Citigroup takes hit after Treasury ditches sale December 17, 2009 SHARES in Citigroup slumped yesterday after the US Treasury backed out of plans to sell part of its stake in the troubled bank. Citigroup sold $20bn of stock and convertible bonds in order to repay bail-out funds to the government but raising the capital came at a steep cost to shareholders. Weak demand led to [...]
Greenspan warns of threat of “fiscal crisis” December 17, 2009 FORMER US Federal Reserve chairman Alan Greenspan yesterday said there was a critical threat of a “fiscal crisis” as he backed the creation of a board to make tough choices. Greenspan said he believed a proposed across party committee to enforce federal spending cuts was “an excellent idea”. “I trust any such taskforce will address [...]
Trio say no to EU directive December 17, 2009 EUROPE’S financial powerhouses – London, Paris and Frankfurt – stood up yesterday against political showboating in face of the European Commission’s draft Alternative Investment Fund Management directive. Representing a united front, representative bodies from the City of London Corporation, Paris Europlace and Frankfurt based BVI Bundesverband Investment und Asset Management, stated that the EU Commission’s [...]
Deripaska’s Rusal heads for Hong Kong and Paris listings December 17, 2009 UC Rusal, the world’s largest aluminium producer controlled by billionaire Oleg Deripaska, is moving closer to securing its $2bn (£1.2bn) stock listing. The company, which is planning to list 10 per cent of its shares in Hong Kong and Paris, is understood to be finalising a massive debt restructuring, which will help pave the way [...]
Greek protesters demand u-turn on spending cuts by government December 17, 2009 THE economic crisis in Greece has led to more social unrest, with thousands taking to the streets yesterday to protest against public spending cuts. Supporters of a Communist-backed trade union marched through central Athens to protest against cuts planned by Greece’s Socialist government. The cuts are aimed at curbing the country’s huge deficit. Greece is [...]
ONE LETS THE TRAIN TAKE THE STRAIN December 17, 2009 THE Queen yesterday caused a flurry of excitement when she travelled on an ordinary train from King’s Cross to Norfolk. She travelled first class on a First Capital Connect train before being met by a Range Rover which drove her to Sandringham, her Norfolk estate.
Basel group calls for stricter rules December 17, 2009 TOUGHER conditions for banks could be on the cards after the Basel Committee of central bankers called for stricter rules to protect depositors and shareholders from loss. The influential global finance regulatory group said yesterday that banks would have to store more funds or look to investors for fresh capital in as little as three [...]
Lehman sells the kitchen sink December 17, 2009 CONTENTS from the City offices of collapsed investment bank Lehman Brothers have been auctioned off – including the kitchen sink. The online auction, organised by PricewaterhouseCoopers, the bank’s administrator, was packed with items from the firm’s office in Bank and a conference facility in Broad Street. Lehman Brothers went into administration in September last year [...]
Hopes of a deal fade at Copenhagen December 17, 2009 PRIME Minister Gordon Brown yesterday moved to dampen expectations of the outcome of the Copenhagen climate conference, as China indicated a detailed agreement would be out of the question. Brown warned world leaders that future generations would blame them for risking the survival of the human race if they failed to reach an accord this [...]
Hotel owner MWB to raise fresh funds to prevent breach of banking covenant December 17, 2009 MWB, THE property investment group which owns the Malmaison and Hotel du Vin hotel chains, yesterday announced plans to raise £27.5m via a share placing to mitigate the impact of the recession on its empire. The group said it would issue 91.7m new shares in the placing at a price of 30p per share – [...]