Nortel to block pension claims February 22, 2010 Nortel Networks, the Canadian telecommunications equipment maker, and its creditors are seeking to block the UK pensions regulator from pursuing a claim worth as much as £2.1bn ($3.3bn) against the firm’s worldwide assets to cover the shortfall in its UK scheme. Nortel and its UK subsidiary filed for bankruptcy protection from creditors in January 2009, [...]
SFO to launch probe into Aero February 22, 2010 The Serious Fraud Office will announce today that it will launch a probe into Aero Inventory. The firm went bust in November after accounting problems related to its share price were discovered.
Senate report hits Glaxo stock February 22, 2010 GlaxoSmithKline’s shares fell sharply yesterday after US senators published a highly critical report into the side effects of its diabetes drug Avandia. Shares in the pharmaceuticals giant tumbled more than two per cent as the senators said two American drug safety reviewers recommended the medicine be pulled from the market amid concerns about its links [...]
AILING HEALTHCARE BILL February 22, 2010 PRESIDENT Barack Obama made a last-ditch bid to revive his stalled healthcare bill yesterday, with a plan to make insurance more affordable and to bolster government authority to regulate premium hikes. But healthcare stocks didn’t react, with investors doubtful over whether Obama can push the bill through.
Morgan Stanley to sell CICC for $1bn February 22, 2010 MORGAN Stanley is understood to be close to selling its stake in China International Capital Corporation to two private equity operators for more than $1bn (£646m). Kohlberg Kravis Roberts and TPG Capital are in advanced discussions with Morgan Stanley, it is understood. They would split the Wall Street bank’s 34.3 per cent share of the [...]
Ailing Toyota subpoenaed by a US jury February 22, 2010 TOYOTA said yesterday it had received a federal grand jury subpoena for documents related to unintended acceleration and braking that led to the recall of millions of cars in the United States. Toyota and its subsidiaries received a subpoena from the attorney’s office for the southern district of New York on 8 February, the world’s [...]
Fink resigns as Tory co-treasurer February 22, 2010 STANLEY Fink has decided to follow in the footsteps of Michael Spencer and step down as Conservative party co-treasurer after the general election. The announcement comes in the same week that Fink’s hedge fund, International Standard Asset Management (ISAM), said it would launch a new fund to rival his former employer Man Group. Spencer, chief [...]
CITY VIEWS: SHOULD ERIC DANIELS HAVE WAIVED HIS BONUS? February 22, 2010 RICHARD BAILEY | CMC MARKETS “These guys operate in a world where they are used to bonuses. It’s not sustainable anymore because the banks aren’t doing a great job. The bankers are bringing down the economy and not making it work.” BEN TOMKINSON | NICOLL CURTIN “I don’t think these people need more money and [...]
Government in bid to stop a tax exodus February 22, 2010 THE government yesterday moved to reassure multinational firms that there will be no surprise tax changes if Labour wins the next general election, amid growing fears of an exodus of blue-chip firms. Chancellor Alistair Darling told an audience of chief executives – including GSK boss Andrew Witty, WPP chief Martin Sorrell and the LSE’s Xavier [...]
Number 10 rejects inquiry into allegations of bullying February 22, 2010 THE government has rejected calls from the Conservatives for an inquiry into allegations of bullying at Number 10. Calls for the inquiry follow The Observer’s claims that Gordon Brown has physically intimated staff and allegations from Christine Pratt, the founder of the National Bullying Helpline, that her charity received “three of four calls” from Downing [...]