BAE VOWS TO FIGHT CRIMINAL CHARGES October 1, 2009 BAE SYSTEMS is facing corruption charges after the Serious Fraud Office (SFO) asked attorney general Baroness Scotland to prosecute the defence giant. BAE has been locked in talks with the SFO over bribery allegations, but has failed to agree on what charges it will admit to, or how much it will pay in fines. The [...]
IMF: Revival will be quick October 1, 2009 THE UK’s journey out of recession will be quicker than previously thought, the International Monetary Fund (IMF) said yesterday. The international body revised its initial prediction of 0.2 per cent growth in 2010 to 0.9 per cent and also lifted forecasts for other economies, citing the effect of global stimulus measures, the return of consumer [...]
Fresh tax hikes on business are senseless October 1, 2009 IF you want a taste of things to come, look no further than the devastating tax hikes that are about to hit London’s struggling private sector firms. Business rates are about to jump, in many cases by 30-40 per cent or more. The reason: the tax, which is set by the Treasury but collected by [...]
Anglo: put up or shut up October 1, 2009 THE Takeover Panel has given miner Xstrata three weeks to “put up or shut up” on its proposed merger of equals with Anglo American. The Panel, which monitors mergers and acquisitions in the UK, has given Xstrata, led by Mick Davis, until 20 October to bid for Anglo, headed by Cynthia Carroll. Anglo, which has [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 1, 2009 FINANCIAL TIMESFORD SELLS AUSTRALIAN LOAN BOOK TO MACQUARIEFord, the US carmaker that underwent a debt-for-equity swap this year to bolster its balance sheet, has quit Australia’s retail car finance market after selling a A$1bn (US$874m) motor loan portfolio to Macquarie Group. The Australian investment bank is expanding its presence in the sector as well as [...]
Cadbury shareholder sues firm October 1, 2009 A Cadbury shareholder is suing the confectioner’s board and chief executive, saying investors “stand to lose out massively” if the company refuses to negotiate over a £10.2bn takeover proposal from American rival Kraft Foods. The lawsuit, filed in US District Court yesterday by Steward International Enhanced Index Fund, seeks class action status and names Cadbury [...]
Femsa in beer merger discussions October 1, 2009 Mexican brewer Femsa, which makes Sol and Dos Equis, is understood to be in talks to merge its operations with a larger rival in a potential $9bn (£5.7bn) deal, in the latest in a series of mergers in the sector. The Latin American group is known to have held talks with SABMiller and Heineken. It [...]
LSE launches a bid to snap up Turquoise October 1, 2009 THE LONDON Stock Exchange said yesterday that it has entered into exclusive talks with trading platform Turquoise, as its new chief executive Xavier Rolet continues his drive to regain market share. The LSE said that the discussions “may lead to a transaction”, but declined to elaborate on the details of the potential deal. Analysts have [...]
Treasury faces massive refund bill on tax ruling October 1, 2009 THE European Union’s top court ruled yesterday that a British tax on share transactions breaks EU law, leaving an already cash-strapped UK Treasury potentially facing a refund bill running to billions of pounds. HSBC, Europe’s biggest bank, argued in the European Court of Justice that when it bought French rival CCF in 2000, it had [...]
THE RETURN OF APPLEGARTH October 1, 2009 ADAM Applegarth, the former chief executive of Northern Rock, is back in business, having landed a job as an adviser to the US private equity group Apollo. Applegarth is joining Apollo as an adviser to the group’s European fund. At least one financier welcomed him back. Jon Wood, head of hedge fund SRM said: “I’m [...]