Keydata CEO made personal loan July 12, 2009 The chief executive of Keydata, the collapsed specialist investment firm, made personal loans worth several million dollars to the man behind the investment vehicles that Keydata is blaming for a £103m shortfall in client funds. Court documents show that Stewart Ford lent $3.25m to David Elias, who managed funds that Keydata sold on to its [...]
Friends Prov set to reject Cowdery bid July 12, 2009 FRIENDS Provident, the life insurer that recently offloaded its stake in asset manager F&C, is likely to reject a second merger approach from Clive Cowdery’s investment vehicle Resolution. The board is expected to issue a statement today stating an offer from Resolution made to its chairman Sir Adrian Montague does not offer a high enough [...]
Lloyds set for fresh round of bad loans July 12, 2009 LLOYDS Banking Group could write off a further £13bn on the loans it acquired from HBOS when it unveils half-year results next month. The bank’s results are likely to show ongoing deterioration on its commercial property, corporate and mortgage loans, analysts at UBS said, warning that writeoffs for the year could reach £20bn. UBS forecast [...]
Rentokil secures a deal with Gaddafi July 12, 2009 Rentokil Initial is looking east after Libyan leader Colonel Gaddafi signed the firm up to help him deal with disease-spreading rat infestations in his country’s cities. Rentokil has signed a €28m (£24m) three-year contract with the Libyan ministry for public utilities and now has its sights set on other Middle Eastern territories.
VW ups offer for Porsche stake July 12, 2009 German carmaker Volkswagen is set to up its offer for a 49.9 per cent stake in luxury rival Porsche to more than €4bn (£3.8bn), it emerged yesterday, as Porsche’s controlling families Porsche and Piech met for talks. They will also discuss an offer from Qatar for Porsche and VW, which the Persian Gulf state has [...]
Jaguar accelerates plant cuts July 12, 2009 Carmaker Jaguar Land Rover (JLR) is gearing up to extend shutdowns at its UK plants, as the auto sector continues to struggle through the downturn. The news comes days after the company launched its new flagship car, the Jaguar XJ, which it hopes will kick start stalling sales. JLR is owned by Indian company Tata [...]
Boutique banks gain share July 12, 2009 Boutique investment firms such as Evercore and Lazard are taking a record 14 per cent share of advisory fees as clients turn to smaller but more experienced bankers, according to data from Dealogic. The firms are gaining market share, with the top 10 earning a total of $721m (£445m) in merger and acquisition fees in [...]
Boutique banks gain share July 12, 2009 US authorities have approved a bid by Continental Airlines to join UAL’S United Airlines and other carriers in the global Star Alliance. The US Transportation Department order, which gave the carriers limited immunity from antitrust law, permits carriers to share pricing, scheduling and other information within the alliance. Opponents of the move had argued it [...]
Battle of Canary Wharf and City is unimportant July 12, 2009 THIS newspaper can justifiably claim to have “scooped” the news of Nomura’s plan to base its European HQ in the Square Mile – confirmed last week but trailed, I believe, in City A.M sometime before Christmas. Many commentators have characterised the news that Nomura will take up residence in Lower Thames Street as a “victory” for [...]
Walker probe to hit boards July 12, 2009 BRITISH boardrooms are set for their most radical shake-up in years, with Sir David Walker set to recommend annual election of directors and the introduction of powerful risk committees in his review of corporate governance, due out this Thursday. Walker, who was charged with looking into the future of bank governance by chancellor Alistair Darling, [...]