 3 million U.K. customers had cancelled their home maintenance contracts. Questor has not covered the shares for some time. The last time a buy rating was put on the shares was 14.44 on 30 September, 2008. However, there was a five-for-one share split in July 2010, which means the adjusted tip price was 288.8p. This means the loss from the recommendation is just 7%. Questor also advised holding the shares in April 2009, when the adjusted price was 256p. After the plunge, the shares are now trading on a March 2012 earnings multiple of 9.4, falling to 8.5 times, and the prospective yield is 4.4%. Of the 18 analysts monitored by Bloomberg, 6 say buy, 8 say hold and 4 have a sell rating. The shares are not likely to move much higher for some time and there is an opportunity cost for investors who continue to hold the shares. Homeserve at 267p +1p. Questor Says Sell.

The Guardian

CBI Boss accuses Eurozone of failing to stop bushfire: The head of Britains leading employers organisation has launched a strong attack on the failure of the Eurozone to prevent the sovereign debt bushfire spreading. John Cridland said Europe had been unable to create an effective firebreak to prevent the conflagration spreading and Germany had to decide if it wanted to save the single currency.

Lebara Co-Founder made virtual phone network a real money-maker: Ten years on and the business of selling cheap international mobile phone calls to migrant workers in Europe and Australia is snowballing. With 3 million active customers, Lebara is already bigger than Tesco Mobile. The firm made 21 million (18 million) in pretax profits last year and its operations in nine countries are expected to double revenues to 1 billion in 2011. Staff numbers have risen from 500 to 1,400 since the beginning of last year.

Cameron opens McLarens 50 million sports car plant: British manufacturing was given a boost on Thursday when David Cameron opened McLarens 50 million sports-car factory in Surrey, which employs more than 700. It is the first time the Formula One group has diversified into large-scale production of a road car, a move that will take it head-to-head with its Italian rivals Ferrari and Lamborghini.

Bombardier Boss says Derby plant depends on two government contracts: The outgoing head of Bombardiers British train manufacturing operations has warned that the future of the companys Derby plant and more than 1,500 jobs depend on securing two government contracts.

Mothercare slumps to 80 million loss: Mothercare crashed to a loss of more than 80 million on Thursday as shoppers turned their back on the 50-year-old retailer in the tough economic climate. Executive Chairman Alan Parker launched a strategic review at the troubled mother and baby products chain, whose poor performance showed it had lost its way in its home market.

Daily Mail

Spanish and French borrowing costs soar as the debt crisis threatens to claim another victim: Spanish and French borrowing costs soared as the debt crisis stalking the Eurozone threatened to claim another victim. Madrid joined the single currency critical list after it was forced to pay an eye-watering 6.98% annual interest rate to raise vital funds from international lenders.

High Street lifted by early festive sales as October figures see surprise lift: Shoppers saving cash by making smaller, more frequent purchases, from independent stores closer to home were behind a surprise lift in retail sales figures for October. The Office for National Statistics said sales volumes including automotive fuel rose 0.6% last month - much higher than the 0.2% analysts had forecast.

British Gas Owner Centrica hit by warm weather: British Gas Owner Centrica has been feeling the heat more than most after an unseasonably balmy autumn took its toll on the energy giants profits. As the impending winter chill continues to hold off, fewer people have been heating their homes forcing bosses to issue a profits warning for the group.

Cosalt shares plunge after lowball offer from its Chairman to take the firm private: A 40 million approach from its Chairman to take safety gear firm Cosalt private was branded very disappointing by a top five investor. David Ross a Co-Founder of Carphone Warehouse said he was prepared to pay 0.1p per share, sparking a 39% drop in the shares to 0.48p.

Broker Views:

DiamondCorp: Charles Stanley Securities initiated the stock with Add rating and a target price of 11.50p

Deo Petroleum: Canaccord Genuity Corp maintained a Buy rating on the stock, with a target price of 79.00p

Bwin.Party Digital Ent: Numis Securities Ltd maintained a Buy rating on the stock, with a target price of 300.00p

IMI: AlphaValue upgraded the stock to Buy and increased the target price to 1037.00p

Drax Group: AlphaValue upgraded the stock to Reduce and increased the target price to 548.00p

Savills: Numis Securities Ltd downgraded the stock to Add and decreased the target price to 360.00p

Daily Express

Virgin is set to build on Northern Rock deal with float: Virgin Money is plotting a stock market float as part of a major drive to shake up U.K. high-street banking after it won the bidding battle to buy nationalised Northern Rock. Chief Executive Jayne-Anne Gadhia said a float might come as soon as 2014 and within the next five years, depending on market conditions, as the company seeks the financial firepower to attract new customers and roll out more branches to compete against the big five banks.

