British businesses fear doube-dip is looming September 13, 2010 British businesses believe the country could be headed for a double-dip recession, according to a survey from accountants and business advisors BDO LLP. BDO’s optimism index – which reflects how businesses expect trading to develop two quarters ahead – tumbled to 93.1 in August from 95.5 in July, reaching levels not seen since the deepest [...]
Historic deal to fuel bank frenzy September 12, 2010 A GLOBAL flurry of bank rights issues, asset disposals and other realignments could be on the cards in the wake of the new Basel III rules that were revealed last night. Global regulators thrashed out a deal to impose a seven per cent capital holding on all banks to cushion them from future market shocks. [...]
Deutsche in €9.8bn share sale September 12, 2010 DEUTSCHE Bank revealed details of its planned €9.8bn (£8.1bn) money-raising scheme yesterday, which will pay for the purchase of retail bank Deutsche Postbank and bolster its own capital position before the introduction of the Basel III rules. The €9.8bn share issue, Europe’s largest this year, is more than the €7bn to €9bn estimate by analysts [...]
Two cheers for Basel banking rules September 12, 2010 HAD the financial system held more capital two years ago, the world today would look very different. Most big firms would have coped; there may even have been no bailouts. It had become the received wisdom among regulators, firms and academics – all users of fancy models – that banks could operate on razor thin-reserves; [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 12, 2010 FINANCIAL TIMES RESPITE OVER CITY BONUSES DETAILS Britain’s banks will be spared the embarrassment of giving details of big bonus payments to staff in their annual reports next spring after the Treasury admitted the relevant legislation will not be on the statute book in time. The delay to new disclosure requirements is likely to create [...]
Coal India plans an IPO September 12, 2010 Coal India hopes to raise up to Rs150bn (£2.1bn) from the sale of a 10 per cent stake. That would make its initial public offering bigger than India’s largest completed listing, the $3bn offering of domestic electricity producer Reliance Power in early 2008. Citigroup, Morgan Stanley, Kotak Mahindra Capital, Enam Securities, Deutsche Bank, and Bank [...]
British business eyes double dip September 12, 2010 British businesses are predicting a double-dip recession, according to a survey from accountants and business advisors BDO LLP published today. BDO’s optimism index – which reflects how businesses expect trading to develop two quarters ahead – tumbled to 93.1 in August from 95.5 in July, reaching levels not seen since the deepest parts of the [...]
AT A GLANCE: THE KEY POINTS IN THE BASEL 111 AGREEMENT September 12, 2010 TIER 1 CAPITAL Under Basel III, the Tier 1 capital ratio is pegged at six per cent, with core Tier 1 at 4.5 per cent. In January 2013, core Tier 1 will rise from 2 per cent to 3.5 per cent, with full phase-in of the Tier 1 rules to be completed by January 2015. [...]
West Coast move for UMG boss Grainge September 12, 2010 LUCIAN Grainge, the newly-ensconced chief executive of Universal Music Group who went out to the US a couple of months ago to take up his new post, has based himself in California. He had originally planned to be based – with his wife and children – in New York before changing plans. Grainge’s move marks [...]
Bosses face a pay freeze in 2010: Deloitte September 12, 2010 MORE than half of FTSE 350 companies will not increase the salaries of executive directors in 2010 although bonuses are bouncing back, according to a report by Deloitte today. The figures from the professional services firm reveal a salary freeze for many executives, after over two thirds were awarded no pay increase in 2009. Those [...]