Brown: bank levy is close February 10, 2010 GORDON Brown yesterday claimed the world’s leading economies were close to agreeing a global bank tax. He said opinions had shifted in favour of the tax after President Barack Obama’s announcement last month of a $90bn (£58m) banking levy. Brown said: “I’m interested in the way support is building up for international action. People are now [...]
Britain must not fork out for bailout February 10, 2010 THERE are two policies the British government must pursue over the looming bail-out of Greece and other weaker Eurozone countries, a move which looks increasingly likely and which will be debated in detail at today’s European summit. First, the government must make it clear that the UK taxpayer will not be put at risk. If [...]
AIG reforms its pay policy February 10, 2010 AMERICAN International Group has launched a new system to determine how employees get incentive pay, a move that follows public outcry over retention payments the bailed-out insurer made to some staff. Under the plan, which is being pushed by chief executive Robert Benmosche, AIG will rank employees on a scale of one to four, based [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 10, 2010 FINANCIAL TIMES BOCOM EYES $500M PRIVATE EQUITY FUND Bank of Communications is to launch a US dollar private equity fund in the latest sign of mounting Chinese interest in the asset class. BoCom International, the bank’s overseas arm, said on Wednesday it was targeting a $500m fund that would invest in mainland groups. The fund [...]
Firms line up to bid for IDC February 10, 2010 At least seven private equity firms and two trade bidders will launch first round bids for Interactive Data Corporation, the financial data group majority-owned by Pearson. Bids are expected in the next week. Those bidding in the first round are thought to be Kohlberg Kravis Roberts, Carlyle, Hellman & Friedman, Bain Capital, Apollo, Permira and [...]
RBS push on with branch sale February 10, 2010 Part-nationalised Royal Bank of Scotland is pushing ahead with the sale of over 300 of its branches and is expected to provide a detailed prospectus for buyers this month. At least six private equity and banking suitors have examined the assets closely and at least three of those have expressed an interest in the branches. [...]
Matalan nixes £1.5bn sale on price dispute February 10, 2010 MATALAN owner John Hargreaves has abandoned an auction of the budget fashion retailer after potential buyers refused to match his £1.5bn asking price. Hargreaves, who founded the chain in Preston in 1985, appointed Goldman Sachs and PricewaterhouseCoopers to explore a sale of the business in December after receiving unsolicited offers from private equity groups. Buyout [...]
US to launch rival to Lloyd’s of London February 10, 2010 NEW York hopes to set up a rival to Lloyds of London in a move that could finally see a major rival to the centuries-old institution in the US. An outline for a revived New York Insurance Exchange (NYIE) could be prepared as soon as September, according to New York Superintendent of Insurance James Wrynn. [...]
UBS SCRAPS BONUSES FOR SENIOR STAFF February 10, 2010 UBS has scrapped a bumper bonus for senior executives because it did not make a profit last year. The bank had intended to honour part of a three year incentive scheme that would have paid top bankers £180m, but Oswald Grübel (pictured), the chief executive officer, said: “The critical condition, a net profit for 2009, [...]
Infineon faces battle over chair February 10, 2010 Infineon could see its chairman-designate blocked today by shareholders in what would be a milestone for corporate governance in Germany. Shareholders in the German chipmaker – led by Hermes, the UK fund manager owned by the BT pension scheme – have led a month-long campaign to bar Klaus Wucherer, a long-time Infineon non-executive director, as [...]