Heats on French Connection profits: The unseasonably warm weather allied to stormy high-street conditions ensured fashion chain French Connection became the latest retailer to rain on City forecasts. Shares in the company tumbled 11p to 62p, as it warned sales at stores open for more than a year had fallen by 9.5% for the three months to 16 November. Pretax profits will be 1.8 million lower than the same period last year.

Polish thirst lifts SABMiller: A rising thirst for Polish lager and other world beers helped brewing giant SABMiller grow in a drooping U.K. market. The company said sales of Tyskie, its biggest Polish brand in the U.K., rose by 25% in the first half, while those of Lech jumped by 79%, albeit from a much smaller base.

The Scottish Herald

Kone buys Glasgow-based Lift Maintenance: A Glasgow-based lift maintenance firm has been sold to a Finnish sector giant in a deal that is almost certain to have netted a multi-million pound windfall for its Owners. Kone announced it has bought Glasgow-based Lift Maintenance, which has been winning work from public sector clients, to strengthen its operations north of the Border.

Success on start-up statistics: The number of potential start-ups that contacted Business Gateway for advice increased by 16% in the second quarter indicating that entrepreneurial activity may be set to increase. In the three months to September, Business Gateway was contacted by 11,305 people who were looking to set up businesses, compared with 9727 in the same period last year.

Clydesdale paid 475,000 to departing Chief: Former Clydesdale Bank Chief Executive Lynne Peacock received a 475,000 termination payment as an inducement to delay her departure, The Herald understands. The termination benefit was part of a 1.5 million package received by Mrs Peacock for her final nine months at the Glasgow-based bank before she retired on 30 June.

Call for answers over electronic sheep tagging: Jim Hume MSP, Liberal Democrat Rural Affairs spokesman, and George Lyon MEP want answers from Cabinet Secretary Richard Lochhead after it was revealed by the European Commission that no deal exists over compliance rates for electronic identification of sheep (EID).

The Scotsman

Loganair has a charter for growth as Scots airlines profits take off: Loganair, the Scottish airline that serves the Highlands, islands and beyond, landed a double-digit rise in profits after more charter work and freight flights boosted margins. The Paisley-based carrier won a third postal contract from Royal Mail and has carried out an increased amount of work for the oil and gas industry.

U.K. retailers pour scorn on optIMIstic sales figures: Sustainable growth in Britains battered retail sector will remain elusive until 2013 at the earliest, experts warned, despite official figures showing a surprise jump in sales volumes in October. The Office for National Statistics (ONS) said pre-Christmas promotional activity drove a 0.6% rise in volumes last month, despite expectations in the City of a 0.2% drop.

Welcome for news that Scotlands skills gap is narrowing: Scotlands skills gap has narrowed over the past three years as measures to train the workforce bear fruit, a new survey has claimed. Yesterdays report by the Alliance of Sector Skills Councils in Scotland, a body which acts as the voice of employers in the skills system, showed that 15% of businesses had a skills gap, down from 20% in 2008.

APR powers ahead in its battle with Aggreko: APR Energy, the temporary power supplier attempting to snatch market share from Glasgow-based Aggreko, has struck a blow to its Scottish rival. The American firm, which is the worlds second-largest temporary energy generator behind Aggreko, signed a deal with French utility giant EDF to supply power on the Caribbean island of Martinique.

Encore for students as catering company retains contract: Encore, the hospitality company spun out of Glasgows city council, has won a 21 million contract to provide catering at Glasgow Caledonian University. The firm, which is part of arms-length company Cordia, will run all six canteens at the universitys city centre campus, which is used by some 16,000 students and 1,800 staff.

Landowners urged not to bow to pressure to cut phone mast rents: The amalgamation of mobile phone companies and the current economic downturn is resulting in landowners who have mast sites struggling to maintain the rents. Julian Clarke of land agents Bell Ingram said this week there were numerous cases across the country where major phone operators are threatening that existing sites will be made redundant because the companies have agreed to share sites.

Newspaper Briefing, including 'Spanish and French borrowing costs soar as the ...

