Santander eyes Brazil arm listing July 28, 2009 Spanish banking giant Santander is thought to be planning a stock-market listing of its Brazilian arm that could raise as much as $3bn (£2.6bn). Bank of America-Merrill Lynch, Credit Suisse and UBS are advising on the plans to float around 20 per cent of the division, which would create one of the biggest listed banks [...]
Accounting not to blame for crisis July 28, 2009 Accounting methods were not to blame for the financial crisis, according to the Financial Crisis Advisory Group that was set up by the US and international accounting standards bodies. The group said it “seems clear” accounting was not a “root cause” of the crisis, and that “fair-value” accounting did not contribute.
House prices gain in June July 28, 2009 HOUSE prices have risen for the first time month-on-month since January last year, according to the Land Registry’s latest survey. In the latest sign of stability in the housing market, homes in England and Wales rose in value in June by 0.1 per cent to £153,046 on average, the authoritative survey found. The survey said [...]
Rolls-Royce to spend 300m July 28, 2009 ROLLS-Royce is pumping £300m into four new UK manufacturing sites over the next five years. The jet engine maker will receive £45m in state grants to help fund the expansion, which will create or secure 800 jobs. The money is part of a £150m government investment package aimed at helping manufacturers take advantage of new [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 28, 2009 FINANCIAL TIMES FINES CALL FOR AIRBUS AND EADS EXECUTIVESSeven current and former executives of Airbus and its parent company EADS, including Noel Forgeard, former EADS co-chief executive, should be fined for alleged insider share dealing offences according to a provisional report prepared for the French financial markets regulator. The 381-page report has recommended a total [...]
UKFI IN TURMOIL AS CHIEF QUITS July 28, 2009 UK FINANCIAL Investments (UKFI) announced the appointment of Sir David Cooksey as chairman yesterday but saw its grand unveiling overshadowed by the shock departure of chief executive John Kingman, who is stepping down to pursue a career in the private sector. Kingman’s decision to leave UKFI less than a year after it was created to [...]
HMV boss leading ITV CEO race July 28, 2009 SIMON Fox, the boss of music retailer HMV, is leading the race to take over from Michael Grade as chief executive of troubled broadcaster ITV. Fox, who is credited with turning HMV around since taking over in September 2006, has emerged as ITV’s top choice after it held final interviews for the role last week. [...]
HISCOX COMES OUT OK! IN DESMOND LIBEL CONTEST July 27, 2009 ONE of the biggest winners in the recent Richard Desmond versus Tom Bower libel trial was Hiscox, the insurer backing Bower’s publishers. Like everybody else on the Bower side, Hiscox underwriter Ian Birdsey spent an anxious last day at the trial as the jury deliberated over its decision. Within an hour of the verdict, though, [...]
MIXED ROUNDERS July 27, 2009 THE time is fast approaching for the annual cricket match between financial public relations executives and the people who write stories about their clients run by James Melville-Ross of Financial Dynamics. This year there is a welcome addition to the proceedings since Anna White of the PwC press team has decided to organise a mixed [...]
COFFEE BEAN COUNTERS July 27, 2009 IT may come as something of a surprise but accountancy can be something of a bitchy world. So, ever since KPMG won the account as administrators to the coffee chain Coffee Republic earlier this month, there have been rumours that it did so by undercutting some of its rivals on fees. Not so, says KPMG. [...]