| FBI probes for fraud at loan firms
FBI probes for fraud at loan firms Agents look at wide range of companies in connection with subprime loan industry. Alan Zibel / Associated Press WASHINGTON -- The Federal Bureau of Investigation on Tuesday said it is investigating 14 companies for possible fraud or insider trading violations in connection with loans made to risky borrowers, and investments spun off of those loans. Agency officials did not identify the companies under investigation but said the probe, which began in spring 2007, involves companies across the industry, from mortgage lenders to financial firms that bundle home loans into securities sold to investors. The FBI is working in conjunction with the Securities and Exchange Commission, Neil Power, chief of the FBI's economic crimes unit in Washington, said during a briefing with reporters.
Oil and mining sectors fuel London’s advance
Pub operator Enterprise Inns closed at its lowest level in 18 months Thursday as investors bailed out ahead of a trading update, due later this month. Mark Brumby, leisure analyst at Blue Oar Securities, said trading over the Christmas period appeared to have been patchy, with the pub/restaurant companies outperforming the traditional tenanted operators. Traders said this could spell trouble for Enterprise, and noted concerns about the company's debt level and ability to further leverage its balance sheet. Enterprise has a market value of £2.3bn, yet net debt at the end of September stood at almost £3.8bn. Shares in Enterprise finished 6.8 per cent lower at 445p – the second biggest faller in the FTSE 100. In the wider market, leading shares finished higher in spite of a woeful performance from the retail sector, which suffered after DSG International, off 27.3 per cent at 78p, issued a profits warning and Next, down 6.8 per cent at £15.52, said its core retail division would not return to growth in 2008.
Ferguson's tenure is over, MLSE's structure to change?
John Ferguson is out, but more changes are coming. And we're not just talking about the possibility of a Mats Sundin trade. Tuesday was step one in what appears to be a fundamental change on how the Toronto Maple Leafs – and their parent company, Maple Leaf Sports & Entertainment – will run the team. In his opening remarks, Richard Peddie stopped, looked at the assembled media and accented the word “president" when he announced that, this summer, the organization will be looking for a president and general manager for the hockey club. That's the Bryan Colangelo deal. That's how the Raptors brought him to Toronto, promising he would be in charge of all basketball-related matters. Peddie will be in charge of condominiums and stadiums. He is now Toronto's most powerful superintendent.
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