Original article here : Newspaper Briefing, Including 'Spanish and French Borrowing Costs Soar as the …

Newspaper Briefing, Including 'Banks Warned Over Threat to Lending …

Tue, 06 Dec 2011 07:00:27 +0000

The Times

Gilts: Gilt Futures staged a late rally in a turbulent session as investors repositioned before the end of the year and the appetite for safe-haven assets fluctuated on uncertainty about how the Eurozone crisis will be solved. March gilt Futures settled 40 ticks higher on the day at 113.90, having been as much as a full point down earlier at a one-month low.

Tiddler to watch: Agriterra rose 0.44p to 2.72p, after the AIM-listed African agriculture business run by Phil Edmonds and Andrew Groves bought a palm oil operation in Sierra Leone. The business has also raised $15 million in a share placing at 3p to fund the expansion of its existing operation, which include cattle ranching, cocoa buying and maize farming.

Deal of the day: After many disappointments, could now be the time for Future finally to come good? Peel Hunt think so, with analysts at the broker telling clients to buy shares in the media group, unchanged at 9p, citing its successes in adapting to new electronic formats and the fact that the publisher of Classic Rock has only recently started to address its cost structure.

Wheels driving the worlds industry are grinding to a halt: Production lines across the world are slowing down as the malign influence of the Eurozone crisis hammers confidence in Britain, continental Europe and as far afield as China. Activity in Britains beleaguered manufacturing sector tumbled to its lowest level in two and a half years last month, fuelling fears that the country is about to tip back into recession. In its latest health check of the flagging sector, Markit said that its manufacturing index dropped to 47.6 last month, from 47.8 in October.

High-speed rail deal takes British freight links out of Victorian age: The Future of cross-Channel freight has taken a giant leap forward after a new rail deal involving the Channel Tunnel raised the prospect of goods travelling from Britain to the south of Spain or even central Russia.

Glocer signs off at Thomson Reuters: The Chief Executive of Thomson Reuters is stepping down, becoming the last of the old guard to leave the newswire. Tom Glocer will depart on 01 January and will be replaced by James Smith, the Chief Operating Officer and a long-serving Thomson Executive, the company said. Reuters has carried out a sweeping overhaul of its management and structure over the past six months after a disastrous performance by its markets business, which provides information to financial companies.

Another Chief is shown the door at crisis-hit UBS: UBS parted company with its head of risk as it continued to cull staff in the wake of a 1.5 billion rogue trader scandal. Maureen Miskovic has left the Swiss bank after less than a year in her post. Sergio Ermotti immediately replaced her with Philip Lofts, who had been moved aside by Mr Ermottis predecessor to make room for Ms Miskovic.

Funding delay raises doubts over Comet takeover: The sale of Comet faces a big hurdle because its prospective buyer has yet to secure a key part of its financing. OpCapita, the turnaround group that secured a deal to buy the lossmaking electrical chain from Kesa three weeks ago, is relying on a 40 million loan secured against Comets stock.

M&G fund to back social housing projects: M&G Investments has raised a 200 million fund to lend to social housing associations the second time it has intervened directly to get capital to organisations starved of bank loans. The fund manager, a specialist in debt investing, said that it hoped the fund would be the first of many.

Capital ratios failing to measure strength: Regulators are beginning to have serious doubts about the reliability of the measure of bank balance sheet strength at the very heart of efforts to restore financial stability. The Bank of England said that risk-weighted capital ratios were an imperfect guide to bank solvency.

High-end London homes coming off the boil: The seemingly unstoppable rise in the value of Londons most expensive homes could finally be losing momentum, with one chain of estate agents reporting a slowdown in the rate of price increases to 1.1% this quarter. Cluttons said that price increases across Central London had slowed sharply from 3.5% in the second quarter of this year.

The Independent

Lloyds bows to Treasury Committee pressure over ATM access: The Treasury Select Committee has forced one of the major high street Banks to partially rethink its policy of restricting access to cash machines for vulnerable basic bank account customers. In response to pressure from Andrew Tyrie Lloyds TSB has decided to extend cash machine access for its basic account customers people who do not normally qualify for standard bank accounts to all machines in the Lloyds Banking Group.

FarmVille creator Zynga plans $10 billion New York IPO: Zynga could pitch its shares at a float price valuing the company as low as $10 billion, half some estimates from earlier this year, it has emerged. The company plans to sell about 10% of its shares in an initial public offering on 15 December, raising approximately $900 million at the mid-point of the proposed $8-$10 per share range.

