| (AFX UK Focus) 2007-11-20 23:29 GMT: H&R Block boss resigns as chairman, CEO
KANSAS CITY, Mo. (AP) - H&R Block Inc. said Tuesday that Mark Ernst has resigned as chairman, president and chief executive of the tax preparation and accounting services company. He is being replaced as chairman by former Securities and Exchange Commission boss Richard Breeden, who led a dissident shareholder group that won three seats on the board. Former Aetna Inc. executive Alan Bennett was named interim CEO while H&R Block looks for a permanent replacement. H&R Block shares gained 25 cents, or 1.3 percent, to $19.32 Tuesday. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from the company's core tax preparation and accounting services business. H&R Block has been restructuring in an effort to survive the collapse of the mortgage markets caused by rising interest rates and falling home prices.
Kenya: Top Dog Bank to Be Determined By Network Size
Ongoing branch network expansion will determine the winner of the war for dominance in Kenya's banking sector, a new industry report indicates. The report published by ThinkBusiness, a financial consultancy and publishing firm, says interest rates-based competition is being steadily relegated to the back banner by the quest for a wider reach and bigger customer base. .
Standard Bank to increase transaction fees
Standard Bank will raise its transaction fees by an average of 4,65% in 2008, the bank said on Monday. Increasing competitive pressure, rising interest rates and inflation were some of the reasons for the increase, said the bank's CEO for personal and business banking, Sim Tshabalala. He said the bank had to strike a balance between keeping its customers happy and providing a return for its shareholders. A "veritable slew" of competitors had entered the field, offering basic banking services, such as Woolworths, Shoprite Checkers and Bidvest. The bank's director of banking products, Keith Fuller, said: "There's a relatively healthy gap between inflation and the price increases." Since 2006, this gap had, however, been decreasing. In 2006 the bank increased fees by 1,97%, while annualised inflation was 3,9%, a difference of 1,93%.
Weir calls shots for Barclays in corporate bank campaign
Barclays is shrugging off the banking crisis with an aggressive attack on the Scottish corporate market led by Derek Weir, former business banking chief at its arch UK rival Royal Bank of Scotland. The English bank, which last week unveiled a £1.3bn debt write-down after a 20% fall in its shares since early October, has hired more than 20 bankers from Scottish market rivals, many of them hugely experienced, and acquired three properties in the major cities. "That gives us the capacity over the next few years to treble the size of the team," said Weir, who was credited with growing Royal Bank's market share from 3% to 40% over five years. He plans not only to expand in Barclays' existing sectors of oil and gas, leveraged finance, the education and social sector, and larger corporates, but to build a commercial banking business across Scottish towns and cities under former Clydesdale executive Jim Forrest.
India`s ICICI Bank to set up New York branch in next few weeks
ICICI Bank (BSE:532174), country's second largest lender, on Tuesday said it would set up a branch in New York in the next few weeks. "We already have got approval from the US regulator, it will come up in few weeks," ICICI Bank chief executive officer K V Kamath said. The branch would engage in wholesale banking business, including trade financing and factoring services to US-based subsidiaries of Indian firms. Currently, the bank has representative office in New York and operates non-banking activities. Source: Business in Asia Today - Nov. 21, 2007 published by Asia Pulse
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BOC opens new UK outlet
BEIJING - The Bank of China on Wednesday held an opening ceremony for its new outlet in London which provides retail services to local individuals and companies. With registered capital of 200 million pounds, the new outlet will focus on services including bank card and consumption loans, targeting middle-class and high-end locals as well as Chinese people living in London. On the heels of the new launch, a lending center covering the European market will soon be set up in London, said Zhang Yanling, vice president of the BOC. The second biggest Chinese lender's expansion was part of the ongoing "go-out" move of major Chinese banks. With abundant capital raised from share offering, the banks started to eye the international market. Within merely one year, the BOC launched a string of new branches and other outlets in Indonesia, Vietnam, Canada, Brazil and Russia.
Maxwell House To Pay Tolls As Part Of A Miami Thanksgiving Day Promotion
MIAMI -- One coffee company is giving Miami commuters a morning treat. It's not coffee that Maxwell House is serving up, but Miami drivers will be just as pleased. The company is paying for tolls on the 836 highway Wednesday morning to celebrate Thanksgiving. The "Brew Some Good" campaign will be in eight other cities as well. Maxwell House said it will make a donation to a food bank on top of paying those tolls. .
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U.S.-IRAQ: The wars in Iraq and Afghanistan could cost as much as $2.4 trillion through the next decade, the nonpartisan Congressional Budget Office said Wednesday. The White House brushed off the analysis as "speculation." DRIVE-THROUGH FLU SHOTS: The Adams County Health Department will offer a drive-through flu shot clinic for the first time on Sunday at John Wood Community College. The clinic is doubling as an emergency preparedness training exercise. RED-LIGHT CAMERAS: Cameras used to catch motorists running red lights red-handed are expected to be in place at two of Hannibal's busiest intersections by the end of the month. Redflex Traffic Systems Inc. will install cameras at the intersections of U.S. 61 and Mo. 168 and U.S. 61 and West Ely/Pleasant. AROUND THE WORLD WILDFIRES: Rampaging wildfires still threaten several communities, but the worst may have passed.
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