AIA to raise $17.9bn with IPO October 22, 2010 AIA, the Asian life insurance arm of American International Group Inc, raised $17.9 billion (£11.4bn) by pricing its Hong Kong IPO at the top of an indicated range, sources said, due to heavy demand for one of Asia’s best known industry brands. The pricing of the IPO, set to be the world’s third biggest, puts [...]
Ex Cadbury boss: Let’s query overseas bids October 21, 2010 FORMER Cadbury chair Roger Carr yesterday called on the government to rethink its free-market stance on foreign takeovers, after the Takeover Panel recommended only modest reforms to UK rules. Carr, who initiated a heated debate over the scope of the Takeover Code after US food giant Kraft’s acquisition of Cadbury, said the Panel had tackled [...]
IFS: families hit hardest by Osborne October 21, 2010 THE tax and benefit changes in George Osborne’s spending review will hurt families with children the most, the Institute for Fiscal Studies (IFS) said yesterday. In a presentation on the distributional effects of tax and benefit changes, IFS analyst James Browne said: “Overall, families with children seem to be the biggest losers.” The independent think-tank [...]
Murdoch hails spending cuts October 21, 2010 Media magnate Rupert Murdoch last night called for Britain’s coalition government to press ahead with deep cuts in public spending, saying the financial crisis should not lead to an assault on economic liberalism. Delivering a lecture in honour of Margaret Thatcher, the News Corp chief executive exhorted the government to follow the example set by [...]
Retail sales hit by tax and inflation October 21, 2010 THERE is a simple reason why retail sales are beginning to fall, and it has very little to do with the Comprehensive Spending review. A triple whammy of limited pay rises, elevated inflation and tax increases have conspired to impoverish most of the public over the past year, a development that has been barely picked [...]
AIA float to top estimates October 21, 2010 AIG’S Asian life insurance offshoot AIA is set to hit the top end of estimates when it lists at the end of the month, with several reports claiming yesterday the float will raise $17bn to $20bn (£10.8bn to £12.7bn). Strong investor demand prompted AIG to close the books on one of the world’s biggest ever [...]
Fed members hint again at QE October 21, 2010 A member of the US Federal Reserve said yesterday he would favour the Fed starting more monetary easing by buying more Treasury securities, if the US central bank believes it is necessary. James Bullard, president of the St Louis Federal Reserve, said the Fed could approve more QE in blocks of $100bn (£64bn) each monthly [...]
Browne picks City spending tsars October 21, 2010 Lord Browne has cherry-picked a team of senior City figures to serve as non-executives in Whitehall, in an effort to provide government departments with business management expertise. Browne has rounded up around 60 business heads to parachute into Whitehall as unpaid advisers, according to the Financial Times today. The ex-boss of BP is thought to [...]
Taxpayers will pay if BT fails October 21, 2010 TAXPAYERS will have to stump up a staggering £23bn to BT’s pension trustees if the telecoms giant ever goes bust. A landmark ruling yesterday means even BT workers who joined after the firm was privatised in 1984 will have their pension liabilities covered. The ruling will increase the government’s contingent liability but will not affect [...]
Canadian province formally rejects BHP’s bid for Potash October 21, 2010 The Canadian province that is home to Potash yesterday said it was opposed to a $39bn (£24.8bn) bid by BHP Billiton to buy the world’s largest fertiliser supplier. Saskatchewan will urge the federal government to block the Anglo-Australian miner’s hostile bid for Potash, which is based in the province. “In the interests of jobs for [...]