OMGs profits sink after Stan Lee project hits the rocks: OMG, the British company whose technology is used in top-selling films and video games including Call of Duty, saw it full year profits fall 80% after a project drawn up by Stan Lee of Marvel Comics hit the rocks. The Oxford-based company, which provides three-dimensional, mapping software used in special effects for films and games, said its full year pretax profits fell to 700,000 from 3.7 million a year earlier.

Triumph sales accelerate in tough market: Despite the ill winds blowing through the wider sector, Triumph, the Leicestershire-based motorcycle manufacturer with a heritage that stretches back over 100 years, showed that it was continuing to race ahead, with turnover up by 11% in the year to June. The company said it had sold 48,684 bikes over the period, up from 45,501 last year, notching up a turnover of 345.3 million, against 312.4 million in 2010.

Public-sector strike raises retail footfall: The public sector strike on Wednesday delivered a much-needed fillip to the high street after footfall surged by nearly 40%. Many parents who were forced to take the day off work to look after their children opted to go Christmas shopping after the walk out by 1.5 million public sector workers closed hundreds of schools.

MCC stumps Almacantar development: The Marylebone Cricket Club (MCC) has ended three years of speculation surrounding the expansion of the Lords ground after it rejected plans to build luxury residential flats at the Nursery End. Property developers Almacantar had proposed the 400 million plan to expand the spiritual home of cricket, but it was opposed by senior members on the MCC committee.

Icap takes on Pettit: Icap has recruited MF Globals top Futures broker, Gary Pettit, as global head of financial Futures and options. The London-based interdealer broker has also hired another 25 former MF Global staff in London, New York, Chicago and Sydney from the defunct Futures broker.

Premier strikes it rich: Premier Oil has struck oil at its Erne exploration well in the North Sea. Further exploration work will continue, as a sidetrack well is drilled from the pilot hole to delineate further the reservoir. Premier has a 50% stake in Erne alongside Canadas Antrim Energy.

EU meets WTO deadline over Airbus subsidies: The European Union said it had met a deadline for complying with a World Trade Organisation (WTO) ruling against billions of Euros of illegal subsidies for the aircraft maker Airbus and outlined its actions in a letter to the U.S. and the WTO.

Financial Times

May Gurney expects boost from spending lift: May Gurney said it hoped to benefit from the governments announcement on Tuesday that more money would be pumped into infrastructure. Philip Fellowes-Prynne said the group should be the recipients of some of the additional 1 billion investment in regional growth funds, used by local authorities to build business parks and transport links, as well as the 300 million extra spending on improvements to rail bridges and stations.

Thomas Cook accuses Tui of unfair jibe: Thomas Cook has filed a complaint about an online advertisement published by Tui Travel accusing its rival of drawing consumers attention unfairly to its financial problems. The advert was run following last weeks collapse in Thomas Cooks share price. The travel operator was forced to seek a new 200 million loan from lenders to cover a cash crunch brought on by deterioration in trading.

Strike action gets tills ringing: Strike proved a boon for Britains battered high streets, with official figures recording a 38% increase in shopper numbers on Wednesday as public sector employees and parents of school-age children hit the stores. The fillip to trade was welcomed as the equivalent of an extra Saturday by retailers, who reported full car parks and large crowds. An estimated 2 million public sector workers enjoyed a day off and two-thirds of state schools closed.

Strategic review at K3 after approach: K3 Business Technology Group, the Aim-quoted software group, has launched a strategic review following an approach from Per Johan Claesson, its largest shareholder. Mr Claesson has been a Non-Executive Director of the company for more than 10 years and owns a 19.5% stake.

Banks warned over threat to lending: The ability of Britains Banks to lend to households and businesses will be curbed if investors remain fearful of a potential collapse of the financial system, the Bank of England has warned. The Bank, in its financial stability report, said lenders would be unable to roll over existing debts and make new loans if they failed to attract enough fresh money from investors.

Barclays hit with 82 million lawsuit: Barclays faces an 82 million ($110 million) lawsuit in London for allegedly misusing confidential information from a potential client to seal the 2010 takeover of a Swedish carbon trading company. CF Partners claims it came to Barclays in September 2008 to explore whether the British bank could provide financing for a potential deal with Tricorona, a Stockholm company that had a vast portfolio of carbon credits in the niche area of hydro power projects.

