After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
EASTERN PROMISE March 1, 2010 PRUDENTIAL signed a gargantuan deal to buy the Asian assets of American International Group for $35.5bn (£24bn) yesterday, a move that will see it hold a heavily discounted rights issue in May. Chief executive Tidjane Thiam described the merger with American International Assurance as “transformational” as he announced the British insurer had the approval of [...]
EASTERN PROMISE March 1, 2010 HSBC yesterday showed a stronger commitment to emerging markets than ever before, as it revealed that Asia Pacific takings accounted for 130 per cent of headline profits and predicted growth of six per cent in the region over 2010. The bank’s operations in Asia, where one in two people bank with HSBC, posted a pre-tax [...]
Greece told to cut spending March 1, 2010 The European Union yesterday urged Greece to take extra austerity measures within days to tackle a fiscal crisis that has shaken the eurozone, and promised to help Athens overcome its debt problems. EU economic and monetary affairs commissioner Olli Rehn said after a day of talks with Greek leaders that financial markets will be convinced [...]
UK is facing chaos while Asia booms March 1, 2010 WHETHER or not Prudential is overpaying for AIG’s Asian operations remains to be seen. Shareholders, spooked by the prospect of Britain’s biggest-ever rights issue, sent the Pru’s share price tumbling yesterday. But what is not in doubt is just how important Asia is becoming to Britain’s most successful and ambitious companies – and just how [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 1, 2010 FINANCIAL TIMES TOYODA APOLOGY TOUR IN BEIJING Akio Toyoda, chief executive of Toyota Motor, apologised to Chinese consumers yesterday during a visit to Beijing, as he extended his effort to repair Toyota’s image to the biggest-volume car market in the world. Toyoda flew to China from the US where he had received tough criticism from [...]
Tories regain lead in polls March 1, 2010 THE Conservative lead in the polls remains fragile but yesterday’s YouGov survey showed the party regaining a seven point lead over Labour. The poll put the Conservatives on 39 per cent (up two), Labour on 32 per cent (down three) and the Lib Dems on 17 per cent (no change). It comes after Cameron’s speech [...]
Iceland opposes Icesave bill March 1, 2010 Icelanders increasingly oppose a bill to repay Britain and the Netherlands $5bn (£3.3bn ) lost in the banking crisis, with 74 per cent planning to vote down the measure in a referendum on Saturday, a new poll showed. The Gallup poll published by state radio late yesterady showed 19 per cent in favour of the [...]
Babcock told put up or shut up March 1, 2010 Defence support services group Babcock has been given six weeks to “put up or shut up” on its £1.25bn pursuit of its rival VT Group. Yesterday’s notice from the Takeover Panel, which VT requested over a week ago to end the uncertainty surrounding a possible deal, forces the bidder to make a firm offer by [...]
Political fears cause pound to plummet March 1, 2010 FOREIGN exchange markets were yesterday spooked by the prospect of a hung parliament, after a raft of polls suggested political stalemate following the general election. Sterling plunged into crisis, tumbling as much as three per cent against the US dollar and broke through the key $1.50 level to hit $1.4780. The pound was also knocked [...]
Mandelson calls for reform of M&A rules as he defends City March 1, 2010 LORD Mandelson last night called for an overhaul of M&A rules in light of the Cadbury takeover. He said laws needed to be in place to ensure the long-term future of British companies. In his Mansion House speech to London financiers he said: “We need directors equipped to be stewards rather than just auctioneers.” He [...]