HP reassures investors but new boss still elusive September 29, 2010 HP YESTERDAY told investors to expect growth to continue despite the firm limping on without a permanent chief executive. Former boss Mark Hurd, 53, was forced to resign almost two months ago after it was found $20,000 (£12,500) of expense claims in his name were inaccurate. It then emerged the married chief executive had been [...]
Ambac sues Bank of America over mortgages September 29, 2010 AMBAC Financial Group has sued Bank of America Corp, alleging a “massive fraud” that caused it several hundred million dollars of losses from insuring mortgage securities that went sour. In a complaint filed Tuesday in the New York State Supreme Court in Manhattan, Ambac said the bank’s Countrywide mortgage unit misled it about loan quality [...]
South African union opposes Wal-Mart deal September 29, 2010 SOUTH Africa’s biggest union is opposing Wal-Mart’s attempt to buy Massmart for over $4bn (£2.5bn). The Western Cape branch of the Congress of South African Trade Unions (Cosatu) called on the government to block the sale of the “key strategic national company”. “We will oppose the setting up of any Walmart stores in the Western Cape. [...]
Sanofi eyes higher Genzyme bid September 29, 2010 SANOFI-AVENTIS is considering whether to raise its $18.5bn (£12bn) bid for US drugmaker Genzyme as soon as next week. France’s largest drugmaker is said to be leaning towards raising the $69-a-share offer by $1 or $2 a share. It has not ruled out a hostile bid but would prefer friendly negotiations, it is understood. Sanofi [...]
Spyker to use BMW’s engines in new Sabb September 29, 2010 LOSS-MAKING Swedish carmaker Saab is to use BMW engines in a move by Dutch owner Spyker to help boost its recovery and appeal. Undercapitalised Spyker Cars, which bought Saab in February from General Motors for $400m (£294m), said yesterday the luxury German group will supply four-cylinder 1.6 litre turbocharged gasoline engines for its new 9-3 [...]
Warren Buffett considers increasing his stake in Chinese carmaker BYD September 29, 2010 BILLIONAIRE investor Warren Buffett has discussed the possibility of raising his 10 per cent stake in car and battery maker BYD. In the past week, analysts and investors have speculated that Buffett, who is making a closely watched tour of China with former Microsoft chairman Bill Gates, might instead sell down his stake after the [...]
BEST OF THE BROKERS September 29, 2010 STANDARD LIFE JP Morgan Cazenove revisits its investment thesis on Standard Life and increases its rating to “neutral” from “underweight”. The broker can see the potential in what Standard Life is trying to do with its structural changes and says that if the insurer is successful, it should leave the group well positioned in the [...]
CITY MOVES | WHO’S SWITCHING JOBS September 29, 2010 Tullett Prebon The inter-dealer broker has re-hired Tory MP Michael Fallon as a non-executive director, just a few months after he resigned to pursue an unsuccessful campaign for the Treasury Select Committee chairmanship. Fallon, who lost out to Andrew Tyrie, rejoins Tullett a week after he replaced Lord Ashcroft as deputy chair of the Conservative [...]
BID WAR BREAKS OUT AT LEHMAN ART SALE September 29, 2010 BIDDERS clamoured yesterday afternoon to snap up a piece of banking history, as the art collection from the UK offices of failed bank Lehman Brothers went under the hammer at Christie’s. The most frenzied bidding took place at the beginning of the auction, organised by administrators PwC, when the name sign from the bank’s reception [...]
BP announces company shake-up September 29, 2010 BP has announced a company shake-up in the wake of the Gulf of Mexico spill, creating a new safety unit and reviewing incentives it offers managers. The company said that the head of its upstream Exploration and Production unit, Andy Inglis, will leave the firm. The drilling of the blown out Macondo well, which caused [...]