CVC in Swiss Orange bidder talks: CVC Capital Partners has started to make its mark on the auction of Orange Switzerland by talking to one of the bidders about a potential merger with Sunrise, the Swiss telecom groups bigger rival. The private equity group has held preliminary talks with Providence Equity Partners about a merger should the latter win the sales process for France Telecoms Swiss mobile operations, three people close to the situation said.

Lex:

Enron 10 years later: Enron and its leaders utterly transformed the buying and selling of electricity and natural gas, leaving a lasting legacy. Tens of billions of dollars in lasting benefits that trickle down to utility customers were also unlocked through its innovations. This is because risks were taken and infrastructure fully utilised that would not have been otherwise for lack of financial techniques to do so. And, though Enron is blamed for the fallout from energy deregulation such as Californias brownouts and soaring commodity prices, much of the fault lies elsewhere with short-sighted politicians, for example. A decade on, companies formed out of their unwanted assets such as EOG Resources and Kinder Morgan are success stories while Messrs Lay, Fastow and Skilling are dead, disgraced and incarcerated, respectively. And companies such as Dynegy and Reliant that mimicked Enrons swashbuckling, asset-light strategy nearly went bust as a result.

Barnes & Noble: Barnes & Noble reported that in the same quarter that its main bricks and mortar competitor, Borders, closed up shop, its retail sales were nonetheless slightly down. Sales on the web site and of ebook downloads were up 17%, but that is a sharp slowdown from the previous four quarters, which averaged 50% growth. Sales of e-readers and content fell to $220 million, from $277 million in the prior quarter. Investors sent the shares, which had enjoyed a sharp rally in November, down by nearly a fifth. Over the past year, they have generated $400 million in earnings before interest, tax, depreciation and amortisation, up from the year before. The company has an enterprise value of just 3 times that. That leaves the electronic business, of course, where aggressive investment has led to $225 million in losses over the same period.

Shire: sky-high valuation fair for now: The British drugmaker has delivered investors a 40% return this year the second best performer on the FTSE 100 after Arm, the chip technology group. One reason is that each quarter this year earnings per share have grown by between 10 and 25% year on year. Only 8% of its revenues are exposed to patent expirations before 2015, compared with the industry average of 35%, says Goldman Sachs. The U.S. biotech company, bought by Sanofi-Aventis this year for $20 billion, was affected by production problems two years ago. Shire jumped in to fill part of the gap and now has a 25% share of the market for the treatment of Gauchers, a disease that harms organs. Next year, its drug Vpriv should gross about $300 million, almost 10% of revenues. Genzymes production plants, however, should be back online in 2012.

Lombard:

Moralist Merv reproves ratio riggers with Dexias fate: Bank of England Governor Sir Mervyn King whose resemblance to a stern Victorian papa grows daily is using cautionary tales to instruct his wayward charges, the Banks. The moral tome of choice on Thursday was the Banks winter financial stability report, a kind of prudential Struwwelpeter, but with more graphs and fewer pictures of children having their fingers cut off. Dexia had a core tier one capital ratio of 12.1%, a level of financial strength above recommended minima. Leverage, as measured by assets to equity, topped 60 times. The story highlighted the potential deceptiveness of capital ratios held up as tokens of robustness by everyone from Barclays to Socit Gnrale.

A man for all seasons: Retailers generally use the weather as an excuse for poor sales, so it is refreshing that Kingfisher is making money from climatic unpredictability, writes Claer Barrett. On Thursday, the DIY group ascribed a 13% boost in operating profits to soaring sales of garden furniture at its B&Q chain, which rose 68% in the third quarter to the end of October as balmy autumn temperatures tempted Britons to relax in their gardens. Chief Executive Ian Cheshire said that B&Q sold as many barbecues in the last week of September as in the whole of June. Kingfishers French DIY chain Castorama meanwhile recorded a 17% jump in sales of lawnmowers, suggesting counter-intuitively that Gallic customers are pursuing less leisurely lifestyles than Anglo-Saxon peers.

The Daily Telegraph

British Banks could ask taxpayers for more cash: Warning that the cost of borrowing is set to soar and given the current exceptionally threatening environment, the Bank of Englands Financial Policy Committee (FPC) instructed lenders to limit distributions code for bonuses and dividends.

James Murdoch on FTSE 350 least wanted list: James Murdoch is one of the least supported Directors in the FTSE 350, Pirc, the powerful shareholder group, has claimed - days after damning new claims that BSkyB used hacked information to advance its commercial interests.

