AIG loses $4.3bn battle July 7, 2009 A FIRM run by former AIG chief executive Maurice “Hank” Greenberg did not plunder billions from a retirement fund, a jury ruled yesterday, dashing the bailed-out insurer’s chances of collecting $4.3bn (£2.6bn) in damages. AIG took Starr International, a private company run by Greenberg, to court in an effort to recover millions of shares held [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 7, 2009 FINANCIAL TIMES RECESSION INCREASES SUICIDE AND MURDERUnemployment and recession add to the death toll from suicide, murder and heart attacks but cut the number killed in road accidents, according to the most comprehensive analysis so far of the health effects of economic downturn. Researchers at Oxford University and the London School of Hygiene and Tropical [...]
ESPN launching new channel July 7, 2009 ESPN said yesterday that it plans to launch a new channel in August to show its 46 Barclaycard Premier League soccer matches and other international sports programming. The channel, which will be available in standard and high definition, will also carry a range of US sports. Pay-TV firm BSkyB , which owns the rights to [...]
CVC’s shock at F1 boss remarks July 7, 2009 CVC, the private equity firm that owns Formula 1, yesterday said it was “shocked” at comments made by motor racing boss Bernie Ecclestone, who praised Hitler’s ability to “get things done”. The remarks are a massive humiliation for CVC, which invests money on behalf of Jewish funds. The 78-year-old racing mogul’s comments caused outrage at [...]
Banks to pay for education of consumers July 7, 2009 BANKS will have to fund a drive to improve consumers’ understanding of financial products, under proposals to be revealed today in chancellor Alistair Darling’s white paper on financial regulation. The Treasury believes a lack of sufficient education on finance contributed to the credit crunch and will tell the Financial Services Authority (FSA) to increase dramatically [...]
Chinese BAIC joins bid for GM Europe July 7, 2009 CHINA’S Beijing Automotive Industry Corporation (BAIC) yesterday offered to invest €660m (£570m) in GM Europe in return for a 51 per cent stake. The state-owned Chinese group’s offer is likely to involve plans to expand operations inside China, the world’s largest car market. The deal would need €2.64bn of state-guaranteed loans. BAIC would also look [...]
FAREWELL TO THE KING OF POP July 7, 2009 Michael Jackson’s memorial service in Los Angeles was attended by 17,500 people yesterday. Stevie Wonder and Mariah Carey both played, but former wife Debbie Rowe was not in attendance. Around 1.6m people had applied for 800,000 tickets to watch the service, and international viewing figures were expected to hit 1bn.
Four Seasons put on the market July 7, 2009 Lenders to debt-laden Four Seasons Healthcare have rejected the company’s restructuring proposal and the care home operator will now be put up for sale, its bond administrator said yesterday. Four Seasons, which owes a total of £1.4bn put a debt for equity deal to lenders in June, and gave them a 6 July deadline to [...]
Boeing to buy plane plant July 7, 2009 Boeing the world’s second-largest plane maker, said yesterday it will pay $580m (£359m) for a plant that makes part of the fuselage of its long-delayed 787 Dreamliner. The deal, which is expected to close in the third quarter, may give Boeing more control over its supply chain.
BoA seeks strength in staff July 7, 2009 Bank of America, yesterday promoted two investment bankers to strengthen relationships with its largest corporate clients amid departures following the Merrill Lynch takeover. Stefan Selig, a 10-year BoA veteran has been made executive vice chairman for global corporate and investment banking. Steven Baronoff, who was with Merrill Lynch, has become chairman of global M&A.