IMF sees higher global growth in 2010 but fears stimulus removal January 26, 2010 THE International Monetary Fund hiked its global growth expectations for 2010 yesterday, but warned that an early withdrawal of stimulus packages was the biggest downside risk for western economies. The IMF said world output would expand by 3.9 per cent this year, a significant rise on its forecast of 3.1 per cent in October. Britain’s [...]
Cries of Yahoo as net firm is set to recover January 26, 2010 INTERNET company Yahoo said yesterday the start of 2010 could see revenues grow for the first time in more than a year as it posted fourth quarter results in line with Wall Street expectations. Remarking that demand for display advertising had picked up, chief executive Carol Bartz said: “Our business has positive momentum and we [...]
Last gasp Spyker buyout keeps Saab on the road January 26, 2010 DUTCH car maker Spyker has snapped up Saab in a last-minute deal worth $400m (£248m). The tiny super-car manufacturer has catapulted itself into mainstream car production and saved the troubled company from the jaws of oblivion. Sources close to the two sides predicted the acquisition would collapse but dealmakers were able to breathe life into [...]
US deficit not as bad as first thought: CBO January 26, 2010 THE US budget deficit for this fiscal year has been revised lower to $1.3 trillion (£806bn) by analysts at the Congressional Budget Office [CBO] it was announced yesterday. This compares with an earlier estimate of $1.4 trillion posted in 2009. Although this is an improvement, 2010’s US budget deficit still represents 9.2 per cent of [...]
Pitman to take Virgin money chair January 26, 2010 FORMER Lloyds TSB chairman Sir Brian Pitman is expected to be named chairman of Virgin Money as early as today. Pitman, 78, will join chief executive Jayne-Anne Gadhia in planning Virgin’s assault on high street banking. He won widespread respect for his 18-year tenure at Lloyds and will be a heavyweight addition to the team.
Hermes green fund launches January 26, 2010 HERMES Private Equity yesterday launched its new Environmental Investment Fund (EIF) with £125m of capital at first close, as part of a government programme to underpin the economic recovery by supporting investment in UK growth businesses. Hermes, along with the European Investment Fund, was last month appointed as one of two fund of funds managers [...]
Pearl bondholders expect to vote down compromise deal January 26, 2010 DISGRUNTLED Pearl bondholders believe they have sufficient support to vote down a deal over suspended interest payments at a crucial meeting to be held today. One source close to the bondholding group led by lawyers Bingham McCutchen told City A.M. yesterday: “We definitely have enough proxies to vote the proposals down.” Pearl, founded by the [...]
FSA outlines measures to protect mortagage borrowers in arrears January 26, 2010 THE Financial Services Authority (FSA) yesterday outlined new rules to help protect mortgage borrowers who get into arrears with their home loan payments. The City watchdog is proposing to stop lenders charging heavy fees for customers who miss payments as well as making action to repossess homes only a last resort. Last year the FSA [...]
Buyout houses circle Kabel DE January 26, 2010 TWO pairs of private equity groups are believed to be preparing bids of up to €5bn (£4.4bn) for German TV and broadband operator Kabel Deutschland. A joint offer from CVC Capital Partners and Carlyle or an approach from Advent International and BC Partners would pre-empt the initial public offering being planned by Kabel Deutschland’s owner [...]
Wills & Co future called into doubt January 26, 2010 WILLS & Co, the 127-year-old City stockbroker, is locked in talks with the Financial Services Authority after surrendering all its clients over to a rival pending the outcome of an ongoing investigation by the regulator. Wills is well underway with the transfer of its 19,000 customers to Pritchard Stockbrokers, a move group chief executive Peter [...]