RBS and Santander fear bank reform costs are understated: The Independent Commission on Banking (ICB) estimates that the changes it proposed in September will cost the industry between 4 billion-7 billion. Under the ICB proposals, Banks will have to ring-fence their retail banking arms, hold more loss-absorbing debt that could be written down in a crisis and make it easier for customers to switch to rivals.

Chairman Sir Michael Lyons earns pay rise as Mouchel struggles: Sir Michael Lyons has enjoyed a ten-fold increase in his salary for stepping up to the role of Interim Chairman at crisis-hit support services group Mouchel. The annual report for Mouchel reveals Sir Michaels salary increased to 300,000 per year from 37,500 when he stepped up from senior Independent Director to Interim Chairman in October.

Lloyds in 4.9 billion bond swap offer: Lloyds Banking Group has offered to exchange 4.9 billion of its outstanding bonds in order to raise new capital. The part-nationalised lender has asked investors in the Tier 2 securities to swap their holdings for new bonds at a discount to face value of as much as 30%.

Vitruvian circles Healthcare at Home: Private equity firm Vitruvian Partners has emerged as one of the preferred bidders for Healthcare at Home, a provider of in-home medical care. Sources involved in the auction suggested the business may change hands for between 150 million to 200 million.

AT&T and Deutsche Telekom mull joint venture: AT&T and T-Mobile U.S.As parent, Deutsche Telekom, are understood to be considering a joint venture should their ambitious $39 billion (24 billion) merger plan fall apart.

The Questor Column:

Gem Diamonds approves expansion: Gem Diamonds has also seen its shares slide but the long-term fundamentals of the industry are intact. Gem revealed that it had approved the expansion of its 70%-owned Letseng mine in Lesotho a move that could potentially double diamond output to about 200,000 carats a year by 2014. The total cost for doing this will be about $280 million (177 million) and it will be funded out of the companys cash flow. Graff Diamonds is believed to be in the process of preparing an initial public offering in Hong Kong, in which it could raise about $1 billion. The initial recommendation to buy into Gem was given too early and the shares are now down 31% from the tip in January 2009, compared with the FTSE 100s 23% rise over the same period. Trading on a current year earnings multiple of 9.1, falling to just 7.7 next year, the shares remain a hold until diamond prices stabilise. Gem Diamonds at 200p -1.1p. Questor Says Hold.

Plastic fantastic RPC is geared for growth in recovery: The Company is Europes leading supplier of rigid plastic packaging, with operations in 18 countries. It makes products such as paint cans, vending machine cups, phone cards and pots for face creams. In the six-month period to 30 September, revenues soared by 53% to 586.7 million and pretax profit jumped 95% to 35.1 million. Excluding the purchase, revenues rose 11% on a like-for-like basis on overall volumes that were similar to last year. The good financial performance meant the group will increase the interim dividend by 24% to 4.2p a share. This will be paid on 27 January and the shares trade without this payment from 28 December. The prospective yield on the shares is 4.1%, rising to 4.6% next year, which is quite healthy. In the first half of this year ROCE came in at 18.1% compared with 15.1% in the last full year. RPC is looking to improve this measure to 20% by 2014. RPC shares were first recommended on 26 July, 2009. Adjusting for the rights issue when Superfos was purchased, the entry price was 240p. The shares are now 40% higher, compared with a FTSE 100 up 20%. The highest the shares have been tipped is 354p. RPC at 336.3p -1.3p Questor Says Buy.

The Guardian

Sarkozy calls for new European treaty as Euro enters make-or-break week: President Nicolas Sarkozy has called for a new European treaty to save the single currency and to revive a European Union from fragmenting in its worst ever crisis. Kicking off a week of high stakes politics that many say could decide the fate of the Euro, Sarkozy delivered a major hour-long speech in the southern port of Toulon devoted to his vision of Europes Future.

U.K. factory slowdown fans recession fears: Bleak news from manufacturers battling lackluster demand around the world has intensified fears that a global economic slowdown is gathering pace. British factories suffered the sharpest slowdown in business last month since the last recession; manufacturers in the Eurozone suffered falling orders while even Chinas usually buoyant manufacturing sector slowed, according to surveys released on Thursday.

A pint in the local pub is an indulgence, says Greene King Boss: Suffolk-based brewer and Pub Owner calls drinking out an everyday luxury as profits rise 5.6% to 77.2 million. A simple visit to the local pub has become luxury to be savoured because of the financial crisis, according to the Boss of Greene King, the Suffolk brewer and Pub Owner.

