Bank buyers circle as Rock splits off unit January 4, 2010 THE race to snap up the good assets of Northern Rock heated up yesterday, with Virgin Money and National Australia Bank (NAB) emerging as the frontrunners. Clydesdale and Yorkshire Bank owner NAB is understood to have held meetings with potential advisers including Lazard, Citigroup, Credit Suisse and Morgan Stanley ahead of a potential bid for [...]
Irish minister battles cancer January 4, 2010 IRISH finance minister Brian Lenihan will continue to implement his fiscal reform programme but will not perform non-essential tasks for months as he undergoes therapy for cancer, he said yesterday. Lenihan, who has won praise from investors for halting Ireland’s steep budget deficit rise by presenting three budgets in just over a year, is understood [...]
Workers poised to change jobs January 4, 2010 A THIRD of UK workers would quit their current jobs for a new employer, according to research for business advisers PricewaterhouseCoopers. The survey found 33 per cent of workers feel they were not valued by their employers during the recession. Of those respondents who said they did feel appreciated in the downturn, 41 per cent [...]
M Stanley in top M&A spot January 4, 2010 INVESTMENT bank Morgan Stanley beat rival Goldman Sachs to the top spot in the mergers and acquisitions deal value stakes during a tough year, a survey showed. Morgan Stanley advised on deals worth $585.9bn (£363.4bn), compared with Goldman’s $548.6bn, according to the data group Mergermarket’s Global M&A Round-Up for 2009. Goldman topped the table in [...]
Sportech bags £91m funding January 4, 2010 GAMING group Sportech is targeting international expansion of its football pools business after tying up a new £91m funding deal. Sportech’s chief executive Ian Penrose said it is hoping to take the pools into Asia or elsewhere overseas, either on its own or with partners. The company has just renegotiated lending facilities with Lloyds Banking [...]
Car sales rise again due to scrappage schemes January 4, 2010 INVESTMENT bank Morgan Stanley beat rival Goldman Sachs to the top spot in the mergers and acquisitions deal value stakes during a tough year, a survey showed. Morgan Stanley advised on deals worth $585.9bn (£363.4bn), compared with Goldman’s $548.6bn, according to the data group Mergermarket’s Global M&A Round-Up for 2009. Goldman topped the table in [...]
Spyker will make final bid for ailing Saab this week, says chief executive January 4, 2010 Dutch luxury car maker Spyker Cars is working on its final offer for General Motors’(GM’s) Saab assets and will file its bid by a 7 January deadline, Spyker’s chief executive said yesterday. Spyker cars is preparing to revise its bid for GM’s loss-making Swedish carmaker Saab for a third time to address GM’s criticism of [...]
Resort owners sue Credit Suisse for $24bn over luxury property schemes January 4, 2010 Credit Suisse has been sued by property owners who said the Swiss bank schemed to defraud investors in four luxury resort communities, including the bankrupted Yellowstone Club. The lawsuit filed in federal court in Boise, Idaho, seeks $24bn (£15bn) of damages against Credit Suisse and commercial real estate firm Cushman & Wakefield, and class-action status [...]
Gas demand surges as cold grips January 4, 2010 National Grid yesterday issued a gas balancing alert (GBA) to warn big users of the fuel they may have to cut consumption as cold weather grips the country. The GBA means that demand has risen to such a level that, given Britain’s supply and storage position, there is a risk that another supply shock could [...]
Hotel rates in London on the rise January 4, 2010 Hotels in London saw revenue per available room – a key industry measure – rise out of the red during the final quarter of 2009, up 5.5 per cent to £110, according to professional services firm Deloitte. Occupancy was the key driver of growth in the capital, up 5.8 per cent to 82.9 per cent. [...]