Global FX trade surges to $4 trillion per day August 31, 2010 TRADE on global currency markets has jumped by a fifth over the past three years to $4 trillion a day, roughly equal to the annual economic output of Germany, according to the Bank for International Settlements (BIS). The increase in volumes was driven by a 48 per cent jump in turnover of conventional spot transactions, [...]
BP plug plans delayed by bad weather August 31, 2010 BP’S efforts to permanently plug the Deepwater Horizon well have been delayed by stormy seas caused by Hurricane Earl. The firm said it would have to wait at least two days before proceeding with a plan it hopes will stop the leak for good. Thad Allen, the US official overseeing the Deepwater Horizon work said [...]
Unite threatens fresh strike ballot as bullying feud ignites August 31, 2010 TENSIONS between British Airways (BA) and Unite were re-ignited yesterday over allegations of bullying as the trade union representing the airline’s cabin crew warned of a possible fresh wave of strikes to be held over the Christmas period. An unresolved dispute over bullying allegations made by the union and BA staff during the previous 22 [...]
SEC will not pursue a fraud case against Moody’s over rating error August 31, 2010 The US Securities and Exchange Commission has decided not to pursue a fraud case against Moody’s over a computer glitch that inflated ratings on some European debt. The regulator yesterday cited uncertainty over its authority to bring the case in the US as the reason not to press a fraud enforcement action against the parent [...]
Candover to wind up as it eyes sell-off August 31, 2010 PRIVATE equity stalwart Candover Investments will complete its spectacular fall from grace as it winds itself up to return cash to shareholders. The once high-flying firm will now concentrate on offloading its portfolio as part of a “measured” plan that could take years to complete. However, a spokesman told City A.M. there will be “absolutely [...]
Boots offloads £300m of its pension pot to a third party August 31, 2010 Alliance Boots will shift £300m of its pensions liabilities to a specialist buyout vehicle, it confirmed yesterday. Pension Corporation will take responsibility for 3,000 defined benefit plans from the firm’s old Alliance UniChem pension scheme, which was closed earlier this year. An Alliance Boots spokesman said: “As part of the group’s ongoing efforts to ensure [...]
Candover August 31, 2010 THAT silence is the sound of Candover bosses having given up. Once a leading light in the private equity industry, the firm will make no further investments and has abandoned plans to find a buyer. Instead it will run its investments off over an unspecified time frame. What started so well has come to a [...]
Anglo seeking €25bn bailout August 31, 2010 Anglo Irish Bank said yesterday the bill for its rescue should not exceed €25bn (£20.6bn) but investors remained sceptical after mounting losses raised pressure on Ireland to shut down the nationalised lender. Once the posterchild of the “Celtic Tiger” economy, the cost of bailing out Anglo left Ireland with the biggest budget deficit in the [...]
Online gaming firm 888 drops dividend as World Cup bites August 31, 2010 Online gaming firm 888 yesterday scrapped its dividend, preserving cash to pay for acquisitions after the weak economy and soccer World Cup sapped appetite for poker games and hit first half profit. “In order to continue investing for future growth, and to support potential acquisitions, the board has decided not to declare an interim dividend,” [...]
Addleshaw Goddard turned to partners for £15.6m cash call August 31, 2010 LAW firm Addleshaw Goddard asked partners to inject more than £15m into its business last year, according to financial accounts recently submitted by the firm. The limited liability partnership (LLP) accounts, which were filed on Companies House, show that partners introduced £15.6m in fresh capital during the period ending 30 April 2010. Partners are required [...]