DoJ mulling telecom probe July 6, 2009 The US Justice Department is looking at big telecom firms like AT&T and Verizon Communications to see if they have abused their market power by entering into exclusive agreements with the makers of popular phones like the Apple iPhone.
SocGen profit grows despite hit from CDS July 6, 2009 SOCIETE Generale expects to post a small second-quarter net profit, helped by its corporate and investment banking division, the French bank said in a statement yesterday. Net banking income would be hit by a negative impact of €1.3bn resulting from credit default swaps used to hedge its loan portfolio and debt instruments used by the [...]
Capital couture sales rocket July 6, 2009 Dior is seeing its London business boom as tourists take advantage of the weak pound. The famous fashion house is experiencing double-digit sales growth in Britain, according to chief executive Sydney Toledano.
JJB Sports shares dive on cash call July 6, 2009 JJB SPORTS yesterday suffered a 25 per cent plunge in its share price to 23p after investors were rattled by a confirmation of a £50m rights issue and a controversial row involving executive chairman Sir David Jones. The ailing sportswear chain yesterday said it is looking to raise working capital in a placing and open [...]
Nomura eyes top broker spot July 6, 2009 Japan’s Nomura is planning a swift return to the top spot among LSE brokerages for the European equities unit it bought from Lehman Brothers, the former leader on the exchange. The unit is currently sitting in third place behind Credit Suisse and top-ranked Merrill Lynch, acting on 6.3 per cent of all orders sent to [...]
Cinven drafts in Langmuir July 6, 2009 Private equity house Cinven has appointed Hugh Langmuir as managing partner, after Robin Hall became executive chairman. Langmuir’s appointment comes as the group prepares to raise a new fund, amid signs that some of its investments are struggling. Hall’s decision to move upstairs mirrors recent reshuffles seen at rivals such as Permira, BC Partners and [...]
Brown and Sarkozy team up to tackle oil price volatility July 6, 2009 PRIME Minister Gordon Brown joined French President Nicolas Sarkozy yesterday in an attempt to curtail oil price volatility, as part of a move towards tougher global governance to prevent a return to problems that existed before the financial crisis. Speaking at a Franco-British summit ahead of a meeting of G8 leaders in Italy this week, [...]
For once Darling has had a good idea July 6, 2009 A LIVING will sounds like an oxymoron – dead wills are not exactly two a penny – but it merely refers to a set of instructions, known to all during the deceased’s lifetime, for dealing with his assets once he passes away. In the same vein, one proposal to be included in tomorrow’s White Paper [...]
Calls for QE to be expanded July 6, 2009 THE worst of the recession may be over but the Bank of England should expand its £125bn quantitative easing (QE) programme to ensure the economy stabilises rather than heads into a double-dip recession, the British Chambers of Commerce (BCC) said. David Kern, chief economist at the BCC, said: “With cashflow, capacity utilisation, and price pressures [...]
FSA to ramp fines for City rulebreakers July 6, 2009 CITY watchdog the Financial Services Authority (FSA) has unveiled plans to treble penalties for serious breaches of its rules, and called for individuals caught insider dealing to face a £100,000 minimum fine. A consultation paper from the regulator proposes a beefed-up regime in which the most serious abuses could land companies with fines of up [...]