DIC remains committed to EU June 24, 2010 Dubai International Capital (DIC) yesterday rejected claims it could attempt to sell off its European assets, after the sovereign wealth fund promised to retain its five majority-owned companies in the region for at least another two years. DIC, which is heavily indebted, told senior managers of its portfolio companies that it had already spent $300m [...]
Accounts bodies issue new plans June 24, 2010 International accounting bodies, including the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have issued a shortened workplan to create a single set of global accounting standards after pressure from banking regulators to get their talks underway again. The workplan was published ahead of the G20 meeting in Toronto, with IASB [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 24, 2010 FINANCIAL TIMES FEARS FORCE IMMIGRATION CAP RETHINK Senior Conservative ministers are forcing a rethink on the party’s flagship immigration policy to make it more business-friendly after warning that a rigid cap on migrants could damage the British economy. Theresa May, home secretary, will next week launch a consultation on the migration plan, with a promise [...]
US Senate at finish line for reform bill June 24, 2010 SENATORS looked set to make one final push and conclude the year-long debate over financial reform last night. As City A.M. went to press, last-minute proposals were being rushed into the bill to impose new rules on US banks after the financial crisis. Banks would face stricter limits on risky trading and investing, but could [...]
Accenture is upbeat after quarterly revenues escalate June 24, 2010 CONSULTANCY firm Accenture has reported higher-than-expected quarterly results as a recovering economy encouraged companies to invest again. Accenture’s revenue for the third quarter ending 31 May rose to $5.5bn (£3.6bn) from $5.1bn a year earlier. Accenture’s quarterly net income also rose to $564m from $537m. Revenue from consulting, an area that was particularly hit during [...]
Banks win battle to soften capital requirements for Basel III rules June 24, 2010 INTERNATIONAL banking regulators are preparing to strip down their recommendations on how to ensure the industry’s financial strength, following months of wrangling. In an attempt to ensure the timetable for announcing the reforms can go ahead as planned in November, a consensus within the Basel Committee is now suggesting that the radical blueprint of global [...]
Judge refuses delay on Gulf drilling ban June 24, 2010 THE OBAMA administration was dealt a fresh blow yesterday after a US judge who overturned a six-month moratorium on deepwater drilling refused to put his ruling on hold while the government appeals. US district judge Martin Feldman in New Orleans rejected the request to stay his decision from earlier in the week. Interior secretary Ken [...]
Dutch group plans trip to US to stop the oil spillage June 24, 2010 A GROUP of Dutch engineers plan to travel to the Gulf of Mexico within two weeks to try to stop the oil spill, backed by a €5m (£4.1m) donation. Crane company Mammoet, which raised the Kursk submarine in 2001 after numerous attempts by other firms, contacted BP, Transocean and the US government last week with [...]
Cowdery buys Axa’s UK arm in £2.8bn deal June 24, 2010 RESOLUTION will reshuffle the leadership of its insurance consolidation project after agreeing to pay £2.8bn for the British life and pensions businesses of French group Axa yesterday. Axa’s UK arm will be merged with Resolution’s existing holding, Friends Provident, to create Friends Life. Trevor Matthews will stay as chief executive but David Hynam, Graham Harvey [...]
Resolution cash call breaks new ground June 24, 2010 JUST weeks after two separate studies of rights issue fees were launched, Resolution revealed a £2bn cash call which will pay investors more commission than investment banks. Total fees on the rights issue will come to 2.7 per cent, below the market average of 3.25 per cent. Shareholders, who agreed in advance to sub-underwrite more than [...]