AIA listing values firm at $20bn October 17, 2010 AIA Group could raise up to $20bn (£12.5bn) when it launches an initial public offering (IPO) later this month in Hong Kong, making it the world’s third largest IPO in history. US insurer AIG’s Asian unit said it would initially offer 5.86bn shares at between HK$18.38 (£1.48) and HK$19.68 each, or up to $15bn. But [...]
Cable ups the heat on banks October 17, 2010 BRITAIN’S biggest banks are today set to face up to small business organisations and business secretary Vince Cable in an attempt to show that they are committed to rebuilding trust between the sector and smaller firms struggling to get access to credit. Cable will chair the first meeting of the Small Business Economic Forum, which [...]
Corporate spending set to rescue UK October 17, 2010 THANK goodness for the private sector. With the exception of parts of the property investment industry, it is now in reasonably good shape. Contrary to what many believe, this means that Wednesday’s Comprehensive Spending Review – and the all too necessary spending cuts it will detail – won’t derail the UK economy. Sure, a chunk [...]
Miners get City Freedom October 17, 2010 CHILEAN president Sebastian Pinera and the 33 miners rescued last week after over two months trapped underground in a collapsed mine are set to be awarded the Freedom of the City of London. Pinera will today attend a lunch at the Mansion House hosted by Lloyd’s of London chairman Lord Levene, standing in for absent [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 17, 2010 THE SUNDAYS The Sunday Telegraph LORD LAWSON URGES OSBORNE CUTS Lord Lawson of Blaby, the former Chancellor and a man used as a sounding board by George Osborne, has urged his successor to “be bold” when making cuts to expenditure in this week’s Comprehensive Spending Review. Lord Lawson said that in spite of fears of [...]
Apple taking big bite at profits October 17, 2010 Apple is set to affirm this week that its six-month-old iPad tablet computer is selling well despite a shaky consumer market, while the iPhone continues to fend off a strong challenge from rival Google. Analysts expect fourth-quarter earnings to showcase Apple’s powerful one-two punch of the iPhone and the iPad, although some still question whether, [...]
Half public workers could strike October 17, 2010 Some 49 per cent of state workers say they are prepared to strike over pay cuts and pension changes, a new study reveals. Nearly half the state workers surveyed by the Chartered Institute of Personnel and Development agreed with the statement “workers have to do what’s necessary to protect their jobs” – even if that [...]
Big Four set to face the Lords October 17, 2010 THE HEADS of the Big Four auditors are likely to face an influential House of Lords committee next month, in a probe into the lack of competition in the audit market and the role the firms played in the financial crisis. Watchdogs including the Financial Services Council (FRC) have submitted papers to the Lords’ Economic [...]
Chi-X courts possible bidders with eye on £300m price tag October 17, 2010 EQUITY trading platform Chi-X is courting interest from a number of potential bidders, as speculation around a takeover of the upstart bourse intensifies in the wake of an approach in August. Chi-X is thought to be eyeing a sale worth up to £300m after sending out information to interested parties, though sources close to the [...]
Osborne gets boost from 35 top business leaders over spending cuts October 17, 2010 DOZENS of business leaders have backed George Osborne’s swingeing spending cuts, saying hesitation could cost £100bn in extra debt, more taxes and an increase in the rate of interest. A total of 35 captains of industry, including BT chief executive Ian Livingston and Asda chairman Andy Bond, penned a letter to the Daily Telegraph urging [...]