BayernLB offices raided as authorities probe the terms of its Hypo Group deal October 14, 2009 GERMAN prosecutors raided BayernLB and its Austrian unit Hypo Group Alpe Adria yesterday over suspicions the German bank overpaid when it bought Hypo in 2007. The raids are part of a probe into whether former BayernLB chief executive Werner Schmidt was in breach of trust when he chose to pay €1.625bn (£1.52bn) for just over [...]
Skype founders oppose takeover October 14, 2009 Skype’s founders yesterday asked a US federal court to prevent Index Ventures and one of its partners from further participating in the proposed $1.9bn (£1.1bn) acquisition of the Web phone service. The suit, brought by Joltid and Joost, the companies of Skype founders Niklas Zennstrom and Janus Friis, said Index and one of its partners, [...]
Shazam secures LA backing October 14, 2009 Shazam, the London-based mobile music service, yesterday said that it has secured one of Silicon Valley’s most successful investors, Kleiner Perkins Caufield and Byers (KPCB) as a backer. Shazam is seeking to capitalise on the popularity in downloadable mobile phone applications. The group said that it now has 50m users, and hopes to double its [...]
Oxford Street shop rents rise October 14, 2009 Prime retail spots on Oxford Street and Bond Street are commanding higher rents than they did last year, despite the downturn that has battered other high streets, estate agent Cluttons said yesterday. The group said rental values on other high streets would continue to fall as more tenants default.
CITY VIEWS: ARE YOU MORE OR LESS LIKELY TO INVEST IN A PENSION? October 14, 2009 HAYDEN SINDEN AVIVA“The sooner you start saving for a pension, the less you have to pay out in one go. There is a common misconception that a state pension is enough to live on, and it’s not – it’s completely insufficient. And as people live longer, the pot of public money is going to run [...]
Eli Lilly sells off its chemical company as it steels itself for stiff competition October 14, 2009 DRUGMAKER Eli Lilly has agreed to sell one of its manufacturing facilities to German chemical company Evonik Industries, as it gears up for an intense period of competition in the pharmaceutical industry. The financial details of the transaction were not unveiled. Lilly said last month it planned to cut 5,500 jobs, or 13.5 per cent [...]
Pension confidence is rising despite the effects of the slump, finds survey October 14, 2009 EMPLOYEE confidence in pensions has rebounded sharply, according to the National Association of Pension Funds (NAPF). The association’s latest Workplace Pensions Survey says that its confidence index stood at +11 per cent at the end of September, three per cent higher than in March. The confidence index has jumped sharply from its low point of [...]
Experian gives an upbeat outlook on credit market October 14, 2009 CREDIT information group Experian posted a one per cent rise in first-half revenues, in line with expectations, but gave a rosier picture for the full year, saying it expects to at least maintain margins and grow profits. Experian, best known for running consumer credit checks for banks, has come under pressure as US and UK [...]
Hands ups pressure on Novera October 14, 2009 GUY Hands, chairman of private equity firm Terra Firma, is playing hardball in his bid to buy wind farm group Novera. The takeover bid is being spearheaded by Infinis, a green energy firm owned by Terra Firma. A spokesman for Infinis said Novera was in crisis and would be well-advised to sell up. Earlier this [...]
Reuters buys finance site in 13m deal October 14, 2009 THOMSON Reuters consolidated its expansion into the opinion business yesterday as it acquired the financial commentary business Breakingviews. Breakingviews was founded 10 years ago by Hugo Dixon, a former Financial Times journalist, who will make £2.6m from the deal. Dixon was backed by a number of well known City figures, including Roland Rudd, the Finsbury [...]