RBS appoints sale advisers October 28, 2010 GOLDMAN Sachs and Morgan Stanley will decide the fate of Royal Bank of Scotland-owned (RBS) Churchill, Direct Line and Green Flag. RBS has been ordered to sell the insurance arm as part of the fallout of the financial crisis, which saw the government take an 83 per cent stake in the bank. Yesterday RBS announced [...]
It’s not all doom and gloom in the City October 28, 2010 IT is important, every so often, to focus on what is going right, rather than on what is going wrong, and on hope, optimism and success rather than failure and misery. That was one of the reasons for City A.M.’s inaugural awards last night, where we celebrated the best and brightest firms and individuals that [...]
Flight taxes set to double October 28, 2010 THE cost of air travel will jump by up to 55 per cent from Monday when the government increases air passenger duty. The tax will rise by a third to £60 per person for economy flights to the US, it emerged yesterday, while taxes on flights to Asia and Australia will increase by 55 per [...]
Tyrie warns banks over hasty exits October 28, 2010 THE chairman of the influential Treasury Select Committee yesterday warned UK banks against making a sudden move offshore, after City A.M. revealed Barclays was weighing up the cost of quitting the UK. “My thought should be to say that the global commercial environment for financial services and banking is likely to remain unclear for some [...]
Apax to sell Hit Entertainment October 28, 2010 Venture capital firm Apax Partners is preparing to sell its stake in the children’s media company behind Thomas the Tank Engine and Bob the Builder, while it also undergoes another shake up of senior management. The firm has received a number of expressions of interest for Hit Entertainment from a range of US groups including [...]
Anglo Irish won’t meet investors October 28, 2010 Anglo Irish Bank has refused to meet its rebel bondholders despite a threat from one group which holds a stake big enough to stall parts of a €2bn (£1.75bn) debt exchange offered by the bank. Alan Dukes, chairman of Anglo Irish, reiterated the bank’s take-it-or-leave-it stance yesterday after several investors threatened to vote against the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 28, 2010 FINANCIAL TIMES TOKYO HIT BY CLAIMS OF INSIDER TRADING Japan’s financial regulator and the Tokyo Stock Exchange are investigating recent trading activity following allegations of widespread insider trading ahead of new share issues by Japanese companies. Regulators are examining possible insider trading involving recent share issues where short selling activity increased substantially in the run-up [...]
Bonuses push exec earnings up 55 per cent October 28, 2010 FTSE 100 directors saw their total earnings rise 55 per cent year-on-year, fuelled by a massive increase in bonuses and performance related pay. Across the FTSE 350 total board pay rose an average of 45 per cent in the year to June 2010, according to the latest Directors Pay Report by Incomes Data Services (IDS). [...]
Report shows Halliburton and BP knew of well risks October 28, 2010 BP and Halliburton, the contractor which cemented the blown-out Macondo well, ignored cement design flaws weeks before the disaster that sparked the worst US offshore oil spill, a White House panel said yesterday. Both Halliburton and BP were aware of flaws in the cement slurry, similar to the one used to seal the well, as [...]
Extra £4m windfall for Betfair Pair October 28, 2010 BETFAIR founders Andrew Black and Ed Wray will pocket an extra £3.6m between them after shares in the firm rocketed following its IPO. Morgan Stanley, acting as stabilising manager, triggered an over-allocation clause after shares in the betting exchange jumped from the float price of £13 to over £15 in its first day of trading. [...]