Mox plant U-turn by coalition stuns anti-nuclear campaigners: The government has astonished the anti-nuclear lobby by outlining plans to spend 3 billion of public money building a new mixed-oxide fuel (Mox) plant months after announcing the closure of a similar facility that lost taxpayers hundreds of millions of pounds.

New Yahoo bid ups price to $25 billion: Private equity firms Blackstone Group and Bain Capital are preparing a bid for all of Yahoo with Asian partners in a deal that could value the web portal at about $25 billion (16 billion), a source told Reuters on Wednesday. The plan follows smaller bids made by consortia including Microsoft tabled earlier this week which valued the web portal at just $20 billion.

Daily Mail

The sun is setting on solar panel jobs, warns Carillion: Services Company Carillion has warned 4,500 staff that their jobs are at risk due to government plans to halve subsidies on solar power. The axe is hovering over its energy services division, formed from a 306 million takeover earlier this year of Newcastle-based green energy company Eaga.

Britain should prepare for an eight-year hangover from the financial crisis, warns Lloyds Chairman Bischoff: Britain could be feeling the after-effects of the financial crisis in eight years time, the Chairman of Lloyds Banking Group has warned. Sir Win Bischoff said the hangover from the banking crash could still be reverberating through the economic system in 2019, when government reforms of the Banks are supposed to be implemented.

B&Q-Owner Kingfisher feeds off collapse of rival Focus DIY while strong food sales boost Greene King: The financial whirlwind wreaking havoc on Britons finances was responsible for a dramatic boost in fortunes at two of the countrys best-known firms. B&Q-Owner Kingfisher said it benefited from the collapse of rival Focus DIY as it attracted extra shoppers to beat third quarter forecasts.

First-time homebuyers are boosting St Modwen profits: A fresh wave of first time house-buyers will boost takings for St Modwen Properties, Britains largest regeneration firm. The group said full year profits would be at the top end of expectations, with City analysts predicting pretax earnings as high as 48.5 million a 30% rise on last years figures.

Oil prices to rocket for two years, says Goldman Sachs: Goldman Sachs has predicted at least two years of sky-high oil prices, in a forecast that would pile even more inflationary pressure on household finances if proven correct. The Wall Street giant predicted Brent crude the benchmark applied to two-thirds of global oil supplies could rise as high as $135 in 2013 and $127.50 next year.

Broker Views:

BP: Investec initiated the stock with Buy rating and a target price of 595.00p

Cable & Wireless Worldwide: AlphaValue maintained a Buy rating on the stock, with a target price of 68.30p

Talvivaara Mining Co: Seymour Pierce maintained a Buy rating on the stock, with a target price of 605.00p

Dixons Retail: AlphaValue maintained a Buy rating on the stock, with a target price of 22.00p

International Personal Finance: HSBC upgraded the stock to Overweight and increased the target price to 250.00p

Metminco Ltd: BGF Equities Pty Ltd downgraded the stock to Buy and decreased the target price to 22.13p

Daily Express

Banks told to raise cash as crunch looms: Banks were urged to give serious consideration to raising more money from shareholders in the face of a looming credit crunch by Bank of England Governor Sir Mervyn King.

BP sell-off raises 1 billion for spill fund: BP has agreed the 1 billion sale of a Canadian business as part of its efforts to raise billions of pounds to pay for the Gulf of Mexico oil spill. It is selling its natural gas liquids (NGLs) operations to New York-listed Plains All American Pipeline.

Olympus faces battle: The former Chief Executive of disgraced Japanese camera maker Olympus launched a campaign to oust the board, reclaim his old job and bring in his own team. Michael Woodford, who lost his job as Boss after blowing the whistle on a $1 billion (640 million) accounting scandal, said he was putting together a team of candidates for a new board and talking to investors about replacing the current leadership.

Capita renews its contract for TV licence fee: Support services firm Capita has scooped a 560 million renewal of a deal to manage the BBCs television licence fee. Capita will handle the broadcasters licensing collection and administration for another eight years under the agreement, which begins in July.

The Scottish Herald

Exports of Scotch whisky surge to hit record levels: Scotch whisky exports have surged to record levels, helped by the drinks popularity as a status symbol among members of the middle classes in emerging markets like Brazil and China. Overseas sales of Scotch rose 23% in the first nine months of the year to almost 3 billion, contributing 125 per second to the U.K.s balance of payments.

