Irish banks will offer to restructure December 8, 2010 NATIONALISED lenders Anglo Irish and Irish Nationwide Building Society will submit a joint restructuring plan to the European Commission proposing they be merged and run down over time. The plan, which must be completed by the end of March, was one of the demands the IMF, European Commission and European Central Bank made as a [...]
New Bank of Ireland debt offer December 8, 2010 BANK of Ireland offered to exchange subordinated debt for government guaranteed securities yesterday in a move that could plug around €400m (£335.7m of its €2.2bn capital hole. Ireland’s central bank wants lenders to “overcapitalise” as a result of the €85bn emergency loan package agreed with the IMF and EU last month, raising its target for [...]
TRADERS GO BANANAS AT ICAP DAY OF DONATIONS December 8, 2010 IT was that time of year again, yesterday – the time for ICAP to unleash the creative instincts of its traders in a four-floor extravaganza of frenzied fancy dress, Flintstone toy cars and beer bottles. The annual ICAP charity day is by now something of a global institution, a day on which the firm’s thousands [...]
FSA’s Turner: Banks need special laws December 8, 2010 CHAIR of the Financial Services Authority (FSA) Lord Turner yesterday called for the British banking system to be subject to a special set of rules and said that directors of banks that had to be bailed out should be banned from serving on the board of other banks in future. He also defended the FSA [...]
Madoff’s UK directors sued for $80m December 8, 2010 THE legal battle over the collapse of Bernard Madoff’s $50bn (£31bn) Ponzi scheme moved to London last night when liquidators of the fraudster’s empire named all the directors of the London subsidiary in a new lawsuit. The complaint against Madoff’s London branch – Madoff Securities International Ltd (MSIL), seeks $80m and names as defendants former [...]
IMI promoted to FTSE 100 as Cobham falls December 8, 2010 ENGINEERING group IMI has been promoted to the blue-chip FTSE 100 index after the latest review, indexes complier FTSE Group said yesterday. IMI will replace defence contractor Cobham which has been demoted to the FTSE 250 index. Companies outside the FTSE 100 that grow to rank among the 90 largest by market capitalisation are promoted [...]
Deloitte names David Sproul as chief executive December 8, 2010 BIG four accountant Deloitte named the head of its tax practice, David Sproul, as successor to its UK chief executive John Connelly yesterday. The news confirms City A.M.’s November report that Sproul was the preferred of two candidates for the position, alongside executive committee member Martin Eadon. Sproul, who joined Deloitte UK in 2002 from [...]
Bust ups and bus trips as Apprentices go on tour December 8, 2010 WHEN David Cameron said Britain wasn’t doing enough to sell itself to tourists, this probably wasn’t what he had in mind. With six candidates left, each team was given a double decker bus to organise a themed London tour. The result wasn’t exactly the Best of British. Stella, stung by allegations that she was cold [...]
Virgin rolls out fastest broadband December 8, 2010 Virgin Media has started selling its new 100mbps broadband service. Customers in some locations can now sign up to the superfast service for £35 a month. Virgin says the service should be available across its network by mid 2012. It added that the service has the potential to carry speeds of up to 400mbps in [...]
Stagecoach targets new franchises December 8, 2010 TRANSPORT group Stagecoach is hoping to cash in on the government’s rail industry shake-up as it beat forecasts with a 43 per cent rise in first-half profit. The bus and train operator, led by Brian Souter, said it may bid for new longer franchises as part of a review unveiled by ministers yesterday to help [...]