Lazard man quits M&A watchdog May 26, 2010 THE City takeovers watchdog began hunting for a new boss today after the incoming director general was forced to resign over his role in Kraft’s controversial buyout of Cadbury. Peter Kiernan, a top banker at Lazard, said he would not take the two-year posting at the Takeover Panel after it published a harsh verdict of [...]
Dow crashes below 10,000 on China fears May 26, 2010 THE DOW crashed below 10,000 for the first time in almost four months yesterday as reports that China was reviewing its Eurozone debt holdings reignited investors’ fears that the sovereign debt crisis could derail the global economic recovery. The Dow Jones eventually closed 0.69 per cent lower at 9,974.45 – reversing the tentative gains that [...]
Euro drops sharply on contagion fears May 26, 2010 THE euro approached a four-year low against the US dollar yesterday on persistent concerns about Europe’s debt woes and after Federal Reserve chairman Ben Bernanke raised concerns over Eurozone bank funding. Bernanke said swap lines, which were reinstated by the Fed to provide dollar funding to Europe as the Greek fiscal crisis escalated, played an [...]
EU regulators undecided on shorting ban extension May 26, 2010 THERE is no consensus among European Union securities regulators for introducing a German-style ban on trading credit default swaps linked to Eurozone government bonds, the head of a group of EU regulators said yesterday. “I am not sure if there is a clear majority for following the German approach. It’s not off the cards but [...]
Dentons to merge with US law firm May 26, 2010 DENTON Wilde Sapte and Sonnenschein Nath & Rosenthal (SNR) yesterday agreed to merge, creating a £500m law firm with over 1,400 lawyers. Management boards at both firms recommended to their respective partnerships that the two businesses be combined. The merger, if it wins approval from a partnership vote held early next month, will see the [...]
BT workers vote for a strike ballot… May 26, 2010 BT workers could take industrial action after its union delegates unanimously backed a strike ballot over pay yesterday. The firm’s “blue collar” workers, represented by the Communication Workers Union (CWU), rejected BT’s two per cent pay rise at its annual conference. Now all 55,000 CWU members will vote on whether to escalate the dispute to [...]
… as top executives take home millions in bumper bonuses and share packages May 26, 2010 TOP BT executives received bumper bonuses yesterday, pouring petrol on the fires of unrest among the firm’s rank and file. Chief executive Ian Livingston topped up his £850,000 basic salary with a bonus of £1.2m. He also qualifies for £1.2m in shares that he can collect in three year’s time. He was offered a six [...]
Lloyd’s firms launch BP legal action May 26, 2010 BP’S woes worsened yesterday when syndicates in the Lloyds of London insurance market launched legal action to stop the oil giant claiming against its Gulf of Mexico spill. The FTSE 100 oil major is trying to claim up to $700m (£487m) for cleanup costs and damage lawsuits resulting from the crude haemorrhaged by its Deepwater [...]
BP May 26, 2010 LLOYD’S of London syndicates are taking BP to court to stop it from claiming on cover held by rig operator Transocean. But the oil spill is a drop in the ocean compared to other disasters. This year is set to be a relatively quiet year for the insurance market. These syndicates are only launching legal [...]
AIG to repay taxpayers, says Robert Benmosche May 26, 2010 AMERICAN International Group is on its way to repaying government bailout money, its boss said, but a US Treasury official warned taxpayers could still face losses. AIG is operating with $132bn (£92bn) in government support after being rescued by the government in 2008 and early 2009 on fears that an uncontrolled bankruptcy would trigger a [...]