Malcolm Calvert’s insider trader trial is postponed February 15, 2010 Former banker Malcolm Calvert appeared for the opening of his insider trading trial yesterday. He is charged with 12 counts of insider dealing after he left Cazenove in 2000. The Financial Services Authority, which has brought the charges, claims he illegally traded shares in six companies including HP Bulmer and RAC between 2003 and 2005. [...]
Crown Estate to sell Regent St February 15, 2010 The Crown Estate is sounding out foreign investors over a potential sale of its £1.4bn swathe of property on Regent Street, it emerged yesterday. The Queen’s property group is considering a number of possibilities, including selling a stake in the entire street, a stake in a joint venture for a new development or a limited [...]
City property market surges February 15, 2010 London’s banks and other financial institutions are leasing floorspace at a rate not seen since the top of the last market boom, according to research for Financial News. The research shows financial occupiers carried out 1.43m sq ft of lettings in the City of London’s core banking district during the second half of last year. [...]
Gala Coral lenders close to deal February 15, 2010 Gambling group Gala Coral yesterday tentatively struck a deal with its key lenders, enabling it to move forward with its debt restructuring. Under the terms being discussed, the lenders would underwrite a £175m injection that would help the company to repay its debts. The terms under which the new funds wil be provided are yet [...]
ICAP reviews cash equities February 15, 2010 ICAP has confirmed it is conducting a strategic review of its agency broking business having announced a profit warning earlier this month. Michael Spencer, Icap’s founder and chief executive, decided in the wake of Lehman Brothers’ collapse that he wanted to take advantage of a downturn in the cash equities market. Icap recruited vigorously at [...]
Top RBS bankers quit amid furious backlash over bonuses February 15, 2010 TWO investment banking hotshots have quit their positions at Royal Bank of Scotland just weeks before the annual bonus round, amid a furious populist backlash against potential payouts at the bailed-out bank. Steve Ashley, the head of interest rates trading, and Chris Fleming, the head of European flow sales, resigned on Friday. Both are thought [...]
Gung-ho approach will see firm win in the end February 15, 2010 Icap’s confirmation that it is reviewing its loss-making cash equities businesses, largely responsible for its profit warning earlier this month, did little to boost its ailing share price. The cash equity division, which involves around 200 brokers in its voice arm operations, is now likely to be wound down or sold. This business formed a major [...]
Premiership set to debate new debt cap February 15, 2010 DEBT-LADEN Premier League clubs could be forced to cap borrowing at just a quarter of their turnovers. The drastic measures, called for by Wigan chairman Dave Whelan, would be the strictest financial constraints on any major football league in the world. He proposed the changes in light of the financial misery that has been heaped [...]
Sumitomo challenges KDDI’s bid for cable TV firm Jupiter Telecom February 15, 2010 SUMITOMO said yesterday it will launch a 122.1bn yen (£0.8m) tender offer to raise its stake in cable TV company Jupiter Telecom to 40 per cent, countering a rival bid by telecoms firm KDDI. Sumitomo , Japan’s third-largest trading company, now holds about a 27 per cent stake in Jupiter, known as J:Com, and would [...]
ANALYST VIEWS: SHOULD THE PREMIER LEAGUE SET A NEW BORROWING CAP TO STOP CLUBS RACKING UP MASSIVE DEBTS? February 15, 2010 DAVE WHELAN | CHAIRMAN, WIGAN ATHLETIC The Premier League is in trouble – we can’t have a situation where a massive club like Portsmouth is going out of business. Something drastic needs to be done and I think capping the amount of borrowing at clubs is the answer. I’m going to be pushing for this. [...]