Senators soften on banks May 16, 2010 TWO Democrat politicians have indicated they will soften their position on tough new derivatives laws as the US financial reform bill moves into its final week in the Senate. Chris Dodd, chairman of the Senate banking committee, and Blanche Lincoln, chairman of the agriculture committee, hinted a compromise could be agreed with the banking industry [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 16, 2010 FINANCIAL TIMES HEDGE FUNDS HIT BY MAY VOLATILITY Some of the world’s biggest hedge funds have suffered significant losses this month after high levels of volatility across markets and the shortlived stock market plunge in New York combined to wipe billions from portfolios. Losses in the first week of May alone erased all gains made [...]
London trails as business centre May 16, 2010 London has been ranked below Manchester and 35 other cities as a centre for business competitiveness by a KPMG survey. The accountant compared 112 cities, mostly in the developed world, using New York, Los Angeles, Chicago and Dallas as baseline models. Manchester was ranked first in Europe, an accolade local commerce figures said was down [...]
Google and Intel launch web TV May 16, 2010 Google, the search giant, and Intel, the chipmaker, are close to revealing a “Smart TV” platform that will allow viewers to access the internet through their televisions. The integrated devices will run on Intel’s Atom microprocessors and Google’s Android operating system, it is understood, while Sony will also play a role in making the hardware.
Lottery winner takes £84.4m May 16, 2010 An unidentified person has won £84.4m on the National Lottery, the largest-ever UK jackpot. Camelot, the operator, said the prize money for Friday’s EuroMillions draw could be awarded today.
Tories braced for defeat in hedgie fight May 16, 2010 GEORGE Osborne will go to Brussels tomorrow to make the case against controversial anti-hedge fund and private equity legislation, although hopes of averting a draconian crackdown are fading fast. Osborne has privately admitted that he is resigned to failing his first major test as chancellor, after a last-ditch appeal to delay tomorrow’s crunch vote fell [...]
Pru gets the all-clear for its cash call May 16, 2010 PRUDENTIAL received clearance from the Financial Services Authority for its mammoth rights issue over the weekend and could launch the deal as early as this morning. The prospectus for the $21bn (£14bn) cash call, which was delayed after the regulator raised fears over Prudential’s capital position, is likely to price the rights at the lower end [...]
Terra Firma holds on to EMI May 16, 2010 Terra Firma has confirmed it secured enough additional finding to keep record lable EMI out of the clutches of its debtor Citigroup. The struggling record label looked set to be taken over by the bank after it struggled to keep up payments on its £2.6bn debt pile. Investors stumped up an additional £105m. EMI requires [...]
Libor rises on EU debt worries May 16, 2010 Fears that European banks could be exposed because of Eurozone debts has increased banking lending fees. The London inter-bank offer rate, known as the Libor, has risen to its highest level since August, even though central banks have not tightened monetary policy. Economists blame the recent rise on fears the agreed EU bailout will not [...]
London rights issues fall to zero May 16, 2010 No company listed on the London Stock Exchange held a rights issue in the first quarter, according to research by Trowers & Hamlins. The three months to March was the first quarter without a cash call since the credit crunch bit in the third quarter of 2007, indicating the urgent need for funds to repair [...]