Dawson suffers 75% fall in profits: Dawson International has seen a 75% fall in half year underlying profits to 300,000, as margins were hit by cashmere costs which may also rise next year. But the cashmere specialist hopes to replace some of its lost U.S. sales by selling its garments, knitted at Barrie in the Borders from Chinese yarn, into China.

U.K. pensions help needs some time: The Chief Executive of the National Association of Pension Funds said the Government was hoping funds would release 15 billion to 20 billion but how much it eventually gets will depend very much on the nature of the platform, of the investments, and small matters such as yields.

Scottish engineering firms report slide in new orders: More Scottish engineering companies reported a fall in order intake than enjoyed a rise in the latest quarter, the first time this has happened since the opening months of 2010, a key industry survey reveals. And more companies in the sector reported a drop in optimism than declared an increase the first time this indicator has been negative for nearly two years.

I-design cashes in with its first annual profits: Ana Stewart has pleased investors by unveiling its maiden profit. I-design has struggled to grow sales amid the banking crisis but several new contracts boosted revenues by 62% to 3.5 million for the year to 30 September.

The Scotsman

Clarity on a separate Scotland is vital says SFE Chief: Alex Salmond was warned that uncertainty over independence could have a profound effect on Scotlands financial services sector. Mark Tennant, Chairman of industry body Scottish Financial Enterprise, said companies need to know whether Scotland will remain part of the European Union if it breaks away from the other parts of the U.K.

Engineering feeling the squeeze in western economies: Scotlands engineering sector has begun to feel the pinch from the slowdown in major western economies, with smaller companies suffering a slump in overseas orders, research suggests. Publishing its final quarterly review of the year, Scottish Engineering warned that the economic uncertainties that have been affecting the eurozone and U.S. for some time were now being felt in certain sectors of the manufacturing engineering industry.

Xcite shares slump on news of changed plans: Shares in Xcite Energy, the Aberdeenshire-based firm which has been among the most hotly traded by investors over the past year, dived after it said it had changed its plans for the development of its North Sea field.

Green dream trumps rivalry as car giants BMW and Toyota clinch deal: BMW and Toyota have joined forces to develop a host of green motoring technologies as car-makers face up to tougher environmental demands. Under the deal, the two firms will collaborate on research into a new generation of batteries for electric vehicles.

Renewables case has never been stronger: Niall Stuart said the renewables sector north of the Border had made significant progress over the past 12 months, with 750 million worth of projects coming on stream and positive signs from regulators that barriers such as the cost of grid connection can soon be overcome.

Wood chip firm wins 13 million U.S. deal: A Scottish technology outfit that turns wood chips into pellets that can be burned in coal-fired power stations unveiled a $20 million (13 million) deal in North America. Aberdeen-based Rotawave Biocoal uses microwave technology developed for treating mud and other drilling by-products from the oil and gas industry.

Aikens turnover up 20% to 12 million: Aberdeen-based Aiken Group revealed that annual turnover had risen by 20% to 12 million with further growth expected in the current year. The firm, which has seen its turnover double over the past three years, specialises in accommodation for offshore energy facilities.

Farmers net welcome cash: Christmas has come early for 14,300 Scottish farmers who will find their share of a 335 million EU hand-out dropping into their bank accounts over the next two weeks. The Scottish Government has confirmed that a start was made the first payment day allowed under European rules to pay out single farm payment (SFP) which was introduced under the last reform of the Common Agricultural Policy to compensate farmers for the loss of direct production support.

Lyons calls for EID action plan to ease fears: Lib Dem MEP George Lyon called for an action plan from the Scottish Government to resolve the difficulties farmers are experiencing in complying with EU rules on the electronic identification (EID) of sheep.

SABMiller deal for Fosters approved: Shareholders in Fosters have approved brewing giant SABMillers A$9.9 billion (6.5 billion) takeover bid for the Australian company. Fosters said just over 99% of shareholder votes cast at a meeting in Melbourne supported the deal. Australias competition regulator has already approved London-based SABMillers bid.

Capita wins new BBC TV licensing contract: Outsourcing firm Capita is to handle the BBCs TV licensing collection and administration for another eight years. The proposed deal, which is due to come into force in July, is expected to be worth some 560 million to Capita but will also generate savings of more than 220 million for the BBC over the contract.

Newspaper Briefing, including 'Banks warned over threat to lending ...

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